Mortgage Lenders Loosened Standards in March

Good news for buyers coming into the spring home-buying season: mortgage credit is now more available that it has been in the past three years, as lenders warm up to the potential for more home loan revenue. The Mortgage Bankers Association’s Mortgage Credit Availability Index rose 0.44 percent to 114.0 in March, up from 113.5 in February. The MBA set its baseline index at 100 in March 2012. An increase in the index indicates looser credit standards. “I don’t think there’s any question Read more [...]

Existing Home Sales Dip for Sixth Time in Seven Months

Sales of existing U.S. homes fell slightly again in February, while the median home price edged up, according to the National Association of Realtors. Total existing home sales slipped 0.4 percent last month to a seasonally adjusted annual pace of 4.60 million homes compared with a 4.62 million pace in January. Sales are also down 7.1 percent from February 2013. “We had ongoing unusual weather disruptions across much of the country last month, with the continuing frictions of constrained Read more [...]

Existing Home Sales and Prices Took a Tumble in January

A host of factors combined in January to make the perfect storm in the housing market, resulting in the lowest level of existing-home sales in a year-and-a-half, according to new data from the National Association of Realtors. Sales of existing U.S. homes fell 5.1 percent on both a monthly and yearly basis to a seasonally adjusted annual rate of 4.62 million. Sales levels have not been that low since July 2012 when they fell to 4.59 million. January home prices did a nose-dive as well from Read more [...]

2013 Homes Sales Rose to 7-Year High

Sales of existing homes ascended to their highest point in seven years in 2013, according to data from the National Association of Realtors, aided by a small gain in December. From January to December 2013, total existing home sales rose to 5.09 million, up 9.1 percent from 2012. Sales haven’t hit that level since 2006, at the end of the ready-to-pop housing bubble. “Existing-home sales have risen nearly 20 percent since 2011, with job growth, record low mortgage interest rates and a large Read more [...]

Home Sales Drop in November

Market conditions are combining to make homebuying less attractive, according to new data from the National Association of Realtors, as existing U.S.home sales made a significant drop in November. “Home sales are hurt by higher mortgage interest rates, constrained inventory and continuing tight credit,” said NAR chief economist Lawrence Yun in a statement. “There is a pent-up demand for both rental and owner-occupied housing as household formation will inevitably burst out, but the bottleneck Read more [...]

Existing Home Sales Fall Even As Prices Climb

Sales of existing U.S. homes dropped for the second month in October, according to the National Association of Realtors, a product of restricted inventory and tight credit standards. Total existing-home sales fell 3.2 percent in October to a seasonally adjusted annual rate of 5.12 million, down from September’s 5.29 million pace. Compared with a year ago however, sales are still up 6.0 percent. On a yearly basis, sales have now been up for 28 consecutive months. The national median price Read more [...]

Home Sales Slipped in September

Sales and prices of existing U.S. homes fell in September from August, according to the National Association of Realtors, but both continued to rise on a yearly basis. Existing-home sales slumped 1.9 percent last month to seasonally adjusted annual rate of 5.29 million, down from 5.39 million in August, but rose 10.7 percent from September 2012’s pace. Sales have now increased on a year-over-year basis for 27 consecutive months. Meanwhile, the median price for an existing-home dropped to Read more [...]

Even As Rates Rise, Home Sales Continue to Climb

Sales of existing U.S homes pushed upward in August, reaching a six-and-a-half year high, according to the National Association of Realtors, but the trend may slow in the fall if market conditions continue their track. The NAR reported that total existing-home sales rose by 1.7 percent to a seasonally adjusted annual rate of 5.48 million in August, up from 5.39 million in July. Compared with the year before, sales were up 13.2 percent. August marks 26 straight months of year-over-year sales increases. Prices Read more [...]

May Home Sales Grow as Distressed Inventory Matches Record Low

Sales of existing U.S. homes rose in May as did home prices, according to the National Association of Realtors, as inventory remained unable to keep up with demand. Total existing home sales rose 4.2 percent to a seasonally adjusted annual rate of 5.18 percent in Mary, up from 4.97 million in April and up 12.9 percent from May 2012. Sales have now risen on a yearly basis for 23 consecutive months. The median home price grew to $208,000 from $191,800 in April. That is also 15.4 percent higher Read more [...]

Home Sales Limited By Mortgage Credit

Sales of existing U.S. homes rose slightly in April, according to the National Association of Realtors, held back by strict mortgage lending standards. Total existing-home sales edged up just 0.6 percent last month to a seasonally adjusted annual rate of 4.97 million units from an upwardly revised 4.94 million in March. Sales were also up 9.7 percent from the previous year. “The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these Read more [...]