Fannie Mae released its Home Purchase Sentiment Index (HPSI) last week. And not surprisingly, the November HPSI fell by 2.4 points to 80.8, back to the March 2015 HPSI level. Housing affordability was cited as the main index component that contributed to the decrease.
Article image credited to Natalya Vyshedko / Shutterstock.com
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There have been many reports about increasing home prices lately; here’s my take from North of the border. In Toronto, the average house value for a single-family detached home is about $1.1 million. An average house price for a semi-detached home, one of two homes that share a common wall, is about $660,000.
On November 18, Ellie Mae released its latest Origination Insight Report, which showed credit scores are declining for the fifth straight month. So the creditworthiness of homebuyers is on the decline. Let’s try to understand why, and what impact this has for today’s real estate agent — possibly during the negotiation phase of buying and selling homes.
In November, Howmuch.net released this visual examining economic growth across the country. It’s a great visual, and it’s one I initially relished because it was clean, comparatively descriptive, and it made me think that real estate agents should hitch a ride on the next wagon train to participate in this gold rush. But hold on.
The entire financial world would prefer to remain in fetal curl until the Fed acts next Wednesday, but events intrude. Oil prices falling into the $30s presage even less inflation (Fed oblivious), and create unrest in the stock market (and producer nations).