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  • Fri, Mar 12 2021
  • 3:26 PM » Housing Market Update: Home Prices Increased a Record 17%, Pending Sales Up 19% From a Year Earlier
    Published Fri, Mar 12 2021 3:26 PM by
    The average sale-to-list price ratio passed 100% for the first time as home prices surge.
    Click Here to Read the Full Article

  • 3:25 PM » MBA: Share of Second Home and Investor Mortgage Applications
    Published Fri, Mar 12 2021 3:25 PM by Calculated Risk Blog
    From the MBA: This week's MBA Chart of the Week captures the share of mortgage applications to purchase or refinance a second home or investment property. In February 2021, 10.1 percent of all applications in the retail and consumer direct channels were for a non-primary residence. This was an increase from 9.5 percent the previous month. 2019 and 2020 saw annual averages of approximately 8 percent. Breaking down the categories, second-home transactions accounted for 3.6 percent of all applications and investment properties were 6.5 percent, totaling 10.1 percent. Average loan sizes as of February 2021 were $430,000 for second homes and $263,000 for investment properties. Within purchase mortgages, the second home and investment property share was 14.1 percent of applications in February 2021, an increase from 13.6 percent in January and up from the annual averages of 9 percent in 2019 and 10 percent in 2020. Purchase activity in these property types has been increasing with the start of the spring buying season. Furthermore, demand is rising because of the rise in remote work and the desire to live further away from more densely populated urban areas. Refinancing of second homes and investment properties has also seen an increase - the result of homeowners taking advantage of record-low mortgage rates. Click on graph for larger image. Recognizing that compositional measures are impacted by the mix of applications, we also examined the year-over-year trends in the number of applications for these loan categories. Second home applications were up 37 percent compared to February 2020 and investor applications were up 110.6 percent, while overall applications were up 26.8 percent, which highlights the fact that the pace of growth has been higher for second homes and investment properties. Lenders were focused this week on announcements from Fannie Mae and Freddie Mac to limit the share of loans they could sell to the GSEs to 7 percent of their portfolios, well below...
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 2:11 PM » South Carolina Real Estate in February: Sales Up 13% YoY, Inventory Down 46% YoY
    Published Fri, Mar 12 2021 2:11 PM by Calculated Risk Blog
    Note: I'm posting data for many local markets around the U.S. The story is the same everywhere ... inventory is at record lows. From the South Carolina Realtors for the entire state: Closed sales in February 2021 were 7,127, up 13.4% from 6,284 in February 2020. Active Listings in February 2021 were 14,253, down 46.3% from 26,521 in February 2020. Months of Supply was 1.6 Months in February 2021, compared to 3.2 Months in February 2020.
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 1:33 PM » Take Five: Week of the central banks
    Published Fri, Mar 12 2021 1:33 PM by Reuters
    After a stunning selloff in U.S. Treasuries took benchmark 10-year yields above 1.6%, the highest in a year, the March 16-17 Federal Reserve meeting will be watched closely for hints policymakers are concerned about yields, asset bubbles and inflation.
  • 10:44 AM » Mortgage Equity Withdrawal in Q4 2020
    Published Fri, Mar 12 2021 10:44 AM by Calculated Risk Blog
    Note: This is not Mortgage Equity Withdrawal (MEW) data from the Fed. The last MEW data from Fed economist Dr. Kennedy was for Q4 2008. The following data is calculated from the Fed's Flow of Funds data (released yesterday) and the BEA supplement data on single family structure investment. This is an aggregate number, and is a combination of homeowners extracting equity - hence the name "MEW" - and normal principal payments and debt cancellation (modifications, short sales, and foreclosures). For Q4 2020, the Net Equity Extraction was $81 billion , or 1.9% of Disposable Personal Income (DPI) .   This is the second highest level of MEW since 2007 (Q3 was higher), but nothing like the amount of equity extraction during the housing bubble as a percent of DPI. Click on graph for larger image. This graph shows the net equity extraction, or mortgage equity withdrawal (MEW), results, using the Flow of Funds (and BEA data) compared to the Kennedy-Greenspan method. MEW has been mostly positive for the last five years. The Fed's Flow of Funds report showed that the amount of mortgage debt outstanding increased by $149 billion in Q4. For reference: Dr. James Kennedy also has a simple method for calculating equity extraction: " A Simple Method for Estimating Gross Equity Extracted from Housing Wealth ". Here is a companion spread sheet (the above uses my simple method). For those interested in the last Kennedy data included in the graph, the spreadsheet from the Fed is available here .
    Click Here to Read the Full Article

    Source: Calculated Risk Blog
  • 9:00 AM » European markets pull back as Treasury yields climb again
    Published Fri, Mar 12 2021 9:00 AM by CNBC
    European markets retreated on Friday, but are still on course for a positive week, as a rise in Treasury yields resurfaced some investor caution.
  • 8:27 AM » The housing market stands at a tipping point after a stunningly successful year during the pandemic
    Published Fri, Mar 12 2021 8:27 AM by CNBC
    Lower demand and weaker affordability could cause a significant slowdown in home sales and stop the steep rise in home prices.
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More From MND

Mortgage Rates:
  • 30 Yr FRM 3.19%
  • |
  • 15 Yr FRM 2.56%
  • |
  • Jumbo 30 Year Fixed 3.12%
MBS Prices:
  • 30YR FNMA 4.5 108-08 (0-03)
  • |
  • 30YR FNMA 5.0 110-02 (0-01)
  • |
  • 30YR FNMA 5.5 111-24 (-0-04)
Recent Housing Data:
  • Mortgage Apps 2.79%
  • |
  • Refinance Index 3.16%
  • |
  • Purchase Index 1.82%