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Bedford Corners Real Estate for Sale

U.S. Housing Market Continues Steady Improvement | Bedford Corners Real Estate

Freddie Mac (OTCQB: FMCC) today released its Multi-Indicator Market Index® (MiMi®), showing three additional states — Indiana, Alabama and New Jersey — and one additional metro area — Dayton, Ohio — entering their historic benchmark levels of housing activity.

The national MiMi value stands at 85.7, indicating a housing market that’s on the outer edge of its historic benchmark range of housing activity with a +1.05 percent improvement from July to August and a three-month improvement of +1.22 percent. On a year-over-year basis, the national MiMi value improved +5.44 percent. Since its all-time low in October 2010, the national MiMi has rebounded 43 percent, but remains significantly off its high of 121.7.

News Facts:

  • Forty-one of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with Utah (99.2), Colorado (96.6), Hawaii (96.3), Idaho (96) and North Dakota (95.4) ranking in the top five with scores closest to their historical benchmark index levels of 100.
  • Eighty of the 100 metro areas have MiMi values within range, with Los Angeles, CA (101.1), Honolulu, HI (99.5), Provo, UT (100.8), Dallas, TX (98.9) and Ogden, UT (98.6) ranking in the top five with scores closest to their historical benchmark index levels of 100.
  • The most improving states month over month were Nevada (+2.95%), Florida (+2.14%), Illinois (+1.95%), Washington (+1.91%) and Alabama (+1.90%). On a year-over-year basis, the most improving states were Florida (+12.13%), Massachusetts (+9.94%), Nevada (+9.94%), Oregon (+9.43%) and Tennessee (+9.39%).
  • The most improving metro areas month over month were Las Vegas, NV (+3.00%), Palm Bay, FL (+2.63%), Tampa, FL (+2.59%), Orlando, FL (+2.40%) and Sarasota, FL (+2.40%). On a year-over-year basis, the most improving metro areas were Orlando, FL (+18.21%), Tampa, FL (+14.78%), Chattanooga, TN (+14.51%), Palm Bay, FL (+14.25%) and Lakeland, FL (+13.66%).
  • In August, 33 of the 50 states and 73 of the top 100 metros were showing an improving three-month trend. The same time last year, all 50 states and 96 of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Housing markets are on track for their best year in a decade, and that’s reflected in MiMi. The National MiMi stands at 85.7, a 5.4 percent year-over-year increase. The MiMi purchase applications indicator is up over 18 percent from last year and is at its highest level since December 2007.

“The housing market is showing strength across the country. The South continues to show some the biggest improvements, especially in Florida. MiMi’s purchase applications indicator is up more than 30 percent in Florida compared to last year. Meanwhile, in the West, the battle between low mortgage rates and rising house prices continues. So far, low mortgage rates have helped on the affordability front, but in hot markets like Denver, Fresno, Provo and Los Angeles it’s becoming increasingly difficult for the typical family to afford a median price home.”

The 2016 MiMi release calendar is available online.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

Mortgage rates average 3.47% | Bedford Corners Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates slipping from last week’s spike and the 30-year fixed-rate mortgage easing back to its summertime range below 3.5 percent.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.47 percent with an average 0.6 point for the week ending October 27, 2016, down 5 basis points from 3.52 percent last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.
  • 15-year FRM this week averaged 2.78 percent with an average 0.5 point, down slightly from last week when they averaged 2.79 percent. A year ago at this time, the 15-year FRM averaged 2.98 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“Mortgage rates continue to be relatively stable and at near record lows. The 30-year fixed-rate mortgage fell 5 basis points week-over-week to 3.47 percent, erasing last week’s increase. At the same time, the 10-year Treasury yield ended the week relatively flat — up about 2 basis points.”

Consumer Confidence Rises | Bedford Corners Real Estate

The Consumer Confidence Index, reported by the Conference Board, rose in September. Compared with last month, consumers were more optimistic about both the current situation and the near term outlook.

The Consumer Confidence Index rose to 104.1, from 101.8 in August. The present situation index rose to 128.5, from 125.3, and the expectations index increased to 87.8, from 86.1.

Consumers’ assessments of current business conditions were mixed. Assessments shifted from both “good” and “bad” to “normal”. The share of respondents rating business conditions “normal” rose by 4.9 percentage points from 51.5% to 56.4%. A net decline of 2.9 percentage points in assessments of “good” combined with a 2.0 percentage point net decline in assessments of “bad” for the total.

