Please wait as we prepare your PDF file ....

Mission Chronicle Blog

Search Blog

our goal is to help you stay informed by providing timely and interesting articles.

Daily market update: June 7, 2017

06/08/2017

Download PDF

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

Most recent market news

Wednesday, June 7

A Seller’s Market? Consumers Express Diverging Sentiment on Home Buying and Selling in May

The Fannie Mae Home Purchase Sentiment Index® (HPSI) decreased 0.5 percentage points in May to 86.2. The slight decrease can be attributed to decreases in three of the six HPSI components being larger on net than the three increases. Americans expressed greater belief that mortgage rates will go down over the next 12 months, with that component increasing 5 percentage points.

“High home prices have led many consumers to give us the first clear indication we’ve seen in the National Housing Survey’s seven-year history that they think it’s now a seller’s market,” said Doug Duncan, senior vice president and chief economist at Fannie Mae. “However, we continue to see a lack of housing supply as many potential sellers are unwilling or unable to put their homes on the market, perhaps due in part to concerns over finding an affordable replacement home. Prospective homebuyers are likely to face continued home price increases as long as housing supply remains tight.”

Mortgage Applications Increase in Latest MBA Weekly Survey

Mortgage applications increased 7.1 percent from one week earlier. This week’s results included an adjustment for the Memorial Day holiday. The Market Composite Index increased 7.1 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 15 percent compared with the previous week. The Refinance Index increased 3 percent from the previous week. The seasonally adjusted Purchase Index increased 10 percent from one week earlier to its highest level since May 2010. The unadjusted Purchase Index decreased 14 percent compared with the previous week and was 6 percent higher than the same week one year ago. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances and jumbo loan balances both decreased to their lowest levels since November 2016. Mortgage rates 30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio News from earlier this week

Tuesday, June 6

CoreLogic Home Price Insights

“Mortgage rates in April dipped back to their lowest level since November of last year, spurring home-buying activity,” said Frank Nothaft, Chief Economist at CoreLogic. “In some metro areas, there has been a bidding frenzy as multiple contracts are placed on a single home. This has led home-price growth to outpace rent gains. Nationally, home prices were up 6.9 percent over the last year, while rent growth for single-family rental homes recorded a 3 percent rise through April, according to the CoreLogic Single-Family Rental Index.”

Source: CoreLogic Home Price Insights

Source: CoreLogic Home Price Insights

Home prices nationwide, including distressed sales, increased year over year by 6.9 percent in April 2017 compared with April 2016 and increased month over month by 1.6 percent in April 2017 compared with March 2017. The CoreLogic HPI Forecast indicates that home prices will continue to increase both year-over-year and month-over-month by 5.1 percent and 0.7 percent, respectively. Both the CoreLogic HPI Single Family Combined tier and the CoreLogic Case-Shiller Index are posting positive, but moderating year-over-year percent changes, and forecasting gains for the next year. Fixed-rate mortgage interest rates are down by one-fourth of a percentage point since mid-March. Nationally, the year over year home price changed by 6.9 percent. Most states experienced increases, except Alaska, Delaware and Wyoming, with the largest gains made in Washington (12 percent) and Utah (10.1 percent).

Monday, June 5

Black Knight’s Mortgage Monitor: Q1 2017 Originations Fall 34 Percent, Led By 45 Percent Drop in Refinance Lending; Despite Recent Rate Softening, Home Affordability Remains Near Post-Recession Low

“Overall, first lien mortgage originations fell by 34 percent in the first quarter of 2017,” said Black Knight Data & Analytics Executive Vice President Ben Graboske. “As expected, the decline was most pronounced in the refinance market, which saw a 45 percent decline from Q4 2016 and were down 20 percent from last year.”

Because of the upward interest rate shift seen in Q4 2016, Q1 2017 purchase and refinance originations have both seen significant quarterly declines in volume. Refinance lending among higher-credit-score borrowers saw a quarterly decline of 50 percent. After surpassing their pre-crisis peak for the first time in February, home prices rose another 1.3 percent in March – the largest monthly increase in nearly four years.

Email market reports to press@inman.com.

Source: click here

Read More

INSPIRED, INTELLIGENT, INSIGHTFULL

STAY INFORMED WITH TIMELY AND INTERESTING ARTICLES FROM OUR BLOG, MISSION CHRONICLE. OUR ASPIRATION IS TO PROVIDE REALTORS AND OTHER REAL ESTATE INDUSTRY PROFESSIONALS WITH EXCEPTIONAL RESOURCES AND SHARE OUR KNOWLEDGE TO PROPEL YOU TO YOUR GOALS.

  • Mission Chronicle Newsletter Dec 5th 2022

    Mission Chronicle Newsletter Dec 5th 2022. Platforms: Browser, mobile-responsiveIdeal for: Leasing a...

  • Inman Review: Tenants and leasing teams get better connected with RentTango

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Tech Review: Smart Alto puts people first in its innovative lead qualification solution

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Refreshed and nurture-savvy, Market Leader’s CRM deserves your attention

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • The top 4 tips to improve your negotiation skills

    In today’s luxury real estate market, strong negotiation skills are an asset—you might even say ...

  • Buy and build with Welcome Homes’ online new construction platform

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Managing buyer expectations in a seller’s market

    I began my real estate career in 2000. And if you had told me then about the luxury market we have t...

  • MailMatic wants to be in your 2021 marketing plans

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Inman Tech Review: JetClosing is fueling mobile adoption of digital title and escrow

    Have suggestions for products that you’d like to see reviewed by our real estate technology ex...

  • Meet the new urban buyer

    New Yorkers have a knack for spotting trends—and so do luxury real estate agents. When I am asked ...

December 2022
Mon Tue Wed Thu Fri Sat Sun
 1234
567891011
12131415161718
19202122232425
262728293031  

  • Polls

    What information you are looking for?

    View Results

    Loading ... Loading ...
  • Last month Results

    How Is My Site?

    • Good (100%, 3 Votes)
    • Excellent (0%, 0 Votes)
    • Bad (0%, 0 Votes)
    • Can Be Improved (0%, 0 Votes)
    • No Comments (0%, 0 Votes)

    Total Voters: 3

    Vote

    Loading ... Loading ...