Posts Tagged ‘worldpropertychannel’

Mortgage Applications Dip for week Ending Sept. 26

October 2nd, 2014 Comments off

mortgage app  housingwire creditThe Mortgage Bankers Association (MBA) reports for the week ending Sept. 26, mortgage applications slipped 0.2 percent on a seasonally adjusted basis from the previous week, while on an unadjusted basis the Market Composite Index (MCI) decreased 0.4 percent. The Refinance Index fell 0.3 percent from the week prior, while the seasonally adjusted Purchase Index was unchanged. According to, the unadjusted Purchase Index fell one percent from the previous week, but was 11 percent lower than one year earlier. Refinance mortgage activity remained at 56 percent of total apps from one week prior, while the average interest rate for 30-year fixed rate mortgages (FRM) with conforming loan balances (less than $417,000) fell to 4.3 percent from 4.39 percent the previous week, as MHProNews has learned. ##

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Pending Home Sales Slip a Percent

October 1st, 2014 Comments off

pending sale  paul sakuma  AP Photo creditAccording to the National Association of Realtors (NAR), the Pending Homes Sales Index (PHSI) slipped 1.0 percent in August to 104.7 from 105.8 in July, and is now below the August 2013 reading of 107.1. Regardless of the slight decline, as the reports,the index remains above 100 (an average level of contract activity) and is at its second highest level since August 2013. Lawrence Yun, NAR’s chief economist, says, “Fewer distressed homes at bargain prices and the acknowledgment we’re entering a rising interest rate environment likely caused hesitation among investors last month. With investors pulling back, the market is shifting more towards traditional and first-time buyers who rely on mortgages to purchase a home.” Regionally, the PHSI fell in the Northeast, the South and the Midwest but rose in the West. MHProNews understands the continuing low interest rates, falling unemployment rate and slowed home price growth should stimulate the sale of existing homes for the remainder of the year. ##

(Photo credit: Paul Sakuma/Associated Press)

Mortgage Rate Increase highest in Ten Months

September 18th, 2014 Comments off

mortgage claculator bankrate ceditIn the largest increase since November of 2013, the 30-year fixed mortgage rate rose 14 basis points from one week ago to 4.19 percent, although it peaked on Sunday at 4.30 percent and then fell, according to Erin Lantz of Zillow says the rates hit a five-month high last week in anticipation of the possibility that the Federal Reserve might raise the interest rate this week, but as MHProNews noted earlier, the Fed is holding the line on interest rates until at least next summer. The rate for a 15-year fixed home loan currently sits at 3.26 percent. ##

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Frank Nothaft: New Multifamily Housing Units Being Absorbed

September 16th, 2014 Comments off

Housing Starts in U.S. Declined by 5.9% Amid February SnowThe past four quarters all the growth in household formation has been among renters, according to, as the rate of absorption for unsubsidized, unfurnished apartments has been at its fastest pace in a decade. As of Sept., 2014, construction of apartment buildings with at least five units hit the highest monthly rate since 2006. Freddie Mac’s Chief Economist Frank Nothaft said, “The apartment market has been vibrant, reflecting the desire of many Millennials to live in an urban setting and retain locational flexibility. Unfortunately, if they’re looking to live in the larger cities, that’s where rents are rising the fastest, especially in the West or Northeast regions of the United States.” Condominium construction is on the low end of the scale, as MHProNews understands. ##

(Photo credit: bloomberg/–new multifamily construction)

Cash Home Sales Fall to Lowest Level in Nearly Six Years

September 10th, 2014 Comments off

foreclosure sign jillian berman  gettyCash sales comprised only 33 percent of total home sales in June, 2014, the lowest level since Sept. 2008, and a drop of 36.3 percent from June 2013, with the share falling year over year each month since Jan 2013. Before the housing crisis began, according to, cash home sales averaged 25 percent, peaking at 46.2 percent in Jan. 2011. In June, REO (real estate owned) sales comprised the largest cash sales portion at 55.3 percent, followed by re-sales at 32.5 percent, short sales at 31.8 percent and newly-built homes at 16.2 percent. REO sales comprised 7.2 percent of total June sales, a significant drop from the Jan. 2011 total of 24 percent. MHProNews understands cash sales often reflect investors buying inexpensive properties for resale or as rentals. ##

(Photo credit: Jillian Berman/Getty Images)

Pending Home Sales Rise in July

September 3rd, 2014 Comments off

pending sale  paul sakuma  AP Photo creditThe Pending Home Sales Index (PHSI) rose 3.3 percent in July over June to 105.9, marking an increase in the National Association of Realtors (NAR) measuring stick for four of the last five months, with three of the four regions registering an increase. While still below July, 2013 (108.2), according to, the index is at its highest level since Aug. 2013 (107.1)–100 is considered an average level for the index. NAR Chief Economist Lawrence Yun, noting prices are moderating and more new and existing inventory is available, says, “Steady job additions to the economy are helping family finances and giving them added confidence to enter the market.”

