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Daily market update: February 2, 2017

02/01/2017

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We’ll add more market news briefs throughout the day. Check back to read the latest.

Attom Data Solutions Year-End 2016 Home Sales Report:

16.2 percent of single family home and condo sales in 2016 were distressed sales, which is down from 18.8 percent of all sales in 2015 to the lowest level since 2007, a nine-year low.  Among 193 metropolitan statistical areas with a population of 200,000 or more and at least 100 distressed sales in 2016, those with the highest share of total distressed sales were Atlantic City, New Jersey (43.8 percent); Hagerstown-Martinsburg, Maryland-West Virginia (33.2 percent); Rockford, Illinois (29.2 percent); Montgomery, Alabama (29.2 percent); and Baltimore, Maryland (28.0 percent). Bank-owned (REO) sales accounted for 8.0 percent of all sales in 2016, down from 10.0 percent in 2015 to the lowest level since 2006 — a 10-year low. Mortgage rates: 30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio 15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio

 

Home equity rates: Average Home Equity Loan Bank Rates by State | Credio Average Home Equity Loan Credit Union Rates by State | Credio Most recent market news:

Mortgage Bankers Association’s Weekly Applications Survey:

 Mortgage applications decreased 3.2 percent from one week earlier for the week ending January 27, 2017. The refinance share of mortgage activity decreased to 49.4 percent of total applications from 50.0 percent the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances increased to 4.39 percent from 4.35 percent.

U.S. Census Bureau December 2016 Construction Report:

Construction spending during December 2016 was estimated at a seasonally adjusted annual rate of $1.1815 trillion. This is 0.2 percent below the revised November estimate of $1.1844 trillion. The December figure is 4.2 percent above the December 2015 estimate of $1.1337 trillion.

Apartment List National Rent Report for February 2016:

Nationwide, rents increased rapidly throughout 2014 and 2015 but have plateaued since May 2016. Rents have fallen in San Francisco, San Jose, Miami and Houston. Rents continue to climb in some secondary cities — Tacoma, Washington; Arlington, Texas; Long Beach, California

Email market reports to press@inman.com.

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