Filtered by Subscriptions: US Housing Use setting US Housing
National US house prices posted another solid gain in Q3 and are now rising at double-digit rates year-on-year. But this may well mark the peak of annual house price gains. … Case-Shiller Home Prices (Q3 …
26th November 2013
The rise in the foreclosure inventory in New York and New Jersey in the third quarter provides one more reason to think that housing market prospects in these two States are relatively weak. … Foreclosure overhang weighing on New York and New …
21st November 2013
The further decline in existing home sales in October is the result of the earlier hike in mortgage interest rates. The immediate outlook for existing home sales is negative, but the loosening in supply conditions is to be welcomed. … Existing Home …
20th November 2013
The latest data provide further evidence that housing market activity has come off the boil. Existing home sales declined in September, and the sharp drop in pending home sales points to more falls ahead. Homebuilder confidence also moderated in October. …
14th November 2013
Multi-family construction activity has bounced back strongly since the crash. But the pipeline of multi-family homes under construction does not look particularly large relative to the stock of properties. Moreover, rental vacancy rates are below normal …
13th November 2013
The latest dip in mortgage approvals offers further evidence of a moderation in the rate of the housing recovery. But if the wider economic recovery picks up speed next year as we expect, mortgage applications will follow. … Mortgage Applications (Oct. …
6th November 2013
The homeownership rate ticked up in the third quarter of the year. But the recent drop in home sales and mortgage demand, as well as the fact that the rise was driven by older households, suggests that it is too soon to declare a turning point. … …
5th November 2013
The CoreLogic house price index suggests that the recent easing in house price pressures went into reverse during September. But with signs that the rise in interest rates has had a more pronounced impact on activity than we initially expected, this …
The drop in the pending home sales numbers for September suggests that the immediate outlook for existing home sales is weak. We have therefore revised down our whole-year forecasts for 2013. The weaker starting point also means that 2014 will come in …
31st October 2013
The solid rise in the Case-Shiller house price index confounded expectations from some corners that price growth was set to slow further in August. But it does not rule out a slowdown in house price gains later this year and into 2014. … Case-Shiller …
29th October 2013
The steady rise in mortgage interest rates has weighed moderately on mortgage applications for home purchase and total home sales. Any fresh increase in mortgage rates would take a similar toll. While this represents another reason to expect the housing …
21st October 2013
The decline in existing home sales in September was driven by the steady rise in mortgage interest rates seen over the preceding months. If the timelier new home sales figures are any guide, this set-back should be temporary. … Existing Home Sales …
Homebuilder confidence may be on the verge of a weaker period. The good news is that previous rapid run-ups and subsequent moderations in homebuilder confidence have dampened, but not derailed, recoveries in housing starts. … Is homebuilder confidence …
16th October 2013
The Federal shutdown is so far proving to be an inconvenience, rather than a show stopper, for the housing market recovery. But the shutdown may become more problematic if the deadline for raising the debt-ceiling passes without Congress reaching an …
9th October 2013
Mortgage interest rates are declining following the Fed’s decision not to taper in September. But most of the housing data continue to reflect the earlier hike in rates. Housing market confidence has taken a knock. And while home sales rose in August, …
7th October 2013
Mortgage applications for home purchase rose in September, the first gain in three months. This may be an early sign that borrowers are starting to adjust to the higher interest rate environment. … Mortgage Applications …
2nd October 2013
CoreLogic house prices for August paint a picture of a market that is losing some steam. Even so, there is little sign that higher mortgage interest rates are threatening to derail the housing recovery. … CoreLogic House Prices (Aug. …
1st October 2013
New home sales did not fully reverse July’s unexpectedly sharp drop. But August’s data seem consistent with our view that the rise in mortgage interest rates seen over recent months will cool, but not derail the housing recovery. … New Home Sales (Aug. …
25th September 2013
The latest rise in the annual rate of house price inflation in July may be the most eye-catching part of today’s Case-Shiller house price report. But the real story is a welcome slowdown in the underlying rate of house price gains in recent months. … …
24th September 2013
House price growth for new-build homes is set to slow more quickly than price growth for the existing housing stock over the next year, cutting into the price premium attached to a new home. … New home prices set to slow by more than existing home …
23rd September 2013
The further rise in existing home sales in August may reflect a rush of sales from buyers keen to avoid any further rise in mortgage interest rates. … Existing Home Sales (Aug. …
19th September 2013
The small rise in starts in August, which was below expectations and would have been a fall were it not for downward revisions to earlier data, is not as disappointing as it first appears. The figures are skewed by the volatile multi-family sector; …
18th September 2013
The steady increase in mortgage interest rates is now having a more noticeable effect on housing market activity. Mortgage applications for refinancing have more than halved since rates began rising and applications for home purchase are down by 13%. …
11th September 2013
The spike in mortgage interest rates has taken a toll on housing market activity, but we don’t expect it to knock the housing recovery off course. Nevertheless, with the inventory of homes for sale already nudging upwards, and set to rise much further …
9th September 2013
Higher mortgage interest rates took a further toll on mortgage applications in August. But 30-year rates eased a touch at the end of the month, while applications for home purchase increased. … Mortgage Applications (Aug …
