Check Inman every day for the daily version of this market roundup.
[graphiq id=”b2w6fmfIyNL” title=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/b2w6fmfIyNL” link=”http://mortgage-lenders.credio.com” link_text=”30-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
[graphiq id=”2NvK9Bl9HIF” title=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months” width=”600″ height=”400″ url=”https://w.graphiq.com/w/2NvK9Bl9HIF” link=”http://mortgage-lenders.credio.com” link_text=”15-Year Fixed Rate Mortgage Rates for the Past 6 Months | Credio”]
Home equity rates:
[graphiq id=”kPkTJrAnX5r” title=”Average Home Equity Loan Bank Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/kPkTJrAnX5r” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Bank Rates by State | Credio”]
[graphiq id=”dP0v3iYOnH” title=”Average Home Equity Loan Credit Union Rates by State” width=”600″ height=”465″ url=”https://w.graphiq.com/w/dP0v3iYOnH” link=”http://mortgage-lenders.credio.com” link_text=”Average Home Equity Loan Credit Union Rates by State | Credio”]
Friday, Oct. 23:
- Cash sales comprised 30.8 percent of total home sales in July 2015, down from 34.2 percent in July 2014.
- Month-over-month, the share of cash sales fell by 0.5 percentage points.
- Prior to the housing crisis, the cash sales share of total home sales was about 25 percent; CoreLogic estimates if the share continues to fall, it should hit 25 percent by mid-2017.
- The mortgage delinquency rate was up 1.7 percent month-over-month in September 2015.
- Overall non-current inventory (with loans 30 or more days past due or in foreclosure) is 3.2 million.
- Foreclosure and 90-day delinquent inventories continue to improve despite rise in delinquency rate.
- Prices on non-distressed properties hit $296,700 in September 2015.
- Prices on non-distressed properties were up 8.6 percent year-over-year in September.
- The average sale-to-list price ratio for non-distressed properties was 97.8 percent in September, up from 97.5 percent in September 2014.
Thursday, Oct. 22:
- The EHS-C rate decreased by 0.1 percent month-over-month in September 2015 and 3.6 percent year-over-year.
- The seasonally adjusted annualized rate of existing-home sales capacity is up 77.1 percent from February 2009, the lowest point recorded by First American.
- Existing-home sales spiked in July, dropped in August and rebounded in September.
- Total existing-home sales increased 4.7 percent month-over-month in September 2015.
- The median existing-home price increased 6.1 percent year-over-year.
- Total housing inventory decreased 2.6 percent month-over-month and 3.1 percent year-over-year.
- 30-year fixed-rate mortgages (FRMs) averaged 3.79 percent with an average 0.6 point for the week ending October 22, 2015; this is down from 3.82 percent the previous week and 3.92 percent the previous year.
- 15-year FRMs averaged 2.98 percent with an average 0.5 point, down from 3.03 percent the previous week and 3.08 percent the previous year.
- 5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.89 percent with an average 0.4 point, up from 2.88 percent the previous week and down from 2.91 percent the previous year.
- Prices for homes rose 0.3 percent month-over-month in August 2015.
- Home prices in August 2015 were up 5.5 percent year-over-year.
- The index is roughly the same as its December 2006 level.
- The number of seriously underwater homeowners dropped significantly in the third quarter of 2015 due to rising home sales volumes and prices.
- The number of equity rich homeowners went down, at the same time, as more homeowners leveraged their equity and refinanced, traded up or cashed out completely.
- Only one in three properties in foreclosure was seriously underwater, the lowest level since RealtyTrac began tracking in the Q1 2012 and down from a peak of 62 percent underwater in the second quarter of 2012.
- Foreclosure activity is at its lowest level since 2007, when the organization began collecting data.
- Foreclosure sales decreased 7 percent month-over-month in August 2015.
- Foreclosure sales decreased 23 percent year-over-year in August 2015.
- Landscape specialty firms have reported a quarterly activity decrease of 21 percent.
- General contractors, remodelers and design-build firms are in the shortest supply.
- Year-over-year gains continue across all industry groups, though.
Wednesday, Oct. 21:
- The Market Composite Index increased 11.8 percent week-over-week on a seasonally adjusted basis.
- The Refinance Index increased 9 percent week-over-week.
- The seasonally adjusted Purchase Index increased 16 percent week-over-week.
- The national percentage of depreciating homes rose from 23.40 percent in July 2015 to 27.0 percent in August.
- The national percentage of appreciating homes rose slightly from 56.8 percent in July 2015 to 59.3 percent in August.
- Flint, Michigan, was a top market by appreciation percentage; Hickory-Lenoir-Morganton, North Carolina, was a top market by depreciation percentage.
- Average credit scores for closed loans fell to an average FICO score of 723, the lowest since Ellie Mae began reporting data in August 2011.
- Refinance activity represented 42 percent of overall loan volume.
- Credit availability on refinances appears to have increased in the third quarter of 2015.
Tuesday, Oct. 20:
- The Mortgage Bankers Association (MBA) expects $905 billion in purchase mortgage originations during 2016.
- MBA also predicts that refinance originations will comprise $415 billion in 2016, a decrease of one-third.
- Mortgage originations will decrease to $1.32 trillion in 2016 compared with $1.45 trillion in 2015.
- Privately-owned housing units authorized by building permits in September 2015 were 5.0 percent below the revised August 2015 rate but 4.7 percent above September 2014.
- Privately-owned housing starts were 6.5 percent above the revised August 2015 estimate and 17.5 percent above the September 2014 rate.
- Single-family housing starts in September 2015 were up 0.3 percent month-over-month.
- Seattle was listed as the hottest market because of the city’s tech sector, which is seen as driving employment.
- Fort Lauderdale was next, attributed to growth in employment and a recovering housing market.
- Orlando was third, with a thriving leisure and hospitality industry.
Monday, Oct. 19:
- Existing-home remodeling declined 3.2 percent last quarter but is 2.8 percent above its 2005 level.
- New-home construction increased 18.67 percent last quarter. It is still 57 percent below its 2005 level.
- Remodeling is up almost 300 percent in Las Vegas.
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