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Tag Archives: Census Bureau

New Home Sales Strike a 5.7% September Stride

New single-family home sales snagged a September updraft to crest at their highest perch in nearly half a year, but remain below sales seen during the same period last year. The Commerce Department reported that new residential home sales ticked up to an annual rate of 313,000 on a seasonally adjusted basis, reflecting a 5.7-percent revision above the 296,000-unit rate from August. The median sales price for a new house sold over September came out to $204,400, with the average for the same cresting at $243,900.

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Housing Starts Leapfrog Forecasts by 15% in September

Beating forecasts for lower-than-expected housing starts, builders put up 15 percent more new homes on a seasonally adjusted basis than predicted in September, the most since April 2010. The hitch: Multifamily residential construction drove the numbers. The Commerce Department reported that housing starts in September rose above August estimates for 572,000 units, hitting an annual 658,000 on a seasonally adjusted basis. Analysts speaking with MReport say the surge will not sustain itself in the months and years ahead.

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Freddie: Rental Housing Surges Past Homeownership Rates

Rising homebuilder confidence seen Tuesday coupled with news of a surge in multifamily housing development ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the sector typical for rental construction ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô reported Monday. Mortgage giant Freddie Mac offered up the data and analysis in an October 2011 Economic and Housing Market Outlook, with the consensus that tenant-occupied properties are on track to continue outpacing homeownership rates. New construction starts rose this year with a minimum 20 dwellings.

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Homeownership Rates Lowest Since Great Depression

abandoned house

Homeownership rates remain at depths not seen since the Great Depression, according to new Census Bureau numbers. Market watchers chalk up the lows to tight lending conditions, concerns about the regulatory environment, and fears about a double-dip recession. Releasing Housing Characteristics: 2010 Thursday, the bureau found homeownership rates deflating by some 1.1 percent to 65.1 percent over the last decade ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô the biggest decline since between the years 1930 and 1940.

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MReport Exclusive: 6 Ways for Originators to Survive Today’s Market

Despite mortgage rates hitting rock bottom Thursday, few analysts expect an uptick in demand anytime soon, with consumers concerned about their job security, underwriting standards still tight, and a foreclosure glut competing with home construction. Given tough times, MReport canvassed the industry ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô online, in the field, and on the speaking circuit ├â┬ó├óÔÇÜ┬¼├óÔé¼┼ô and uncovered 12 strategies relevant to originators in a tough market. Six of these hot tips made it into MReport's online exclusive.

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Economic Worries Trample on New-Home Sales Over August

Despite the lure of record-low mortgage rates, fewer consumers stepped out from behind the fear of a global economic slowdown to purchase new homes, curtailing new sales by 2.3 percent month-over-month in August. Market watchers chalked up a six-month dearth to consumers wary about their job security, stock markets, and the threat of a new recession. The Census Bureau signaled a fallback to 295,000 housing units on a seasonally adjusted basis, down from 302,000 from July.

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After Irene, Housing Starts Fall 5% from July

Fewer-than-expected housing starts fell in line Tuesday with dismal forecasts threatening a global economic slowdown, with the Commerce Department and HUD jointly revealing a 5-percent slide back for single-family home construction over August. Market watchers slapped severe weather with the blame for a slump in new home starts across New England, while a nudge up in building starts framed the dark recession cloud with a silver lining. Housing starts plunged to a seasonally adjusted annual rate of 571,000 over August.

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HUD Scorecard Touts Initiatives Despite Housing Health

Housing market conditions remained fragile despite numerous initiatives put forward by the Obama administration, according to a recent scorecard released Thursday by HUD and the Treasury Department. The administration cited numerous industry-respected analytics sources and painted a helpful portrait of the homeownership and refinance endeavors it has made possible. Sources polled for the government gauge of housing and economic health included CoreLogic and Standard & Poor's, among others.

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