The Conference Board's Consumer Confidence Index, conducted for the group by Nielsen, fell to 71.2 in October after a moderate decline to 80.2 in September. "Consumer confidence deteriorated considerably as the federal government shutdown and debt-ceiling crisis took a particularly large toll on consumers' expectations," said Lynn Franco, director of economic indicators for the Conference Board. Franco noted recent history shows similar declines in response to government battles.
Read More »Mortgage Rates Ease to Close October
Softening trends in the housing market brought fixed mortgage rates to their lowest level since June last week, according to data from Freddie Mac.
Read More »LPS Price Index Inches Up in August
Home prices continue to rise, albeit with some dampening due to seasonal impacts. However, prices are still appreciating faster than last year, according to Lender Processing Services' (LPS) Home Price Index report for August. LPS calculated a 0.4 percent monthly home price increase in August and a 9 percent annual rise. Both calculations are lower than the S&P Case-Shiller Home Price Indices, which calculated a 1.3 percent monthly increase and a 12.8 percent annual increase.
Read More »E. Michael Rosser Honored with Lifetime Achievement Award
MBA Education, an educational initiative launched by the Mortgage Bankers Association (MBA), presented E. Michael Rosser, CMB, with its inaugural MBA Education Lifetime Achievement Award.
Read More »Wingspan Ranked Among Top Companies for Job Creation in 2013
Wingspan Portfolio Advisors, a diversified mortgage services company operating in Dallas, was named for the second straight year in Inc. Magazine's Hire Power Awards, a list of the top 100 businesses in America for job creation.
Read More »Commentary: Investors Still Flooding the National Housing Market
Investors remain a crucial factor in the U.S. housing market. As mortgage rates rise along with home prices, it decreases affordability and edges owner-occupier buyers out of the market.
Read More »MBA Puts Out 2014 Projections, Predicts 32% Drop in Originations
Next year's mortgage numbers are on track to fall off by nearly a third as the decline in refinances outpaces the slow growth of purchase originations, according to an MBA forecast.
Read More »August Case-Shiller Indices Rise at Fastest Rate Since February 2006
The S&P/Case-Shiller Home Price Indices rose once again in August at their fastest annual rate in more than six and a half years, but the monthly pace continues to slow. The Case-Shiller 10- and 20-city composites each posted yearly growth of 12.8 percent over August 2012, breaking July records and setting the fastest pace for growth since February 2006. Compared to July's indices, annual growth accelerated in 14 of the tracked cities. Monthly numbers were slower, with both composites seeing a 1.3 percent increase.
Read More »Investors Continue Flocking Toward Ripening Markets
Single-family homes, condominiums, and townhomes sold at an annualized rate of 5.7 million in September, according to numbers from RealtyTrac. September's figures were up 2 percent month-over-month and 14 percent year-over-year, with investors making the biggest impact, particularly in markets where prices have yet to cross the $200,000 mark. "The housing market continues to skew in favor of investors, particularly deep-pocketed institutional investors, and other buyers paying with cash," said Daren Blomquist, vice president at RealtyTrac.
Read More »September Pending Home Sales Indicate Flat Fourth Quarter
The National Association of Realtors' (NAR) Pending Home Sales Index (PHSI) for September indicates home sales will stumble in the year's final quarter as buyers struggle with declining home affordability. "This tells us to expect lower home sales for the fourth quarter, with a flat trend going into 2014. Even so, ongoing inventory shortages will continue to lift home prices, though at a slower single-digit growth rate next year," said NAR chief economist Lawrence Yun.
Read More »