23
Jul
By Jim Hasek
Market Outlook, ,

Good News! Existing Home Sales, FHFA Home Prices Increase

Housing markets show continued signs of strengthening according to reports released on Wednesday. The National Association of Realtors® reported that sales of pre-owned homes rose to 5.49 million in June as compared to May's revised reading of 5.32 million pre-owned homes sold and expected sales estimated at 5.42 million sales. Expectations were based on May's original reading of 5.35 million sales. June's reading was the highest since February of 2007. Readings for existing home sales are calculated on a seasonally adjusted annual basis. Buyers Gain Confidence in Labor Markets, Rush to Beat Rate Hikes Lawrence Yun, chief economist for the…
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20
Jul
By Jim Hasek
Market Outlook, , ,

What’s Ahead For Mortgage Rates This Week – July 20, 2015

Last week's economic news included an encouraging report from the National Association of Home Builders, whose housing market index held steady with a reading of 60 in July. This was the 13th consecutive month for readings over 50, which indicate that more builders are confident about housing markets than those who are not. July's reading was noteworthy as it was the highest since November 2005 prior to the recession. Housing Starts, Building Permits Increase The Commerce Department provided further evidence of stronger housing markets with reports on housing starts and building permits issued in June. Housing starts rose from May's…
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17
Jul
By Jim Hasek
Market Outlook, ,

NAHB: Home Builder Confidence Holds Steady

Home builder confidence remained steady at the highest reading in almost ten years according to the National Association of Home Builders (NAHB) Wells Fargo Housing Market Index for July. The latest reading of 60 for the index was identical to expectations and June's reading, which was revised to 60 from an initial reading of 59. The NAHB Wells Fargo Housing Market Index is based on readings of zero to 100 with readings over 50 indicating that a majority of home builders surveyed are confident about housing market conditions. July's reading was the 13th consecutive month of readings above 50. July's…
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13
Jul
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – July 13, 2015

Last week's scheduled economic events were few due to the Independence Day holiday. Freddie Mac's weekly survey of mortgage rates brought good news as mortgage rates fell across the board. The Federal Reserve released the minutes of its most recent Federal Open Market Committee (FOMC) meeting and weekly jobless claims rose. Job Openings Rise to Highest Level Since 2000 The Labor Department reported that U.S. job openings rose from April's reading of 5.33 million to 5.36 million job openings in May. This was the highest reading for job openings since the report's inception in 2000. Private sector job openings rose…
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06
Jul
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – July 6, 2015

Last week's housing-related economic events included the Case-Shiller Home Price Index reports for April, the Commerce Department's Pending Home Sales report and a report on Construction Spending. In other economic news, Non-Farm Payrolls, the ADP Employment report and Consumer Confidence reports were released. Freddie Mac's mortgage rates summary and the weekly unemployment claims report were released as usual. Case-Shiller: Home Price Growth Slows in April The Case-Shiller 20-City Home Price Index reported that year-over-year home prices slowed in April with a reading of 4.20 percent as compared to the March reading of 4.30 percent. David M Blitzer, chairman of the…
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01
Jul
By Jim Hasek
Market Outlook, ,

Case-Shiller: Home Price Growth Slower in April

According to the Case-Shiller 20-City Home Price Index for April, home prices slowed from the March reading of 4.30 percent year-over-year to 4.20 percent year-over-year. David M Blitzer, Chairman of S&P Index Committee, said that home prices are not accelerating and characterized slower home price growth as "sustainable as compared to double-digit appreciation in home prices seen in 2013." The disparity between wage increases and home price growth was keeping would-be-buyers on the sidelines; so slower gains in home prices may bring more buyers into the market. Denver Claims Top Spot for Year-Over-Year Home Price Growth Denver, Colorado led home…
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