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Sales

Existing Home Sales Hit High 2014 Mark in July

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Existing-home sales increased in July to their highest annual pace of the year, and the ongoing decline in distressed sales reached an important milestone, according to the National Association of RealtorsTotal existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, rose 2.4 percent to a seasonally adjusted annual rate of 5.15 million in July from a slight downwardly-revised 5.03 million in June.Click to continue

West Coast Housing Market Heating Up

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Pro Teck Valuation Services’ July Home Value Forecast (HVF) reports this month that many of the West Coast metro areas are toward the top of the market ranking while the East Coast is toward the bottom. The authors look at the top and bottom 10 rankings from 2011 to see if there are any major similarities or differences in the markets today. New top and bottom 10 market rankings are also updated for the month.Click to continue

Housing Takes a Wild Seesaw Ride

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Three different data reports released this morning appeared to give the cumulative effect of a housing market that is aggressively seesawing to extremes: Rates hitting a new low, existing-home sales hitting a new high and rising fears that housing affordability might become an ephemeral commodity.Click to continue

Housing Starts Up Over 15 Percent in July

House Keys/Credit: Digital Vision

Fueled by strong single and multifamily growth, nationwide housing starts rose 15.7 percent to a seasonally adjusted annual rate of 1.093 million units in July, the highest level since November 2013, according to newly released figures from the U.S. Department of Housing & Urban Development (HUD) and the U.S. Census Bureau.Click to continue

Zillow: Mortgage Rates Remain Slightly Above Four Percent Mark

For Sale/Credit: Stockbyte

The 30-year fixed mortgage rate on Zillow Mortgages is currently 4.06 percent, down two basis points from this time last week. The 30-year fixed mortgage rate hovered around 4.08 percent for the majority of the week, falling to 3.97 percent on Friday before returning to the current rate.Click to continue

All-Cash Sales Down in Second Quarter

House Atop Money/Credit: Creatas

RealtyTrac has released its Q2 2014 U.S. Institutional Investor & Cash Sales Report, which shows all-cash sales accounted for 37.9 percent of all sales of single family homes and condos nationwide in the second quarter, down from a three-year high of 42 percent in the previous quarter but still up from 35.7 percent in a year ago.Click to continue

U.S. Home Prices Up 2.3 Percent in Q2

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Despite continued signs of moderation in home price appreciation, the latest FNC Residential Price Index (RPI) shows that U.S. home prices were up another 0.8 percent from May to June and 2.3 percent throughout the second quarter. Constructed to gauge the price movement among normal home sales by excluding distressed properties, the index’s year-over-year growth continues to decelerate as widely expected: down to 8.0 percent from its fastest acceleration of 9.4 percent in February 2014.Click to continue

Cash Sales Account for Nearly 35 Percent of May Home Purchases

House Atop Money/Credit: Creatas

Cash sales comprised 34.4 percent of total home sales in May 2014, according to CoreLogic, the lowest share since May 2010, and down from 37.4 percent from the same month a year ago. While the cash sales share also fell from the 36.9 percent reported in April 2014, cash sales share comparisons should be made on a year-over-year basis due to the seasonal nature of the housing market. The share has fallen on a year-over-year basis each month since January 2013.Click to continue

What Happens If (and When) Rates do Rise?

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The humorist Arnold H. Glasow once quipped, “Nothing lasts forever—not even your troubles.” But for many mortgage professionals, it seems that historically low interest rates have been the new normal for a period that seems like forever. But will there be new troubles for the housing market should rates finally begin to significantly uptick?Click to continue