Similar to consumers’ assessments of current business conditions, expectations of business conditions over the next six months were mixed. The share of respondents expecting future business conditions to be the same rose from 71.0% to 73.3%. About half of the increase was the result of a net decline in respondents expecting future business conditions to be worse, an upgrade, while the rest was the result of a net decline in respondents expecting future business conditions to be better, a downgrade.

Consumers’ assessments of current employment conditions improved. The share of respondents reporting that jobs were “hard to get” dropped to 21.6%, from 22.8%. Most of the 1.2 percentage point decline (1.1 percentage point) upgraded to “jobs plentiful”.

Also, consumers’ expectations of employment over the next six months were more upbeat than in August. The share of respondents expecting “more jobs” rose to 15.1%, from 14.4%. Most of the 0.7 percentage point increase (0.5 percentage point) shifted from “fewer jobs”, while the rest shifted from “same jobs”.

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The Conference Board also reports the share of respondents planning to buy a home within six months. The share of respondents planning to buy a home declined to 5.1%, from 6.9%. The share of respondents planning to buy a newly constructed home and an existing home were 0.6% and 3.5%, respectively; the share of respondents who were “uncertain” whether they would buy a newly constructed or an existing home was 1.0%.

 

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http://eyeonhousing.org/2016/09/consumer-confidence-in-september-another-optimistic-month/

Mortgage rates average 3.42% | Bedford Corners Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates largely unchanged ahead of this week’s employment report.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.42 percent with an average 0.5 point for the week ending October 6, 2016, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.76 percent.
  • 15-year FRM this week averaged 2.72 percent with an average 0.5 point, unchanged from last week. A year ago at this time, the 15-year FRM averaged 2.99 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week with an average 0.4 point, down from last week when it averaged 2.81 percent. A year ago, the 5-year ARM averaged 2.88 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

“The 10-year Treasury yield leaped to a two-week high following reports of the European Central Bank retreating from its bond-buying program ahead of its initial March deadline. In contrast, the 30-year fixed-rate mortgage remained unchanged at 3.42 percent. Over the past two weeks, mortgage rates have remained fairly flat while Treasury yields have fallen and risen. This Friday’s jobs report will provide clarity on whether or not mortgage rates follow the recent upward trend in Treasury yields.”

 

 

US mortgage applications down | Bedford Corners Real Estate

Mortgage applications in the United States declined 7.3 percent in the week ended September 16th 2016 from the prior period, data from the Mortgage Bankers Association showed. It is the first fall in four weeks, following a 4.2 percent jump in the previous period. Refinance applications declined 7.6 percent and applications to purchase a home were down 6.8 percent. Average fixed 30-year mortgage rates increased 3bps to 3.7 percent, the highest rate in nearly three months. Mortgage Applications in the United States averaged 0.55 percent from 2007 until 2016, reaching an all time high of 49.10 percent in January of 2015 and a record low of -38.80 percent in January of 2009. Mortgage Applications in the United States is reported by the Mortgage Bankers Association of America.

United States MBA Mortgage Applications
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http://www.tradingeconomics.com/united-states/mortgage-applications

 

Home prices expected to rise | Bedford Corners Real Estate

Freddie Mac (OTCQB: FMCC) released today its monthly Outlook for September showing that housing remains a bright spot for the U.S. economy. Mortgage originations are expected to surge in the third quarter, and our forecast for the best year in home sales since 2006 looks increasingly on the mark.

Outlook Highlights

  • Expecting the 30-year fixed rate mortgage to average 3.6 percent in 2016, the lowest annual average in over 40 years. The current record low annual average occurred in 2012 at 3.66 percent.
  • Showing that falling mortgage rates from 4 percent at the end of 2015 to about 3.5 percent in the third quarter of 2016 have more than offset the rise in house prices in most markets, helping to preserve homebuyer affordability.
  • Revising up our forecast of home price appreciation to 5.6 percent and 4.7 percent in 2016 and 2017, respectively. This is up from last month’s forecast of 5.3 percent for 2016 and 4.0 percent for 2017.
  • Showing cash-out refinance activity on the rise in the second quarter, with an estimated $13.3 billion net dollars of home equity converted to cash during refinancing. This is up from $11.4 billion in the first quarter of 2016 but substantially less than the peak cash-out refinance volume of $84.0 billion during the second quarter of 2006.
  • Remaining on track for mortgage originations to reach $2 trillion in 2016, the highest total since 2012.

Quote: Attributed to Sean Becketti, Chief Economist, Freddie Mac.

