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Home Sales Dip Over Eight Percent For Month of June

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Sales of newly built, single-family homes fell 8.1 percent to a seasonally adjusted annual rate of 406,000 units in June, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. Sales numbers for May were revised downward to 442,000.Click to continue

Number Crunched: Is Industry Data Adding Up?

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The acclaimed writer and futurist Alvin Toffler once remarked, “You can use all the quantitative data you can get, but you still have to distrust it and use your own intelligence and judgment.”

Of course, Toffler was not talking about surplus amount of data relating to the housing industry and the mortgage market. However, the excess quantity of data servings sometimes creates a contradictory picture, creating both confusion and bemusement across the industry.Click to continue

Popular Product Rates Tick Upward, According to HSH

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Rates on the most popular types of mortgages ticked slightly upward, according to HSH.com's Weekly Mortgage Rates Radar. The average rate for conforming 30-year fixed-rate mortgages rose by a single basis point (0.01 percent) to 4.21 percent. Conforming 5/1 Hybrid ARM rates increased by two basis points, closing the Wednesday-to-Tuesday wraparound weekly survey at an average of 3.15 percent.Click to continue

Zillow Indicates 30-Year Rates Down Around Eight Basis Points

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The 30-year fixed mortgage rate on Zillow Mortgages is currently 3.97 percent, down eight basis points from this time last week. The 30-year fixed mortgage rate hovered between 3.96 and 4.08 percent for the majority of the week, before settling at the current rate on Tuesday.Click to continue

Measuring YoY Data: Is a Slowdown Bad News?

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Sometimes, it seems that the housing data is a case of one-step-forward/two-steps-back. Despite data that shows the current market is holding steady, year-over-year (YoY) numbers suggest a slowdown in activity. But a number of industry leaders are not the least bit concerned that current numbers are below last year’s levels.Click to continue

Home Sales Picking Up Momentum During Summer Months

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Home sales nationwide picked up momentum entering the summer months, according to the latest FNC Residential Price Index (RPI) released this week. The latest numbers—as of May—indicate U.S. home prices are rising at a faster pace. Constructed to gauge the price movement among normal home sales by excluding distressed properties, the index rose 1.0 percent from April to May. On a year-over-year basis, the rate of home price appreciation across the nation slowed by 1.0-2.0 percent when compared to the first quarter.Click to continue

Study Finds the Dream of African-American Homeownership Remains Unsteady

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While historical barriers that excluded Black America from the homeowner market for decades have crumbled, there are signs that emerging types of racial inequality are making homeownership an increasingly risky investment for African-American home seekers. A new study from sociologists at Rice University and Cornell University found that African-Americans are 45 percent more likely than Whites to switch from owning their homes to renting them.Click to continue

Existing Home Sales Climb 2.6 Percent in June

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Existing-home sales increased in June and reached an annual pace of five million sales for the first time since October 2013, while rising inventory continues to push overall supply towards a more balanced market, according to the National Association of RealtorsTotal existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, climbed 2.6 percent to a seasonally adjusted annual rate of 5.04 million in June from an upwardly-revised 4.91 mClick to continue