CoreLogic’s second quarter Market Condition Indicators report:

  • With home prices rising steadily since 2013, homes have become less affordable for some buyers — and, therefore, less sustainable, says CoreLogic in its Market Condition Indicators report for the second quarter.
  • As home prices have continued to rise, the gap between home prices and sustainable values has narrowed to 3.6 percent below the long-run sustainable level — and could shrink even further to 1.5 percent by 2017, according to CoreLogic’s forecast.
  • The trend is especially prevalent in Texas, where home prices in five local markets are well above their historical peak levels.

corelogic-housing-sept2015

 

Weekly mortgage rates:


Powered by MortgageCalculator.org


Powered by MortgageCalculator.org

 

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

Last week’s latest market news:

Zillow’s Housing Confidence Index:

  • Poor-performing housing markets — in terms of year-to-year price appreciation — are likely to see the highest volume of renters who plan to buy.
  • Despite better-than-average home value increases, a number of renters in select metros plan to buy.
  • Millennials will comprise a significant portion of buyers in poor-performing markets moving forward.

zillow-rent-buy

 

MBA’s Builder Applications Survey for August 2015:

  • Mortgage applications for new-home purchases decreased by 6 percent month over month in August.
  • Conventional loans comprised 68.5 percent of loan applications; FHA loans comprised 19 percent.
  • New single-family homes were estimated at a seasonally adjusted annual rate of 524,000 units in August, down 1.9 percent from July.

mba-builder-application-survey

 

Freddie Mac’s Primary Mortgage Market Survey:

  • 30-year fixed-rate mortgages averaged 3.9 percent with an average 0.6 point for the week ending Sept. 10, 2015. This is up from last week’s 3.89 percent average.
  • 15-year fixed-rate mortgages averaged 3.1 percent this week with an average 0.7 point. This is up from last week’s 3.09 percent average.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.91 percent with an average 0.5 point, down from last week’s 2.93 percent average.

Freddie Mac PMMS

 

RealtyTrac’s Best Day of the Year to Buy a Home study:

  • The best month to close on a home purchase is October — and the best day of the year to close is Oct. 8.
  • The best weekday to close on a home purchase is Monday.
  • The worst month of the year to close on a home is April.

 

CoreLogic’s June 2015 distressed sales data:

  • Distressed sales comprised 9.4 percent of total home sales nationally in June 2015, down 2.4 percentage points year over year.
  • Real estate owned (REO) sales accounted for 6 percent and short sales accounted for 3.4 percent of total home sales in June.
  • Florida had the largest share of distressed sales of any state: 21 percent.

Send market reports to press@inman.com.

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