Saturday, April 28, 2007

New home sales data released

The National Association of Home Builders (NAHB) has released data for March new home sales. The NAHB reports that "Sales of new single-family homes increased a slight 2.6 percent in March to a seasonally adjusted annual rate of 858,000 units, following sharp declines in both January and February, according to figures released by the U.S. Commerce Department today. The March sales pace was 23.5 percent below a year earlier."

Citing the tightening of mortgage lenders as a reaction to subprime woes, the NAHB also reports that the inventory of new homes is also growing. Another sign of the weak housing market.

"The inventory of new homes for sale edged up in March to 545,000 units, equivalent to a 7.8 months’ supply at the March sales pace. Completed homes for sale were 33 percent of the inventory, while units still under construction represented 50 percent of the inventory and units for-sale that were permitted but not yet started represented almost 17 percent of the inventory level. The median length of time that completed homes were on the market was 5.6 months in March, up from 5.2 months in February."

To read more: National Association of Home Builders

Wednesday, April 25, 2007

March home sales slow

The National Association of Realtors (NAR) reports that "After rising for three consecutive months, total existing-home sales – including single-family, townhomes,condominiums and co-ops – fell 8.4 percent to a seasonally adjusted annual rate of 6.12 million units in March from a pace of 6.68 million in February, and are 11.3 percent below the 6.90 million-unit level in March 2006."

To read more: National Association of Realtors

Thursday, April 19, 2007

Mortgage Rates UP - 4th week in a row

Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage rose 6 basis points to 6.31 percent ... One year ago, the mortgage index was 6.56 percent; four weeks ago, it was 6.16 percent. On Feb. 14, it was 6.32 percent, and it hasn't been that high since."

To read more: Bankrate.com

Wednesday, April 11, 2007

Mortgage rates up!

Bankrate reports that as of April 5 "The benchmark 30-year fixed-rate mortgage rose 3 basis points to 6.25 percent ...One year ago, the mortgage index was 6.51 percent; four weeks ago, it was 6.19 percent."

This represents a three week increase in the 30 year fixed rate. Speculation continues as people wait to see the next move of the Federal Reserve.

To read more: Bankrate.com

Friday, April 06, 2007

Weather may affect pending home sales

The National Association of Realtors (NAR) reports that "A forward-looking index based on pending home sales indicates that bad weather, and possibly the loss of some subprime lending, will dampen sales closed in March and April".

Using their Pending Home Sales Index (PHSI), the NAR reports that "The PHSI in the South rose 4.5 percent in February to 121.9 but was 8.0 percent below a year ago. The index in the Midwest increased 2.9 percent from January to 103.0 but was 9.7 percent lower than February 2006. The index in the Northeast slipped 1.3 percent in February to 99.1 and was 8.2 percent below a year earlier. In the West, the index fell 6.0 percent from January to 104.1 and was 8.2 percent lower than February 2006."

To read more: NAR press release

Tuesday, April 03, 2007

Mortgage Rates Mixed

Bankrate.com reports that "The benchmark 30-year fixed-rate mortgage rose 3 basis points to 6.22 percent ... One year ago, the mortgage index was 6.44 percent; four weeks ago, it was 6.2 percent."

Further, "In the last five weeks, the benchmark 30-year rate has dropped as low as 6.16 percent and risen as high as this week's 6.22 percent. It's unusual for rates to remain in such a tight range for a month or more, but something similar happened in the last two weeks of 2006 and first three weeks of 2007, when rates remained in a range of 6.2 to 6.26 percent."

To read more: Bankrate.com