Here’s what happened this week in the real estate market:

The Money Anxiety Index showed:

  • Consumers are cautiously more confident; the index decreased 0.01 point to 64.8 for July.
  • Although the United States added 223,000 new jobs in June, many people are worried that financial crises in Greece and Puerto Rico may impact America’s economy.
  • Since the 2008 crisis, many consumers have been reluctant to spend money.

The Money Anxiety Index

MPF’s Apartment Market Research & Reports showed:

  • The West region posted new lease rent growth of 7.8 percent year over year.
  • New leases increased by 5.2 percent nationwide spanning the past 12 months and by 2.5 percent during the past three months.
  • Seven of the top 10 metros for new lease rent growth were in the West.

MPF - rent growth

Black Knight Financial Services’ mortgage monitor showed:

  • The principal and interest payment on a median-priced home is equal to 21 percent of median gross monthly income nationally.
  • Currently, the monthly payment on a median-priced home is $400 less today than it was in 2006.
  • If interest rates rise by 75 basis points a year and home prices appreciate by 3 percent annually, the payment-to-income ratio would stand at 27 percent by 2017.

black-knight-may-2015-mortgages

A Re/Max Chicago-focused teardown report showed:

  • Construction permits were issued for nearly 2,100 new single-family homes in the Chicago area during the first four months of 2015.
  • New homes replacing teardowns range from 2,500 to 4,500 square feet.

remax home sales chicago

Fannie Mae’s June 2015 national housing survey showed:

  • 52 percent of respondents feel now is a good time to sell a home.
  • Respondents’ average 12-month home price change expectation fell to 2.6 percent.
  • The share of respondents who believe home prices will go up in the next 12 months fell to 47 percent.

fannie-mae-buy-sell

CoreLogic’s home price index showed:

  • Home prices nationwide — including distressed property sales — increased by 6.3 percent this May compared with May 2014.
  • This time next year, prices will likely increase another 5.1 percent, CoreLogic predicted.
  • Excluding distressed sales, home prices are projected to increase by 0.8 percent month over month from May to June of this year.

core-logic-map

The Department of Housing and Urban Development’s housing recovery data showed:

  • Sales of new single-family homes in the first quarter of 2015 were up 9 percent from the previous quarter and 21 percent from a year earlier.
  • Sales of existing homes in 1Q were down 2 percent from the previous quarter, but up 6 percent from the first quarter of 2014.
  • First-time homebuyers accounted for 29 percent of all sales transactions in 1Q, well below the historic norm of 40 percent.

housing-starts-hud

The California Association of Realtors’ homebuyer survey showed:

  • 22 percent of homebuyers who purchased a home spanning February 2014 to February 2015 were previously involved with a distressed sale and are now returning to the market.
  • 40 percent of recent homebuyers have been first-timers.
  • 74 percent of homes were purchased for less than $500,000, and 60 percent were bought for under $400,000.

CAR-distressed-sales

Freddie Mac’s Primary Mortgage Market Survey showed:

  • The rate on 30-year fixed-rate mortgages averaged 4.04 percent for the week.
  • The rate on 15-year fixed-rate mortgages averaged 3.2 percent.
  • Rates on five-year, Treasury-indexed, hybrid adjustable-rate mortgages (ARMs) averaged 2.93 percent this week.

MOD-335941_WeeklyMortgageRates28

Zillow’s “Breakeven Horizon” showed:

  • Homebuyers can break even on a home purchase in two years or less in 23 of the top 35 housing markets.
  • Las Vegas homebuyers who bought in 2009 are $66,043 worse off on average today than if they rented and invested in the stock market over the same time period.
  • Dallas-Fort Worth buyers can break even the fastest, in 1.1 years. Breaking even takes the longest in Washington, D.C., at 4.5 years, and in Los Angeles, at 4.3 years.

zillow-break-even

Endeavor America Loan Services’ topical advisory about millennial homebuyers showed:

  • More than 71 percent of millennials bought single-family homes; only 18 percent bought a townhome or condo.
  • On average, the borrowers in Endeavor’s data were around 28 years old, had a credit score of 664 and have been at their job for about three years.
  • The gender breakdown was 71.5 percent male and 29.5 percent female, and around 54 percent of borrowers were married with less than one dependent.

Email market updates to press@inman.com.


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