Foreclosure numbers have been falling in the past few years, but one segment of mortgage-borrowers continues to have an unusually high percentage of defaults – jumbo loan customers.
Jumbo loans are those made for mortgages more than $417,000 in most areas of the country. For the top layer of jumbo loan borrowers – those taking out loans of $750,000 or more – the foreclosure rate was 2.5 percent in December 2014, according to real estate analytics firm CoreLogic. By comparison, the national Read more [...]
Sales of existing U.S. homes dropped in January, according to the National Association of Realtors, a product of both seasonal and unique market factors.
Total sales fell 4.9 percent to a seasonally adjusted annual rate of 4.82 million in January, down from December’s 5.07 million. Even though sales decreased to their lowest rate in nine month, they were still 3.2 percent higher than the previous year.
“January housing data can be volatile because of seasonal influences, but low housing Read more [...]
Sales of existing U.S. homes slumped in November, according to the National Association of Realtors, pulling down the median price as the supply of homes contracted and stock market worries held buyers back.
Total existing-home sales sank 6.1 percent to a seasonally adjusted annual rate of 4.93 million in November, down from 5.25 million in October, the highest level of the year. Compared with a year ago, sales are still up 2.1 percent however.
The median home price fell to $205,300, down from Read more [...]
Sales of existing U.S. homes rose for the second month in a row, according to the National Association of Realtors, aided by super low interest rates and a stronger economy.
Total existing-home sales increased 1.5 percent to a seasonally adjusted annual rate of 5.26 million last month, up from 5.18 million in September and up 2.5 percent from one year ago. Sales have reached their highest pace since September 2013.
At the same time, the number of existing-homes on the market fell 2.6 percent Read more [...]
American consumers are feeling more positive about the U.S. housing market, according to government-backed mortgage giant Fannie Mae, a sign that home sales and inventory may increase in coming months.
The Fannie Mae October 2014 National Housing Survey found that the number of people who believe it is a good time to sell a home rose to 44 percent, a new all-time high in the survey’s four year history. Consumers still think the housing market is more of a buyers’ market as 65 percent said Read more [...]
After falling in August, sales of existing U.S. homes rose to their highest level of 2014 in September, according to the National Association of Realtors.
“Low interest rates and price gains holding steady led to September’s healthy increase, even with investor activity remaining on par with last month’s marked decline,” said NAR chief economist Lawrence Yun. “Traditional buyers are entering a less competitive market with fewer investors searching for available homes, but may also face Read more [...]
Even after long-term mortgage interest rates plunged to an almost 18-month low last week, there was no positive effect on the number of home purchase applications, according to the Mortgage Bankers Assocation. The rock-bottom rates did however push refinance applications higher.
Rates fell as worried investors turned to bonds, said MBA chief economist Mike Frantantoni in a statement. "Continuing concerns about weak economic growth in Europe and a few U.S. economic indicators that came in below Read more [...]
After skyrocketing up during the housing boom, then plunging after the mortgage meltdown, U.S. home prices are almost back to a happy medium according to a new report from housing data firm Trulia.com.
Trulia says that median home prices are now just 3 percent undervalued compared with historical prices, incomes and rents. That is in sharp contrast to the first quarter of 2006 when prices were overvalued by 34 percent, but it is much recovered from the 2012 first quarter low of being 13 percent Read more [...]
Breaking a four-month streak of increases, existing U.S. home sales reversed course in August, according to the National Association of Realtors, even as mortgage interest rates and total inventory fell.
Sales of existing homes, including single family homes, townhomes, condos and co-ops, fell 1.8 percent in August to a seasonally adjusted annual pace of 5.05 million, down from July’s 5.14 million rate. Compared with August 2013, sales are down 5.3 percent from the 5.33 million level.
"There Read more [...]
Sales of existing U.S. homes rose to an annual high in July, according to the National Association of Realtors, helped by mortgage rates that have fallen to their lowest level in over a year.
The NAR reported that total existing-home sales - including sales of single-family homes, townhomes, condos and co-ops – grew 2.4 percent in July to a seasonally adjusted annual pace of 5.15 million, up from 5.03 million in June and the fourth straight month of sales increases. However, compared with July Read more [...]