News in end use

Real Estate Values Moved Significantly Higher in Q2 of 2021

According to the latest Federal Reserve Z.1 Financial Accounts of the United States (i.e., the “Flow of Funds”) with analysis provided by the National Association of Home Builders, in Q2 of 2021 the aggregate market value of all owner-occupied real estate in the U.S. registered its largest quarterly increase in the past 21 years of data.

Housing Affordability Slips Further in Q3 of 2021

According to ATTOM™ Data Solutions, the Irvine, California-based nationwide provider of property data, the sharp and continued rise in property values continues to thwart the average wage earner in the U.S. ability to purchase a single-family home.

Real Estate Experts Anticipate Foreclosures Will Play Only a Small Part in Increased Housing Availability

Zillow Group Inc., the Seattle-based online real estate marketplace company, reported that real estate experts responding to their latest Zillow® Home Price Expectation Survey expect that desperately needed housing inventory is on the rise and expected to come primarily from sales by existing homeowners, among a host of other sources — the smallest of which is foreclosures.

Single-Family Home Construction is Making a Comeback

The NAHB is reporting that the gap between the multifamily and single-family construction sector has been closing since early 2017, and as of June 2021, there are now almost an equal number of units under construction in both sectors. According to the NAHN, as of July there were 690,000 apartments and 691,000 single family homes under construction.

Leading Economic Index® for the U.S. Rose Sharply in August

The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (9-23-21) the Leading Economic Index® (LEI) for the U.S. in August. According to the report, the LEI for the U.S. increased by 0.9% in August to 117.1 (2016 = 100), following a 0.8% increase in July and a 0.6% increase in June.

Mortgage Rates Inch Higher in the Week Ending September 23, 2021

Freddie Mac has released its Primary Mortgage Market Survey (PMMS) for the week ending September 23, 2021. The PMMS reports that 30-year fixed-rate mortgage averaged 2.88% with an average 0.7 point, up slightly from last week when it averaged 2.86%. A year ago, at this time, the 30-year FRM averaged 2.90%.