Good News For Sellers : Housing Starts Fall To 1-Year Low In May 2010
Single-family housing starts plummeted to a one-year low in May, just 30 days after soaring to a 20-month high. It's no wonder home builders are confused.
Pending Home Sales Data Shows Great Deals On Homes Are Getting Harder To Find
April marks the third straight month that pending home sales are up and today's buyers should take note. This is because, according to the National Association of Realtors®, 80% of homes under contract close within 60 days.
Consumer Confidence Hints At Higher Home Prices And Higher Mortgage Rates, Too
According to The Conference Board, economic confidence is as high as it's been since August 2007 -- 4 months before the start of the recession. Americans are optimistic again. It's good for home prices but bad for mortgage rates.
May 2010 Jobs Report Gives A Temporary Boost To Home Affordability
According to the government, 431,000 jobs were created in May, but of those new jobs, 95.4 percent represented temporary staffing for the 2010 Census. Home affordability is improving on the report.
The Headlines Were Overly Rosy On February’s Case-Shiller Index
Overwhelmingly, home values fell in the 20 markets tracked by the Case-Shiller. Only San Diego showed a modest increase. The other 19 markets averaged a 1.23 percent decline between January and February. However, that's not the story you read in the most papers.
Housing Starts Data Hints That Housing Will Expand Even After The Tax Credit Expires
A Housing Start is a new home on which construction has started and, over the last 6 months, home builders are averaging one half-million starts per month. This marks the highest 6-month average since 2008 and a reading one-fifth percent better from 12 months ago. Revisions to prior data have all been higher, too.
Existing Home Sales Flatten And Point To A Much Better Spring
As expected, Existing Home Sales fell in February, slipping 30,000 units versus January's numbers. It's the 4th straight month in which Existing Home Sales were lower, month-over-month. But it may not last long.
A Rate-Locking Strategy For Today’s Fed Meeting
The Federal Open Market Committee adjourns from a scheduled 1-day meeting today, its second of the year. The FOMC has held the Fed Funds Rate in a target range of 0.000-0.250 percent since December 16, 2008, and the voting members of the Fed are expected to vote "no change" again today.
7 Weeks Remain To Find A Home, Claim Up To $8,000 In Tax Credits
In November, Congress extended and expanded the First-Time Home Buyer Tax Credit program to include a subset of "move-up" buyers -- homeowners that have owned and lived in their home for 5 of the last 8 years. The credit ranges up to $8,000 per buyer. There's now just 7 weeks left to take advantage. To be eligible, home buyers must be under contract for a new home no later than April 30, 2010, and must be closed no later than June 30, 2010.
Pending Home Sales Drag In January, But Should Rebound For Spring
Fewer homes went under contract in January as the housing market continues to limp through the winter months. According to the National Association of Realtors®, the Pending Home Sales Index fell to its lowest level in 3 quarters this January. By contrast, in October 2009, the index had touched a 3-year high.
Separating FHA Fact From Fiction : Mortgage Insurance Premiums
Because of how frequently bank rules are changing, it can be hard for laypersons to distinguish between mortgage fact and fiction of what's coming next. Recently, we saw this with respect to FHA home loans.
Housing Starts Soar To 6-Month High In January… Or Do They?
Sometimes, headlines for housing can be misleading and this week gave us a terrific example. On Wednesday, the Commerce Department released its Housing Starts data for January 2010. The data showed starts at a 6-month high. The real story is something different.