Talking about the latest home ownership numbers and the latest Case-Shiller Home Price Index plus much more…
The home ownership rate of 63.7% was not statistically different from the rate in the fourth quarter 2015 (63.8%) or the rate in the third quarter 2016 (63.5%).
I guess we will call this a tie since it didn’t really increase or decrease much…
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.6% annual gain in November, up from 5.5% last month. The 10-City Composite posted a 4.5% annual increase, up from 4.3% the previous month. The 20-City Composite reported a year-over-year gain of 5.3%, up from 5.1% in October.
Remember, this is national and not local. It IS good news but is NOT information that buyers and sellers should use to make decisions about home prices in their local market.
A new federal appeals court decision could clear the way for the U.S. government to turn over many documents sought by investors suing over its 2012 decision to seize the profits of mortgage giants Fannie Mae and Freddie Mac.
The Federal Circuit Court of Appeals on Monday said a lower court judge mostly acted within her discretion in ordering the disclosure to Fairholme Funds and other investors of 56 documents, which had been sampled from roughly 12,000 that the government withheld on privilege grounds.
So what is it they do NOT want released? Must be juicy!
Or costly. Which sucks because it will be the taxpayers on the hook, one way or the other…
Surveys of businesses and consumers have shown a surge in confidence since the Nov. 8 U.S. presidential election, as hopes for growth-lifting fiscal stimulus and deregulation have increased. But actual economic activity has yet to catch up.
There are already signs that some of the hard data are beginning to turn higher. Advance estimates of fourth-quarter gross domestic product released Friday by the Commerce Department showed U.S. business investment rose on a year-over-year basis for the first time in four quarters, as the effects of the oil-price crash continued to fade. Growth in residential investment, on the other hand, was slowest in more than five years.
Heaven forbid we let reality get in the way of consumer confidence. I think consumers have to be confident to get the economy back up to full speed.
If surveys of consumer and business confidence show an increase BEFORE we see ALL of the economy kicking butt, it isn’t a big deal.
Speaking of consumer confidence: Gallup US Economic Confidence Index Increases Slightly
Citigroup’s plan to sell a $97 billion mortgage servicing portfolio and subservice its remaining accounts highlights the growing prevalence of nondepository servicers and raises questions about how much capacity exists for these institutions to absorb more large deals.
The deal, announced Monday, is the latest in a series of large servicing acquisitions by publicly traded New Residential Investment Corp. The New York-based nonbank will pay approximately $950 million and $32 million for Citi’s mortgage servicing rights and related advances, respectively, which are tied to Fannie Mae and Freddie Mac loans originated by CitiMortgage.
Let’s just hope they can properly service these mortgages…
Good news from Fannie that their Single Family Serious Delinquency Rate decreased substantially YoY ( from 1.55% to 1.2% ). Their Multifamily Serious Delinquency Rate also decreased slightly YoY ( 0.7% to 0.5% ).
REALTORS® reported that first-time homebuyers accounted for 32 percent of residential sales in 2016 (30 percent in 2015), according to the December 2016 REALTORS® Confidence Index Survey Report, a monthly survey of REALTORS® about their sales activity and local market conditions. Sustained job growth and improving incomes along with the aging of the Millennial generation are likely underpinning the continued, albeit modest, increase in homebuying by first-time buyers.
Excellent news and we MUST see strong first time home buyer activity to have a truly healthy housing market in my opinion.
Real purchasing-power adjusted house prices jumped 4.4 percent month-over-month, reversing a six-month trend of decreases. Year-over-year, real house prices have increased two percent. The shift in real house prices signals a decrease in affordability, driven primarily by rising mortgage rates. However, while rates are increasing, they remain extremely low from a historical standpoint.
Yes affordability has been decreasing. But mortgage rates being extremely low from a historical standpoint is the important thing to remember.
This does not mean that home buyers should drag their feet as home prices are still increasing. And the limited inventory will only cause home prices to continue increasing.
The U.S. economy is now in its eighth year of expansion and the housing market is coming off its best year in a decade. Prospects remain good for future growth. However, uncertainty weighs on our Outlook for 2017 and 2018. We must grapple with uncertainty about fiscal policy, foreign investments in U.S. real estate, and the size of the mortgage market.
Freddie is unsure about what may happen in real estate yet they still predict home prices to increase 4.7% in 2017. And they think that mortgage rates will increase also.
Which only means that affordability will continue to decrease…
December not seasonally adjusted (NSA) construction unemployment rates were down in 26 states and the nation on a year-over-year basis. The ongoing year-over-year decline in the national unemployment rate is an indication of the health of the construction job market and its recovery from the deep recession it experienced.
Home builders having a problem finding construction workers is bad. It will mean the lack of available homes in some areas will continue.
The good news is that there are plenty of new homes available in the Anderson SC area.