Regionally, the PHSI climbed in the Northeast 6.2 percent to 89.2, and now is 8.3 percent above last year, perhaps, as MHProNews understands, in response to the rebuilding efforts following Hurricane Sandy. The index rose 4.2 percent in the South to 119.0 but is one percent below a year ago. The West marked an increase of 4.0 percent in July to 99.5 but stands 6.0 percent below a year ago, while the Midwest registered a minor drop of 0.4 percent in July to 104.6 and remains 6.4 percent below July, 2013. Yun anticipates existing home sales will be below last year’s 5.09 million sales by 2.1 percent at 4.98 million. ##

(Photo credit: Paul Sakuma/Associated Press)

Demand for Multifamily Units Continues to Expand

August 20th, 2014 Comments off

apartments__modular_cnynews_com__suny_oneonta__hillside_commonsCommercial real estate company CBRE reports multifamily demand in the U S. continued to gain momentum in Q2 2014 as the job market improved and more households are shifting to renting instead of buying. Net absorption grew by an annual rate of 276,200 units, or 1.9%, on a year-over-year basis, led by markets in the South and West. The average vacancy rate of 4.4% edged down year-over-year and remained 60 basis points shy of its historical norm, according to Effective rent growth remained strong at 2.9%, on an annualized rate, as rental demand continued to grow. According to Real Capital Analytics, multifamily sales volume exceeded $26 billion in the second quarter of 2014, a 39.3 percent increase year-over-year, registering the strongest gain among all property types, as MHProNews has been informed. Multifamily rents are anticipated to grow over the next five years. ##

(Image credit:–SUNY, Oneonta, NY campus–Hillside Commons, modular dormitory)

Foreclosure Filings Edge Up in July

August 19th, 2014 Comments off

foreclosure___for_sale__merchant_circle_creditForeclosure filings, which include default notices, scheduled auctions and bank repossessions increased two percent from June to July, but dropped 16 percent from a year ago, reports “July was the 46th consecutive month where U.S. foreclosure activity was down on a year-over-year basis,” said Daren Blomquist, vice president at RealtyTrac. “After nearly four years of falling foreclosures, we are starting to see evidence that foreclosure numbers are normalizing at the national level. The 16 percent decrease in July was exactly half the annual decrease we saw a year ago in July 2013, when U.S. foreclosure activity was down 32 percent on a year-over-year basis.”

A total of 49,624 U.S. properties began the foreclosure process for the first time in July, a five percent increase from the previous month, but still down 18 percent from a year ago, as MHProNews has been informed. Meanwhile, 51,595 properties nationwide were set for foreclosure auction in July, an increase of ten percent over June but a drop of three percent from a year ago. Additionally, 25,937 U. S. properties were repossessed by lenders via foreclosure in July, a drop of four percent from the prior month and down 30 percent from a year ago to the lowest level since April 2007. ##

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Mortgage Apps Fall in Early August

August 15th, 2014 Comments off

mortgage appl hansafx  creditThe Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey reports mortgage apps fell 2.7 percent on a seasonally adjusted basis for the week ending Aug. 8, 2014. The index fell three percent on an unadjusted basis, according to The Refinance Index fell four percent from the previous week, while the seasonally adjusted Purchase Index fell one percent from the week before. The unadjusted Purchase Index fell two percent versus the previous week, and was ten percent lower than the same week one year earlier, as MHProNews has learned. The refinance share of mortgage activity dropped one percent to 54, while the adjustable-rate mortgage (ARM) share of activity was unchanged at eight percent of activity. ##

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Single-family Home Prices Rise for Existing Homes

August 12th, 2014 Comments off

housingwire credit  house prices increaseThe National Association of Realtors (NAR) informs MHProNews median existing single-family home prices increased in 71 percent of measured markets, with 122 of 173 metropolitan statistical areas (MSAs) based on closings in the second quarter as compared with Q2 of 2013. Forty-seven markets (27 percent) recorded lower median prices from a year earlier. Total existing-home sales, including single-family and condos, increased 5.8 percent to a seasonally adjusted annual rate (SAAR) of 4.87 million in the second quarter, up from 4.60 million in the first quarter, but remains 4.5 percent below the 5.10 million level during the second quarter of 2013.

Total housing inventory rose 6.5 percent from last year, to 2.30 million homes for sale, according to, with an average supply of 5.6 months. Total existing home sales in the Northeast rose 5.1 percent in Q2 2014 but remain 4.1 percent below Q2 2-13. In the Midwest, MHProNews understands existing home sales rose 9.4 percent but are 6.1 percent below a year ago. Existing home sales in the South advanced 3.4 percent over the comparable period last year, but remain one percent below Q2 2013. And in the West, existing home sales increased 7.1 percent but remain 9.0 percent below the second quarter of 2013. ##

(Image credit:–increasing home values)