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.
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.
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.
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.
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.
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.
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.
Email market updates to press@inman.com.
