01
Apr
By Jim Hasek
Market Outlook, ,

S&P Case-Shiller: Home Price Growth Slows in 2015

According to the S&P Case-Shiller Home Price Index report for January, home prices grew by 4.50 percent year-over-year as compared to  January 2014's  year-over-year  price growth rate of 10.50 percent. This was the lowest rate of home price growth since 2012. Analysts said that although slower growth in home prices could be good news for home buyers, national wage growth is not keeping pace with home price growth. The Labor Department reports that wages are growing at an annual rate of approximately two percent. Other obstacles to home buyers include strict mortgage standards and likely increases in mortgage rates during…
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23
Mar
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – March 23, 2015

Last week's events included the National Association of Home Builder's Housing Market Index, which fell to its lowest reading since last summer. Other news included reports on housing starts and building permits, the FOMC meeting statement and Fed Chair Janet Yellen's press conference. Home Builder Confidence Falls, Building Permits Rise The NAHB Wells Fargo Housing Market Index fell by two points for a reading of 53 in March. The expected reading was 57. Analysts said that this proves that lower mortgage rates and steady job growth aren't fueling housing markets as expected. NAHB chief economist David Crowe also cited supply…
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16
Mar
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – March 16, 2015

Last week's economic reports included job openings, retail sales, retail sales except automotive, consumer sentiment for March and the usual reports on weekly jobless claims and mortgage rates. Job Openings Highest in 14 Years The Labor Department reported that job openings reached their highest level in 14 years in January, and rose by 2.50 percent over December 2014 job openings. On a seasonally adjusted basis, there were five million job openings in January. Job openings rose by 28 percent year-over-year. Hiring rose by 3.50 percent to 5.24 million, but analysts said that employers continue to have difficulty in finding workers…
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09
Mar
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – March 9, 2015

Last week's economic news was light on housing related reports, but several employment reports were released along with the national unemployment rate, which dipped to 5.50 percent. This was a full point below the Federal Reserve's original target rate of 6.50 percent. Construction spending was incrementally lower than expected and mortgage rates also fell.Fewer Private-Sector Jobs, Non-Farm Payrolls IncreaseThe ADP employment report for February fell from January's reading of 250,000 jobs to 212,000 private-sector jobs. January's reading was upwardly revised from the original tally of 213,000 jobs added. News was better for Non-Farm Payrolls for February. The Labor Department reported…
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02
Mar
By Jim Hasek
Market Outlook, ,

What’s Ahead For Mortgage Rates This Week – March 2, 2015

Last week provided several housing-related reports including New Home Sales, Pending Home Sales and Existing Home Sales reports. Case-Shiller and FHFA also released data on home prices. The details: Sales of Pre-Owned Homes Hit Nine-Month Low According to the National Association of Realtors® (NAR), Sales of pre-owned homes dropped to a seasonally-adjusted annual reading 4.82 million sales in January as compared to an estimated reading of 4.95 million sales and December's reading of 5.07 million existing homes sold. This was a month-to-month decline of 4.90 percent, and represented the lowest reading for existing home sales in nine months. Lawrence Yun,…
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25
Feb
By Jim Hasek
Market Outlook, ,

Case-Shiller: Rising Home Prices Boost Inflation

December home prices rose by 0.10 percent according to the Case-Shiller 20-City Home Price Index. The composite report tracks home prices in 20 U.S. cities. December's results boosted home prices by 4.50 percent year-over-year, which is approximately double the inflation rate for 2014. Analysts note that the overall reading was less significant than individual readings for the 20 cities included in the report. Regional Home Prices Suggest Disparity in Housing Recovery The top three month-to-month home price increases for cities surveyed were led by Miami, Florida with an increase of 0.70 percent, Home prices rose by 0.50 percent in Denver,…
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