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Tag Archives: Home Sales

FHA Multifamily Rental Loans Hit New Highs

Despite all-time highs for home affordability, homebuilders are seeing less demand for home construction and more for multifamily rentals, with the Federal Housing Administration recently releasing a report that signals new highs for rental properties across the country. The FHA said that it has endorsed some $10.5 billion in multifamily rental housing loans ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô seven times the number of loans made three years ago and the only second time that the FHA has lent so much.

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Adding to Worries, New Home Sales Drop in July

Marking a third consecutive month, new home sales fell over July, the Commerce Department reported Tuesday. The drop in new home sales reflects still-weakening consumer confidence as new fears about a global economic slowdown continued to rattle stocks and markets worldwide. New single-family house sales dipped to a seasonally adjusted annual rate of 298,000 over July, reflecting a downward shift in estimates that fixed these numbers at a 0.7 percent decline from 300,000 homes sold over June.

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Report: Low-End Markets See Mild Upswing

Despite the rash of research and news reports about consumers staying wary of new purchases, some markets are seeing first-time homebuyers run to take advantage of historically low prices and mortgage rates, particularly in government-backed mortgage programs, according to a research note from Credit Suisse. The research firm said that the scramble to scoop up new properties occurred particularly among state and federal programs. The research note questioned whether builders will continue with current valuations.

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RE/MAX Sees Home Price Drop Over July

Over July, home prices fell 0.18 percent lower than over the month before, following a four-month upshot, according to a RE/MAX national housing report released Friday. RE/MAX said that 11 metropolitan areas around the country also registered higher prices in July than over the same period last year. RE/MAX said that homes lasted on the market for a total of some 88 days, starting with the initial listing to the receipt for a sale. The company chalked up the number of months' inventory supply to 7.2.

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Existing-Home Sales Plunge by 3.5% in July

Dashing hopes for a more moderate fall, existing-home sales rolled downhill by 3.5 percent in July, with single-family sales hitting a seasonally adjusted 4.67-million annual rate. The National Association of Realtors ascribed the new numbers to tight underwriting practices, a crimped credit supply, and sluggish job creation. The NAR, which released an existing-home sales report Thursday, held that single-family townhomes, condominiums, and coops dropped from a seasonally adjusted annual rate of 4.84 million units over June.

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Columbia Professors Propose Refi Boom for Recovery

If two professors at Columbia Business School have anything to say about it, 30 million homeowners across the country would refinance their mortgages and stabilize the lagging housing market in the process. The duo recently proposed the refi boom in a paper that aimed to prop up sagging home prices and accelerate job growth nationally. The academes, R. Glenn Hubbard and Chris Mayer, propose reducing mortgage rates by about one percent to encourage a boost in home prices and the housing recovery.

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What’s Killing the American Dream of Homeownership?

Once the star of the American Dream, homeownership has fallen on hard times, a victim of the financial crisis and wary homeowners. With home sales at record lows despite rock-bottom mortgage rates and home prices, some say a country once beholden to the mortgage note is now a nation at the behest of landlords. The story sets up a classic whodunit, begging the question: Who set up homeownership to take the fall? Apartment vacancies continue to plummet alongside home prices around the country.

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Freddie’s Outlook Portrays a Roller Coaster Housing Market

Freddie

Mortgage giant Freddie Mac released an economic outlook Tuesday that portrays the housing economy as one cramped by recent turmoil, with less-than-favorable signs for a recovery despite historically low interest rates and home prices. Comparing the economy to a roller coaster, the outlook forecasts a long ride ahead for a gasping recovery, with interest rates and home prices sure to remain low. The outlook cites employment numbers, economic growth, mortgage rates, and home prices.

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Trulia: Home Affordability Outpaces Rental Costs

Volatile markets and low home sales are colluding to force mortgage rates to historic lows and sellers to mark off home prices, making actual home purchases less expensive than renting in cities across the United States. Buying a home fell below renting costs in 74 percent of the country's 50 largest cities over July, with 12 percent of cities seeing higher price tags for apartments than for houses, according to real estate Web site Trulia. Bottom line: Peak numbers for home affordability make closing on rates a better deal.

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NAHB: Few Gains in Homebuilder Confidence

The market remains a dim one for new single-family homes, according to an index jointly released by Wells Fargo and the National Association of Home Builders. The index registered confidence at 15 on a 0-to-100 scale, staying largely the same since July. The low confidence follows a hit taken by homebuilding companies in the stock market last week. Analysts and economists weighed in with MReport about how slowing momentum in home construction and sales, as reflected by homebuilder confidence, impacts job creation and consumer confidence.

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