4th September 2013
The latest CoreLogic house price reading added to the evidence that the pace of price gains is easing slightly. It’s possible that annual price growth will drop into the single- digit range by the end of the year. … CoreLogic House Prices (Jul. …
3rd September 2013
The proposed Qualified Residential Mortgage rule is a welcome simplification and relaxation of earlier proposals which, if enacted, will help to loosen mortgage credit conditions. But the inclusion of an alternative, stricter proposal means that …
29th August 2013
Average US house prices rose at double-digit levels once again in the second quarter. But adjusting for normal seasonal patterns, all three of the main Case-Shiller indices suggest that the rate of house price gains may be starting to peak. … …
27th August 2013
The sharp drop in new home sales in July, and the downward revision to June’s figure, suggest that the spike in mortgage interest rates is taking more of a toll on housing market activity than we had previously thought. … New Home Sales …
23rd August 2013
The increase in existing home sales in July suggests that the rise in mortgage rates prompted some buyers to rush through with a home sale before rates became higher still. This stimulatory effect will only be temporary. … Existing Home Sales (Jul. …
21st August 2013
The rapid increase in US house prices over the past year, and the sharp run up in mortgage interest rates over the past few months, have brought issues of housing valuation and affordability into sharper focus. Certain valuation and affordability metrics …
20th August 2013
The increase in housing starts in July was driven by the multi-family sector, with single-family starts posting a small decline. The recovery in multi-family starts has been the driving force behind the homebuilding rebound for the past 18 months now. … …
16th August 2013
Although the Fed may opt for the simplicity of running down purchases of both Treasuries and MBS simultaneously, we think that it makes sense to leave tapering of MBS purchases for last. That said, the incremental benefits for the housing market of such a …
15th August 2013
The fall in mortgage delinquencies, fewer foreclosure starts and the lower foreclosure inventory rate in Q2 are all encouraging signs that the fundamentals of the housing market are mending. Although these figures are yet to reflect the recent increase in …
9th August 2013
Mortgage applications for home purchase are showing the strain from higher mortgage interest rates, falling by 5.6% m/m in July. It’s too early to see the effect of higher rates on the existing home sales numbers, but the new home sales figures are …
8th August 2013
Higher mortgage interest rates saw mortgage applications for home purchase post their largest month-on-month fall in almost two years in July. But the most up-to-date weekly figures recorded a small gain in applications last week. … Mortgage …
7th August 2013
Although it is too soon to be sure, CoreLogic house price index for June brought some tentative evidence that the moderation in the pace of house price gains that we are anticipating in the second half of this year may be getting underway. … CoreLogic …
6th August 2013
The decline in the share of distressed sales is having an upward influence on house prices. But we aren’t convinced by claims that the house price indices’ failure to adjust for this effect is somehow obscuring the “true” rate of house price appreciation. …
2nd August 2013
There is nothing in the latest FOMC statement released today to suggest that Fed officials have changed their minds about starting to taper the monthly asset purchases in September. … Fed likely to begin QE taper in …
31st July 2013
Three years after home sales started rising, and a year and a half since house prices turned up, the homeownership rate remains at an 18-year low. … Homeownership & Vacancy Rates & Case-Shiller …
30th July 2013
The strong rise in new home sales in June means that the housing market has come through its first major test of higher mortgage rates unscathed. … New Home Sales (Jun …
24th July 2013
The decline in sales and the rise in inventories means that supply conditions in the existing homes market are now the loosest they have been this year. That looks consistent with a slowdown in the pace of house price gains over the coming months. … …
22nd July 2013
Helped by attractive jumbo mortgage rates and interest from foreign buyers, house price growth in New York City is well above the national average rate. But we stand by our call that price growth in NYC cannot outperform for much longer. … New York City …
18th July 2013
Housing starts extended their recent rollercoaster ride in June, falling by 9.9% m/m. This reflects a characteristically volatile multi-family sector rather than renewed weakness, and we expect homebuilding volumes to rise further later this year. … …
17th July 2013
The 25% fall in lumber prices in the past two months is helping to relieve cost pressures on homebuilders. Combined with surging homebuilder confidence, it looks like housing starts are set to rise considerably further. … Easing cost pressures a further …
11th July 2013
The benchmark 30-year mortgage rate has risen from 3.6% two months ago to 4.7% last week. The effect on remortgaging volumes has been considerable – applications for remortgaging have halved in the space of two months. But applications for home purchase …
10th July 2013
A couple of years ago, a lot was being made of the potential for foreign buyers to come to the rescue of the housing market. We were dubious of these claims at the time, and a recent NAR survey seems to have proven our doubts well-founded. … Foreign …
8th July 2013
Mortgage applications for refinancing tumbled in the face of higher mortgage interest rates in June. But applications for home purchase, which are a better indicator of underlying housing demand, were more-or-less unchanged over the month as a whole. … …
3rd July 2013
There were few signs of a slowdown in house price gains in the most recent CoreLogic data. But with supply now on the rise, double-digit price gains may not be the norm for too much longer. … CoreLogic House Prices (May …
2nd July 2013
In light of the changing prospects for US monetary policy, we have revised our 10-year Treasury yield forecasts higher. Accordingly, recent gains in 30-year mortgage rates are unlikely to be unwound and could well be extended. … Higher mortgage rates …
26th June 2013
