Money Market

July 7, 2020

National Market Update Week of July 6, 2020

National Market Update

The National Association of Realtors Pending Home Sales index of contracts signed on existing homes surged 44.3% in May, its biggest gain since 2001. All regions were up, though the overall index is still down a smidge annually.

The NAR chief economist: “The outlook has significantly ...

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June 22, 2020

Spotting appraisal deficiencies

number 2 pencil

For home sales contingent on financing, the appraisal has the potential to derail the entire sale — or validate the price, cinching mortgage approval.

When an appraisal comes in below the price the buyer and seller agree to, this is known as a low appraisal. The mortgage lender will not ...

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June 15, 2020

National Market Update Week of June 15, 2020

The Mortgage Bankers Association pegged purchase applications up for the eighth straight week, coming in 13% higher than a year ago, noting “the recovery in the purchase market continues to gain steam.”

On a deep dive since March, Fannie Mae’s Home Purchase Sentiment Index finally turned higher ...

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June 9, 2020

Will home prices remain inflated in 2020, despite the recession?

supply and demand signs

As job losses pile on and home sales slow, it’s becoming clear that California real estate professionals have a front row seat to the 2020 recession.

31% fewer home sales occurred in April 2020 compared to the same month a year earlier, translating to a significant drop of 12,000 ...

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May 18, 2020

National Market Update Week of May 18, 2020

NATIONAL MARKET UPDATE

The housing market nationally is picking up. Zillow reports new listings grew 5.9% week-over-week, with the hard hit highest price tier up 8%. New listings are still down annually, but have gained now three weeks in a row.

Also growing smaller are the year-over-year declines ...

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April 20, 2020

National Market Update Week of April 20, 2020

NATIONAL MARKET UPDATE

March Housing Starts fell 22.3%, their biggest monthly drop since 1984, as builders cut activities, uncertain about buyer demand, supply chains, and social distancing with work crews. Here's more on COVID-19's effect on the report.

Yet the year began so well, starts are still ...

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April 13, 2020

National Market Update Week of April 13, 2020

NATIONAL MARKET UPDATE

Mortgage rates are now near historical lows. Freddie Mac's latest Primary Mortgage Market Survey reports the national 30-year fixed mortgage rate is almost a full percentage point lower than a year ago.

In spite of the slowdown, deals are getting done thanks to technology. 34 ...

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April 7, 2020

National Market Update Week of April 6, 2020

NATIONAL MARKET UPDATE

While we wait for our miracle, the index of contracts signed on existing homes, Pending Home Sales, rose 2.4% in February, up now two months in a row. This bodes well for existing home sales closing in March and April.
In addition to Fannie Mae ...
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March 27, 2020

First-time homebuyers prefer lower interest rates to bigger tax breaks

money market low interest rates mortgage

Forget a two-car garage and a white picket fence — first-time homebuyers want lower interest rates.

A recent Redfin survey of homeowners who purchased their first home within the prior 12 months found lower interest rates were highest on first-time homebuyers’ wish lists. Of the first-time homebuyers surveyed about what ...

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March 23, 2020

National Market Update Week of March 23, 2020

NATIONAL MARKET UPDATE


 

Entering the economy's coronavirus contraction, February Housing Starts showed strength, off 1.5% after January's large upward revision, but up 39.2% from a year ago, at a 1.599 million annual rate.

Single-family starts shot up 6.7% at the fastest pace since ...

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