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Sales

Monthly Home Sales Rise Nearly 30 Percent in California

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An estimated 32,923 new and resale houses and condos sold in the state of California in the month of March. That was up 28.2 percent from 25,680 in February, and down 12.8 percent from 37,764 sales in March 2013, according to San Diego-based DataQuick.Click to continue

Mortgage Rates Continue Downward Trend, Hit 4.27 Percent for the Week

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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS), showing average fixed mortgage rates easing further for the second consecutive week helping to increase homebuyer affordability at the onset of the spring home buying season. For the week ending April 17, the 30-year fixed-rate mortgage (FRM) averaged 4.27 percent with an average 0.7 point, down from last week when it averaged 4.34 percent. A year ago at this time, the 30-year FRM averaged 3.41 percent.Click to continue

Southern California Home Sales Down 14.3 Percent Year-Over-Year in March

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Southern California home sales quickened last month compared with February, as they normally do, but remained far below average and at the lowest level for a March in six years. The median sale price rose to a more-than-six-year high, driven up by demand that continues to exceed supply in many areas, as well as a shift toward a greater share of sales in middle and high-end markets, according to San Diego-based DataQuick.Click to continue

Mortgage Apps Climb 4.3 Percent Week-Over-Week

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Mortgage applications increased 4.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending April 11, 2014. The Market Composite Index, a measure of mortgage loan application volume, increased 4.3 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased five percent compared with the previous week. The Refinance Index increased seven percent from the previous week.Click to continue

NAHB: Housing Starts Up Nearly Three Percent in March

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Led by a six percent rise in single-family starts, nationwide housing production rose 2.8 percent above an upwardly revised February rate of 920,000 to a seasonally adjusted annual rate of 946,000 units in March, according to newly released figures from the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau.Click to continue

FNC: Sales of Non-Distressed Homes on the Rise in February

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The latest FNC Residential Price Index (RPI) shows U.S. home prices increased again in February as sales of non-distressed homes continue to rise and regain market share. The index, constructed to gauge the price movement among normal home sales exclusive of distressed properties, indicates much of the nation’s underlying home value shows solid growth as dwindling REO sales fall to their lowest levels since 2007.

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Mortgage Apps for New March Home Purchases Rise 15 Percent

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The Mortgage Bankers Association’s (MBA) Builder Application Survey (BAS) data for March 2014 shows mortgage applications for new home purchases increased by 15 percent relative to the previous month. This change does not include any adjustment for typical seasonal patterns. By product type, conventional loans composed 68.3 percent of loan applications, FHA loans composed 17.2 percent, RHS/USDA loans composed 1.6 percent and VA loans composed 12.9 percent.Click to continue

LA Metro Area Housing Appreciates 48 Percent Over Past Five Years

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Pro Teck Valuation Services’ March Home Value Forecast (HVF) updates research and examines the factors that cause a housing bubble and why no national housing bubble is expected even in the hottest markets. The Home Value Forecast cited Collateral Analytics’ previously developed “bubble indicator” for the real estate market, which has determined that in the past, real estate crashes always have followed a five year period of 150 percent or greater total appreciation.Click to continue

Builder Confidence Remains Flat for Third Consecutive Month

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Builder confidence in the market for newly built, single-family homes rose one point to 47 in April, from a downwardly revised March reading of 46 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). "Builder confidence has been in a holding pattern the past three months," said NAHB Chairman Kevin Kelly, a home builder and developer from Wilmington, Del.Click to continue

JPMorgan Chase and Wells Fargo Take Q1 Hits on Drops in Mortgage Production

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On Friday, two of the Big Four banks have unveiled their quarterly earnings reports. Overall, the first quarter seems to have had a noticeable ding on JPMorgan Chase and Wells Fargo’s mortgage production, with both companies posting significant losses in both areas.Click to continue