Markets & Economy

Real estate market recap, October 31-November 4, 2016

The big news in real estate markets, recapped for your convenience

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Check Inman every day for the daily version of this market roundup.

Mortgage rates:

Home equity rates:

Friday, November 4:

Bureau of Labor Statistics Employment Situation Summary for October 2016:

  • Total nonfarm payroll employment rose by 161,000 in October 2016.
  • The unemployment rate was little changed at 4.9 percent.
  • Employment continued to trend up in health care, professional and business services,
    and financial activities.

Thursday, November 3:

Mortgage Bankers Association’s Mortgage Credit Availability Index (MCAI):

  • The MCAI increased 2.6 percentage points to 171.3 in October.
  • Of the four component indices, the Jumbo MCAI saw the greatest increase in availability over the month (up 5.8 percent), followed by the Conventional MCAI (up 4.0 percent).
  • The Conforming MCAI (up 2.2 percent) and the Government MCAI (up 1.6 percent) followed.

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Freddie Mac Primary Mortgage Market Survey:

  • The 30-year fixed-rate mortgage (FRM) averaged 3.54 percent with an average 0.5 point for the week ending November 3, 2016.
  • This is up from last week when it averaged 3.47 percent.
  • A year ago at this time, the 30-year FRM averaged 3.87 percent.

pmms_chart_lg

Attom Data Solutions Distressed Home Sales report for Q3 2016:

  • Distressed sales accounted for 12.9 percent of all U.S. single family home and condo sales in Q3 2016.
  • This is down from 15.0 percent the previous quarter.
  • It’s also a decline from 15.9 percent in Q3 2015.

distressed_sales_historical_q3_2016

Wednesday, November 2:

Mortgage Bankers Association’s Weekly Applications Survey:

  • Mortgage applications decreased 1.2 percent from one week earlier for the week ending October 28, 2016.
  • The refinance share of mortgage activity remained unchanged at 62.7 percent of total applications from the previous week.
  • The FHA share of total applications remained unchanged at 11.1 percent from the week prior.

Tuesday, November 1:

CoreLogic September 2016 Home Price Index:

  • Home prices nationwide, including distressed sales, increased year over year by 6.3 percent in September 2016.
  • They increased by 1.1 percent in September 2016 compared with August 2016.
  • The CoreLogic HPI Forecast indicates that home prices will increase by 5.2 percent on a year-over-year basis from September 2016 to September 2017.

september-national-home-price-change-1-hr

U.S. Census Bureau’s September 2016 Construction Spending:

  • Construction spending during September 2016 was estimated at a seasonally adjusted annual rate of $1,150.0 billion.
  • This is 0.4 percent below the revised August estimate of $1,154.4 billion.
  • This is also 0.2 percent below the September 2015 estimate of $1,152.1 billion.

Monday, October 31:

Black Knight Home Price Index (HPI) for August 2016:

  • The current Black Knight HPI value is $266,000.
  • This is up 0.3 percent month-over-month.
  • It’s also up 5.3 percent year-over-year.

bkfs_hpi_aug2016_us_hi_res

First American Financial Corporation’s September 2016 Loan Application Default Index:

  • The frequency of defects, fraudulence and misrepresentation in the information submitted in mortgage loan applications decreased 1.4 percent in September 2016 compared with August 2016.
  • Compared to September 2015, the Defect Index decreased by 14.8 percent.
  • The Defect Index is down 32.3 percent from the high point of risk in October 2013.

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