“The housing market remains a bright spot for the U.S. economy, with solid job gains and low mortgage interest rates sustaining the economy’s momentum in September. In most markets, low mortgage rates have more than offset the rise in house prices, preserving homebuyer affordability for the typical household. Homeowners are also taking advantage of low rates and house price appreciation that is increasing their home equity. The share of cash-out refinances grew to 41 percent in the second quarter of 2016, compared to 38 percent in the first quarter and 15 to 20 percent during the housing crisis.”

“Mortgage originations are expected to surge in the third quarter, reflecting the impact of Brexit in recent mortgage activity. We continue to believe that originations will reach $2 trillion this year, the highest since 2012.”

U.S. mortgage demand to buy homes hits six-month low | Bedford Corners Real Estate

Weekly applications for U.S. mortgages to buy homes slipped to a six-month low even as interest rates on fixed-rate home loans fell, according to data from an industry group released on Wednesday.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage activity for home purchases, a leading indicator of housing sales, fell 4 percent in the week ended Aug. 12. It remained 10 percent higher than the comparable week a year earlier.

The average rate on “conforming” 30-year home mortgages, or loans with balances of $417,000 or less, dipped to 3.64 percent last week from 3.65 percent, the Washington-based group said.

The average 30-year rate touched 3.60 percent in the week ended July 8, which was the lowest since May 2013 and not far from the historic low of 3.47 percent struck in December 2012, according to MBA data.

Weekly mortgage activity on home purchases reached an eight-month peak in early June before a decline since even as 30-year mortgage rates hovered near their lowest in over three years.

On Tuesday, the Commerce Department said housing starts rose 2.1 percent to an annualized rate of 1.211 million units in July, which was a five-month high.

Applications for loans to refinance also fell last week.

MBA’s seasonally adjusted index on mortgage activity for refinancing decreased 4 percent from the prior week. In early July, it hit its highest level since June 2013.

 

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http://www.marketbeat.com/stories.aspx?story=http%3a%2f%2ffeeds.reuters.com

June housing starts jump | Bedford Corners Real Estate

U.S. housing starts rose more than expected in June as construction activity increased broadly, but a downward revision to the prior month’s data pointed to a housing sector treading water in the second quarter.

Groundbreaking surged 4.8 percent to a seasonally adjusted annual pace of 1.19 million units, the Commerce Department said on Tuesday. May’s starts were revised down to a 1.14 million-unit pace from the previously reported 1.16 million-unit pace.

Economists polled by Reuters had forecast housing starts rising to a 1.17 million-unit pace last month.

Housing starts in the second quarter were a touch higher than the average for the first three months of the year, suggesting that residential construction was probably a small boost to gross domestic product in the second quarter.

The housing market is being supported by a strengthening labor market and demand for rental accommodation, but home building is being constrained by labor and land shortages.

A survey of homebuilders published on Monday showed scattered softness in some markets, with builders citing regulatory challenges, as well as shortages of lots and labor.

Groundbreaking on single-family homes, the largest segment of the market, increased 4.4 percent to a 778,000-unit pace in June. Single-family starts in the South, where most home building takes place, gained 0.5 percent.

Single-family starts jumped 31.6 percent in the Northeast and climbed 3.1 percent in West. Groundbreaking on single-family housing projects increased 7.3 percent in the Midwest.

But single-family home construction continues to run ahead of permits, which could limit gains in the near term.

Housing starts for the volatile multi-family segment rose 5.4 percent to a 411,000-unit pace. The multi-family segment of the market continues to be supported by strong demand for rental accommodation as some Americans remain wary of homeownership in the aftermath of the housing market collapse.

 

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http://www.foxbusiness.com/markets/2016/07/19/june-housing-starts-rise-4-8.html

Housing market improves across the country | Bedford Corners Real Estate

Freddie Mac (OTCQB: FMCC) today released its Multi-Indicator Market Index® (MiMi®), showing the spring homebuying season staying on course in most areas of the country, with two additional metros — Charlotte, North Carolina, and Knoxville, Tennessee — entering their benchmark ranges.

The national MiMi value stands at 84.1, indicating a housing market that’s on the outer range of its historic benchmark level of housing activity, with a +0.27 percent improvement from March to April and a three-month improvement of +1.63 percent. On a year-over-year basis, the national MiMi value has improved +7.37 percent. Since its all-time low in October 2010, the national MiMi has rebounded 42 percent, but remains significantly off from its high of 121.7.

