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

Bankrate’s homeownership survey showed:

  • Homeowners who shopped around for mortgages and settlement services saw closing costs drop as much as 7 percent.
  • Buyers in Hawaii paid $2,163 in closing fees. Buyers in Ohio had the lowest closing costs, paying only $1,613.
  • Nationwide, the average origination fee declined 22 percent to $1,041, and the average third-party fee rose 22 percent to $807.

Closing costs

State Average origination fees Average third-party fees Average origination plus third-party fees
Alabama $1,066 $776 $1,842
Alaska $935 $922 $1,857
Arizona $1,208 $761 $1,969
Arkansas $1,057 $760 $1,817
California $937 $896 $1,834
Colorado $1,192 $719 $1,910
Connecticut $1,074 $960 $2,033
Delaware $904 $924 $1,828
District of Columbia $1,077 $718 $1,794
Florida $1,028 $778 $1,806
Georgia $1,058 $821 $1,879
Hawaii $1,033 $1,130 $2,163
Idaho $894 $788 $1,682
Illinois $1,080 $767 $1,847
Indiana $1,067 $770 $1,837
Iowa $1,161 $762 $1,923
Kansas $1,047 $753 $1,800
Kentucky $1,060 $737 $1,797
Louisiana $1,060 $817 $1,877
Maine $897 $830 $1,727
Maryland $1,093 $742 $1,835
Massachusetts $905 $851 $1,756
Michigan $1,072 $746 $1,818
Minnesota $1,067 $689 $1,757
Mississippi $1,046 $837 $1,884
Missouri $1,040 $792 $1,833
Montana $1,062 $855 $1,917
Nebraska $1,047 $770 $1,817
Nevada $1,002 $848 $1,850
New Hampshire $1,084 $750 $1,835
New Jersey $1,181 $913 $2,094
New Mexico $1,076 $876 $1,952
New York $1,032 $879 $1,911
North Carolina $1,036 $875 $1,911
North Dakota $1,045 $791 $1,836
Ohio $933 $681 $1,613
Oklahoma $1,027 $734 $1,761
Oregon $1,080 $785 $1,864
Pennsylvania $1,055 $678 $1,733
Rhode Island $1,093 $802 $1,896
South Carolina $1,058 $837 $1,895
South Dakota $1,055 $704 $1,759
Tennessee $1,033 $773 $1,806
Texas $1,031 $833 $1,864
Utah $909 $788 $1,697
Vermont $1,074 $862 $1,936
Virginia $1,050 $787 $1,837
Washington $1,077 $824 $1,901
West Virginia $1,067 $904 $1,971
Wisconsin $1,047 $723 $1,770
Wyoming $874 $814 $1,689
Average $1,041 $807 $1,847

 

Black Knight Financial Services nonmortgage debt survey showed:

  • Mortgage holders are carrying an average of $25,000 nonmortgage debt per borrower.
  • Nonmortgage debt is worth watching, as it has a direct impact on the lending and housing industries.
  • Auto-related debt is cited as the primary driver of nonmortgage debt increases, accounting for 81 percent; student loan debt is also at an all-time high.

black-knight-july-first-look

 

Realtor.com’s advance read of July trends showed:

  • The national median list price in July 2015 is up 7 percent year over year and 1 percent over the previous month.
  • Median days on market increased to 69 days, down 7 percent year over year, but up 5 percent month over month.
  • California is home to a majority of the top 20 hottest cities, with 11 major metropolitan areas reporting tight supply and economic-powered growth in demand.

realtordotcomjuly2015market

 

Fannie Mae’s National Housing Survey showed:

  • Many borrowers have a “negative perception gap” that’s suppressing housing and mortgage market activity.
  • At the end of last year, 37 percent of homeowners perceived that they had more than 20 percent home equity, but CoreLogic estimated that 69 percent actually had significant equity.
  • The appreciation gap presents an opportunity to remove a barrier to continued recovery in the housing and mortgage markets.

commentary-080315-img3

 

CoreLogic’s June 2015 home price index showed:

  • Home prices rose by 1.7 percent month over month in June, according to CoreLogic.
  • Prices rose year over year by 6.5 percent.
  • Fifteen states and the District of Columbia reached new price peaks in June.

report_highlights_hpi_2015_06_june

 

RealtyTrac’s foreclosure report showed:

  • Flipping hit a peak in early 2006, when 8 percent of all single-family home sales were flips.
  • Last quarter, 30,013 single-family homes were flipped, accounting for only 4.5 percent of all single-family homes sold.
  • The most profitable areas for flipping were in Jacksonville, Florida; Dayton, Ohio; Baltimore; St. Louis; and Memphis, according to RealtyTrac’s report.

image006

 

John Burns Real Estate Consulting single-family rental study showed:

  • Last year, roughly 25,000 single-family detached homes were built and operated as rentals.
  • Spanning the next several years, a significantly larger volume of single-family rentals will be built.
  • The competition between single-family rental homes and the detached resale/new-home market has created the need for new single-family rental homes.

 

Endeavor America Home Loan Services millennial homebuyer survey showed:

  • Down payments remain a struggle for millennial real estate clients.
  • On average, millennials contributed a down payment of 4.6 percent when purchasing a home during 2014 and early 2015.
  • More than 41 percent of respondents used a co-borrower to qualify for home financing.

 

NAR’s Profile of Real Estate Firms showed:

  • 69 percent of residential real estate firms expect an increase in net income next year.
  • 45 percent of firms expect increased competition from nontraditional participants.
  • The millennial generation’s inability/ability to buy a home in the next two years was a concern among 54 percent of respondents.

2015-profile-of-real-estate-firms-infographic-08-06-2015

 

Fannie Mae’s national housing survey showed:

  • The number of consumers who believe now is a good time to sell a home fell to 45 percent in July.
  • Those who believe it is a good time to buy dropped to 61 percent — an all-time survey low.
  • The survey found that more consumers expect home prices and rents to increase in the next 12 months.

fannie-mae-2015

Email market updates to press@inman.com.

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