Markets & Economy

Daily market update: September 28, 2016

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

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

CoreLogic MarketPulse Report covering July 2016 data:

  • The home price index rose 6 percent year-over-year in July 2016.
  • The share of homes with negative equity in Q2 2016 was 7.1 percent.
  • The share of homes sold that were classified as “distressed” was 7.8 percent.

screen-shot-2016-09-28-at-7-39-17-am

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 0.7 percent from one week earlier on a seasonally adjusted basis, and decreased 1 percent on an unadjusted basis.
  • The refinance share of mortgage activity decreased to 62.7 percent of total applications from 63.1 percent the previous week.
  • The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances decreased to 3.66 percent from 3.70 percent, with points decreasing to 0.33 from 0.38.

Freddie Mac’s Multi-Indicator Mortgage Index (MiMi) for July 2016:

  • The national MiMi is at 85.1 percent, unchanged from June 2016.
  • On a year-over-year basis, the July MiMi improved 4.70 percent.
  • Since the October 2010 all-time low, the national MiMi has rebounded 43 percent.

As we all know, the real estate industry is hyper-competitive. And because there are few better catalysts for innovation than competition, real estate is constantly blazing new ground. Real estate expansion teams -- teams that do business in multiple markets -- are one of the industry’s latest, and hottest, innovations ...

Mortgage rates:

 

Home equity rates:

Most recent market news:

ProTeck’s Home Value Forecast for August 2016:

  • In July, nearly 70 percent of the core-based statistical areas (CSBAs) tracked were listed as “normal” or above.
  • In August, that number rose to more than 76 percent.
  • Only 1.4 percent of CBSAs tracked came in at “weak” or “distressed” in August.

screen-shot-2016-09-27-at-9-10-58-am

S&P/CoreLogic/Case-Shiller Home Price Indices for July 2016:

  • There was a 5.1 percent annual gain in July.
  • This is higher than the June 2016 gain of 5.0 percent.
  • The 20-City Composite reported year-over-year gains of 5.0 percent, down from June’s 5.1 percent.

screen-shot-2016-09-27-at-6-20-23-am

Email market reports to press@inman.com.