Mortgage rates plus all the latest real estate market news.

MBA’s Weekly Mortgage Applications Survey for the week ending Sept. 4, 2015:

  • Mortgage applications decreased 6.2 percent from one week earlier.
  • Refinance activity decreased to 56.9 percent of total applications from 58.7 percent one week earlier.
  • The average interest rate for 30-year fixed-rate mortgages increased to 4.1 percent from 4.08 percent one week earlier.

NAR’s New Home Construction/Job Growth research:

  • Although some analysts have noted that job market growth is fueling a strong housing market and low foreclosure rates, NAR is concerned that it is also contributing to declines in new home construction.
  • The association released a study today that shows the volume of new home construction is underperforming in 146 metropolitan areas that have seen big employment gains.
  • Housing shortages and unhealthy price growth exist in many key real estate markets — and low inventory has already been a persistent problem in recent years, NAR said.

 

 

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

Yesterday’s market news:

CoreLogic’s July 2015 National Foreclosure Report:

  • Foreclosure inventory declined by 27.9 percent year over year in July.
  • Completed foreclosures declined by 24.4 percent year over year in July.
  • The number of foreclosures nationwide decreased year over year from 50,000 in July 2014 to 38,000 in July 2015.

report_highlights_nfr_2015_07_july_top_01

 

Black Knight Financial’s July 2015 Mortgage Monitor Report:

  • Total home equity in the U.S. increased by almost $1 trillion to its highest level since 2007.
  • Total net equity is $7.6 trillion, almost 2.5 times more than it was at the end of 2011.
  • The average American homeowner with a mortgage has about $19,000 more equity in the home than a year ago.

black-knight-mortgage-monitor

 

Quicken’s national July Home Price Perception Index:

  • In July 2015, appraiser opinions of home values were 2.33 percent lower than homeowner estimates.
  • This is nearly double the gap between homeowner estimates and appraiser opinions that Quicken noted in May 2015.
  • National housing values dropped by 0.27 percent.

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Send market reports to press@inman.com.

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