According to a report from Redfin, the Seattle-based, technology-driven real estate company, demand for second homes declined -19.3% year-over-year in August. This marks the third consecutive month of declines. Primary home demand also fell declined in August for the second month in a row, dropping -1% year-over-year.
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Mortgage Applications Fall Back in the Week Ending September 24, 2021
According to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Application Survey (WMAS), for the week ending September 24, 2021, the Market Composite Index, a measure of mortgage loan application volume, decreased -1.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased -1% compared with the previous week.
Federal Housing Finance Agency Says U.S. Home Prices Increased 1.4% Month-Over-Month and 19.2% Year-Over-Year in July 2021
According to the latest Federal Housing Finance Agency (FHFA) House Price Index (HPI®), U.S. house prices increased 1.4% month-over-month in July. House prices increased 19.2% from July 2020 to July 2021.
Multifamily/Commercial Mortgage Debt Increases $60.7 Billion in Q2 2021
According to the latest Mortgage Bankers Association’s (MBA) Commercial/Multifamily Mortgage Debt Outstanding quarterly report, the level of commercial/multifamily debt outstanding increased by 1.5% or $60.7 billion in Q2 of 2021. Total commercial/multifamily debt outstanding rose to $3.98 trillion at the end of Q2.
S&P CoreLogic Case-Shiller National Home Price Index Jumps 19.7% Year-Over-Year in July
According to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index (9-28-21), which covers all nine U.S. Census divisions, home prices experienced a 19.7% annual gain in July 2021, up from 18.7% in June.
Forbearance Rate Finally Dips to Pre-pandemic Levels in Week Ending September 19, 2021
The latest Mortgage Banker Association’s (MBA) Forbearance and Call Survey reports that the total number of loans now in forbearance decreased by 4 basis points from 3.00% of servicers’ portfolio volume in the prior week to 2.96% as of September 19, 2021. According to MBA’s estimate, 1.5 million homeowners are in forbearance plans.
The Conference Board Reports Consumer Confidence Index Declined for Second Consecutive Month in August
The Conference Board, a non-partisan, not-for-profit think tank founded in 1916, released today (9-28-21) their Consumer Confidence Index® (CCI) for September 2021. The CCI declined in September, following decreases in both August and July. The Index now stands at 109.3 (1985=100), down from 115.2 in August.
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.
New Residential Single-Family Home Sales Up Month-Over-Month but Down Year-Over-Year in August
On Friday (9-24-21), The U.S. Census Bureau and the Department of Housing and Urban Development jointly announced that new residential single-family home sales for August 2021 were at a SAAR of 740,000, according to estimates. This is 1.5% above the revised July rate of 729,000 but is -24.3% below the August 2020 estimate of 977,000.