Real Estate Market Review For Week Ending 8/24/18

By
Real Estate Agent with RE/MAX Realty Center
08-23-2018
 

SELLING SHIFT?

Approximately 14% of homes for sale underwent price reductions in June and Zillow Senior Economist Aaron Terrazas says though the majority of reductions occurred in the upper-tier price ranges, it could be an early indication of an overall shift. "The housing market has tilted sharply in favor of sellers over the past two years, but there are very early signs that the winds may be starting to shift ever-so-slightly. It’s far too soon to call this a buyer’s market, but these data indicate the frenetic pace of the housing market over the past few years may be starting to return toward a more normal trend."

 

RATES RECEDE

Mortgage interest rates took a step back in the week ending August 16 according to the Freddie Mac Primary Mortgage Market Survey. Though rates trended slightly downward, they're still up 0.64% year-over-year.

 

SETTLEMENT SETTLED

The Office of Mortgage Settlement Oversight - put in place to manage the massive mortgage servicing settlement between the U.S. government, 49 states and some of the nation's largest banks - is set to be dissolved by the end of this year. The $25 billion dollar settlement stemmed from the infamous "robo-signing" scandal, improper evictions, foreclosure procedures and other abuses that contributed to the housing crisis and mortgage meltdown of the late 00s. All of the involved mortgage servicers have met their obligations, officially ending "The National Mortgage Settlement."

 

STORM STONES

In their latest Loan Performance Insights report, CoreLogic is warning that this year's wildfires could cause mortgage delinquency rates similar to those that followed last year's devastating hurricanes. While property damage is certainly a concern, people in disaster-prone areas should heed the warnings carved into stones along the Japanese coast documented to be 600 years old: “Choose life over your possessions and valuables.” Japan's "tsunami stones" bear various warnings, records and memorials.

Sources: Zillow, Freddie Mac, U.S. Department of Justice, CoreLogic

 

Michael Creed
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Michael Creed
Envoy Mortgage
Branch Manager, NMLS # 50441
P: 262.696.9048
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mcreed@envoymortgage.com
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Brookfield, WI 53045
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Rainmaker
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Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello Kristin,  Good information to have for the future and what is happening now.

Aug 25, 2018 08:20 AM #1
Rainmaker
1,142,707
Joyce Marsh
Regal | Christie's International Real Estate - Ormond Beach, FL
Regal Christie's International Real Estate

This is important market data information for home buyers and sellers about the current home values in your area. Thanks for updating us. 

Aug 25, 2018 09:05 AM #2
Rainmaker
4,432,317
Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

You always provide good information about your housing market. Thank you for sharing 

Aug 25, 2018 12:55 PM #3
Rainmaker
3,178,238
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks WIll Joyce and Gita!@

Aug 26, 2018 07:02 AM #4
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Rainmaker
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Kristin Johnston - REALTOR®

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