NATIONAL MARKET UPDATE February Existing Home Sales took everyone by surprise, rising for the first time in thirteen months–by 14.5%!–plus, we got the news that the median price fell year-over-year for the first time in 11 years. New Home Sales also rose in February—up for the third straight month. In addition, inventories have recently made substantial gains, as the …
Kevin Brierton: Inside Lending – Week of 3-27-23 Read More »
NATIONAL MARKET UPDATE Increasing for the first time in six months, housing starts shot up 9.8% in February, with both single-family and multi-unit projects posting gains. Building permits did even better—up 13.8%, the largest monthly gain in two years. Home builders are clearly feeling more optimistic. The homebuilder sentiment index headed up for the third straight month, indicating the housing …
Kevin Brierton: Inside Lending – Week of 3-20-23 Read More »
NATIONAL MARKET UPDATE Home building data firm Zonda revealed most builders saw a strong start to the year. Their New Home Pending Sales Index (PSI) reported a nonseasonally adjusted 4.3% uptick in demand in January. Fannie Mae’s February Home Purchase Sentiment Index found most consumers still think it’s a good time to sell a home and …
Kevin Brierton: Inside Lending – Week of 3-13-23 Read More »
NATIONAL MARKET UPDATE The Pending Home Sales index of signed contracts on existing homes rose in January for the second straight month, up 8.1%, though still down from a year ago. Gains were nationwide and foretell higher sales in February and March. In January, spending on residential construction came in at a decent $847.4 billion annual rate, just a tick …
NATIONAL MARKET UPDATE Builders took a break in January, shown by a dip in Housing Starts. That was the fifth straight month of declines, but building has hardly ceased—the number of homes under construction is near the highest level on record. Plus, things are looking up. Pointing to the future, permits for new projects edged up in January. …
Kevin Brierton: Inside Lending – Week of 2-20-23 Read More »
NATIONAL MARKET UPDATE Black Knight reported purchase loan locks went up 64% from the first to last week of January, the largest jump in five years, as well as a growing trend of homebuyers paying points upfront to permanently reduce their mortgage rate. The Mortgage Bankers Association saw mortgage applications increase 7.4% last week, noting: “Purchase activity that was …
Kevin Brierton: Inside Lending – Week of 2-13-23 Read More »