News Facts:

  • Thirty-six of the 50 states plus the District of Columbia have MiMi values within range of their benchmark averages, with the District of Columbia (102), Hawaii (97.4), Utah (95.9) and Colorado, Montana and Oregon all having the same value (95.8) and being closest to their benchmark averages.
  • Sixty-seven of the 100 metro areas have MiMi values within range with Nashville, TN (99.9), Honolulu, HI (99.8), Salt Lake City, UT (99.0), Los Angeles, CA (98.6) and Austin, TX (102.6) ranking in the top five.
  • The most improving states month over month were Mississippi (+1.29%), Tennessee (+1.27%), Massachusetts (+1.15%), Florida (+0.98%) and Nebraska (+0.97%). On a year-over-year basis, the most improving states were Florida (+15.34%), Colorado (+14.73%), Nevada (+14.62%), Oregon (+14.46%) and New Jersey (+13.48%).
  • The most improving metro areas month over month were Lakeland, FL (+2.06%), Chattanooga, TN (+2.04%), Modesto, CA (+1.83%), Orlando, FL (+1.82%), and New Haven, CT (+1.78%). On a year over year basis, the most improving metro areas were Orlando, FL (+20.17%), Tampa, FL (+17.47%), Denver, CO (+17.39%), Cape Coral, FL (+16.69%), and Portland, OR (+15.99).
  • In April, 42 of the 50 states and 86 of the top 100 metros were showing an improving three-month trend. The same time last year, 46 of the 50 states, and all of the top 100 metro areas were showing an improving three-month trend.

Quote attributable to Freddie Mac Deputy Chief Economist Len Kiefer:

“Seven years into the recovery from the Great Recession most of the nation’s housing markets remain below their historical benchmarks, but continue to grind higher month-by-month. Nationally, MiMi in April 2016, is 84.1, a 7.37 percent year-over-year increase and the 48th consecutive month of year-over-year increases. Over this four-year timeframe, MiMi has increased 36.5 percent and now stands just 15.9 percent below its historic benchmark average.

“Out of the 50 states and the District of Columbia 49 posted positive year-over-year changes. North Dakota and Wyoming, two states heavily reliant on the energy sector, were the only states with year-over-year declines. Out of the 100 metro areas MiMi tracks, 99 posted positive year-over-year gains, with Tulsa, Oklahoma — also with deep ties to the energy sector — posting no change year-over-year.

“Among the four MiMi indicators, Purchase Applications increased the most in April, rising 1.77 percent from March and up 15.27 percent year over year. The strong positive momentum in home purchase applications is a good sign for a housing market likely to post the best year in home sales since 2006. Despite strong house price growth, the MiMi Payment-to-Income indicator fell 1.05 percent in March, reflecting the impact of lower mortgage rates. If global factors like the Brexit put significant downward pressure on long-term mortgage rates, the U.S. housing market could benefit from increased affordability, helping to partially offset the impact of house prices, which are rising around six percentage points year over year nationally.”

The 2016 MiMi release calendar is available online.

MiMi monitors and measures the stability of the nation’s housing market, as well as the housing markets of all 50 states, the District of Columbia, and the top 100 metro markets. MiMi combines proprietary Freddie Mac data with current local market data to assess where each single-family housing market is relative to its own long-term stable range by looking at home purchase applications, payment-to-income ratios (changes in home purchasing power based on house prices, mortgage rates and household income), proportion of on-time mortgage payments in each market, and the local employment picture. The four indicators are combined to create a composite MiMi value for each market. Monthly, MiMi uses this data to show, at a glance, where each market stands relative to its own stable range of housing activity. MiMi also indicates how each market is trending, whether it is moving closer to, or further away from, its stable range. A market can fall outside its stable range by being too weak to generate enough demand for a well-balanced housing market or by overheating to an unsustainable level of activity.

Mortgage rates average 3.66% | Bedford Corners Real Estate

Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates up slightly from last week, but still near three year lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 3.66 percent with an average 0.5 point for the week ending June 2, 2016, up from last week when it averaged 3.64 percent. A year ago at this time, the 30-year FRM averaged 3.87 percent.
  • 15-year FRM this week averaged 2.92 percent with an average 0.5 point, up from last week when it averaged 2.89 percent. A year ago at this time, the 15-year FRM averaged 3.08 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week with an average 0.5 point, up from last week when it averaged 2.87 percent. A year ago, the 5-year ARM averaged 2.96 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following link for the Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quote
Attributed to Sean Becketti, chief economist, Freddie Mac.

Since jumping 11 basis points on May 18th, the 10-year Treasury yield has leveled-off around 1.85 percent. Mortgage rates continue to adjust to this new level with the 30-year fixed rate inching up another 2 basis points this week to 3.66 percent. Recent statements by the Fed appear to have persuaded the market that a rate hike may come sooner than later. However, the market is fickle, and Friday’s employment report has the potential to swing opinion 180 degrees in the other direction.