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Wages Lag Home Prices; Affordability Suffers

Distressed Sales Increased in Only 8 States

Housing Inventory Issues Stifle Pending Sales

Even if Refinancing Looks Like a No-Brainer....

Cash Sales Lowest Since 2007

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Wages Lag Home Prices; Affordability Suffers; Inventory Stifling Home Sales; Where Are The Refis?!

Published: 9/29/2016

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MND NewsWire features plain and simple interpretations of industry related data and events written in a manner that maintains the interest of random readers while still catering to the perspective of a housing market professional.

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Wages Lag Home Prices; Affordability Suffers

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by Jann Swanson on September 29 2016, 12:57 PM

The lack of housing affordability is rising among the 414 U.S. counties tracked by ATTOM Data Solutions. ATTOM, the new parent company of RealtyTrac, said on Thursday that 24 percent of those counties were less affordable than their historic averages...
Distressed Sales Increased in Only 8 States

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by Jann Swanson on September 29 2016, 11:45 AM

Sales of distressed homes, both lender-owned properties (REO) and short-sales continue to decline but are still at levels nearly four times what is considered "normal." CoreLogic reported on Thursday that distressed sales accounted for 7.8 percent of...
Housing Inventory Issues Stifle Pending Sales

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by Jann Swanson on September 29 2016, 10:45 AM

Pending home sales were unable to sustain the slight upward tick experienced in July and resumed their downward trend in August, declining by 2.4 percent. It was the third time in four months that pending sales have failed to exceed the previous month...
Even if Refinancing Looks Like a No-Brainer....

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by Jann Swanson on September 28 2016, 12:27 PM

Why are so many people holding on to mortgages with high interest rates? Sentiment? Inertia? Apparently not. In the current issue of CoreLogic's MarketPulse , Principal Economist Molly Boesel drills down into the universe of borrowers who are standing...
Cash Sales Lowest Since 2007

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by Jann Swanson on September 27 2016, 11:51 AM

The all-cash share of residential sales dipped below 30 percent in June, the first time this has happened since 2007. CoreLogic said on Tuesday that cash accounted for 29.3 percent of home sales during the month, a decrease of 2.5 percentage points since...
Should We Worry More About Repeat Buyers vs First-Timers?

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by Jann Swanson on September 26 2016, 1:48 PM

To understand the top-line story in the Urban Institute's (UI's) latest Chartbook released on Monday one has to go back to another UI paper published more than a year ago. In the article the UI's Housing Policy Center's director, Laurie Goodman, and fellow...
Mortgage Applications Muted Despite Rate Rally

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by Jann Swanson on September 28 2016, 7:03 AM

The Mortgage Bankers Association (MBA) reported hardly a ripple in the mortgage market during the week ended September 23. Its Market Composite Index, a measure of mortgage loan application volume, dipped 0.7 percent on a seasonally adjusted basis from...
New DU Version Enhances use of Trended Credit

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by Jann Swanson on September 27 2016, 7:56 AM

Fannie Mae has announced the implementation of a new version of its automated underwriting system . The company said Version 10.0 of Desktop Underwriter (DU) "provides more simplicity and certainty to lenders through the use of trended credit data for...
Versus Inflation, Home Price Increases Are Unsustainable -Case-Shiller

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by Jann Swanson on September 27 2016, 9:51 AM

While the annual gains in its nationwide index accelerated slightly in July the S&P CoreLogic Case-Shiller 10- and 20-City Composite Indices showed a slight slowing on an annual basis. The U.S. National Home Price Index, covering all nine U.S. census...
One Price Index Shows Long-Expected Price Slowdown

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by Jann Swanson on September 26 2016, 12:21 PM

Black Knight Financial Services released its Home Price Index (HPI) report for July on Monday and, unlike reports from CoreLogic and the Federal Housing Finance Agency (FHFA) reports for the month (the fourth report, the CoreLogic Case-Shiller indices...
August New Home Sales Retrench but Still Solid

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by Jann Swanson on September 26 2016, 10:45 AM

After a spectacular run for new home sales in July, it was anticipated that August activity would be considerably more modest. While sales did retrench from the post-crash highs reached the previous month (which improved even further when revised), the...
August Refi Surge Reflected in Higher Conventional Lending Share

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by Jann Swanson on September 22 2016, 4:02 PM

Refinancing jumped to 43 percent of all loans originated in August, a 6 percentage point higher share than in July. Ellie Mae's Origination Insight Report says this takes the refi share back to a level last seen in March. The share of all loans closed...
Mortgage Prepayments at 3-Year High Thanks to Brexit

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by Jann Swanson on September 22 2016, 12:38 PM

Mortgage prepayments, generally a good indicator of refinance activity , skyrocketed in August. According to Black Knight Financial Services "first look" at its August mortgage data, the Single Month Mortality (SMM) or prepayment rate, fueled by post...
"Very Concerning" Inventories and Higher Prices Weigh on Home Sales

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by Jann Swanson on September 22 2016, 10:55 AM

Sales of existing homes slowed for the second consecutive month in August according to data released on Thursday by the National Association of Realtors® (NAR). Sales declined by 0.9 percent to a seasonally adjusted annual rate of 5.33 million units...
Home Prices Picked up the Pace in July

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by Jann Swanson on September 22 2016, 9:35 AM

Home price increases appear to have accelerated in most of the country in July as compared to June according to data released on Thursday by the Federal Home Finance Agency (FHFA). FHFA's House Price Index was up 0.5 percent on a seasonally adjusted basis...

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