According to the Commerce Department, new home sales declined 2.1% in November at an adjusted annual rate of 464,000, compared to an upwardly revised figure of 474,000 in October. Despite the drop in home sales, last month’s figure exceeded economists’ estimates of 440,000. Commerce also revised August and September’s numbers upward because more prospective homebuyers […]
Current government data shows that there is a steady increase in job creation. This, in turn, provides reassuring signs that housing is on its way to recovery. Certain aspects in the workforce are allowing for a growth in home sales. Fewer unemployment claims, steady job growth, and fewer layoffs are all economic signs that are […]
The recent reports that came out from both the Commerce Department and the National Association of REALTORs paint a dark picture for prospective homebuyers who have either waited to buy a home until they had the money to do so or waited too long because they believed that home prices would drop even further. Commerce […]
After October’s record for the most housing starts in four years, the number of new homes being built slowed down in November. The Commerce Department recently reported that the seasonally adjusted annual rate of construction of new homes was 861,000 in November, which is three percent less than October’s annual rate of 888,000. In the […]
Home Equity Lines of Credit (HELOC) increased by 30 percent in 2012, making it the highest percentage increase since the advent of the financial crisis in 2008, according to Moody’s Corporation. Furthermore, HELOC rates are expected to go up an additional 31 percent next year. The growth of HELOC has allowed for consumers to purchase […]
In the month of October, housing starts have risen to 3.6% and hold a seasonally adjusted annual rate of 894,000 units, the Commerce Department reports. The reported percent increase of housing starts was the highest rate since July 2008. It is important to keep this number in mind and understand that starts are now only […]
The Commerce Department reported this week that housing starts fell 22.5% in February to 479,000 units, from an upwardly revised January figure of 618,000 units. It was the biggest decline in 27 years and finished just above a record low set in April 2009. Building permits — a hint of future construction demand — fell […]
The number of mortgage applications fell 6.5% last week, according to the Mortgage Bankers Association. The MBA also reported that refinancing activity also fell by 6.5% to 64.9% of total applications last week, down from 65.7% the week before. The four-week moving average for all mortgage applications was down 2.5%. Adjustable-rate mortgages made up 5.5% […]
Pending home sales rose 2.0% in December, says the National Association of REALTORS. It was the fifth increase in the past six months. The NAR says its pending home sales index rose to 93.7 from a downwardly revised 91.9 in November. However, the index is still 4.2% below the figures from December 2009. (Pending home […]
The National Association of Realtors said existing home sales in December jumped 12.3% from the previous month. The NAR recently reported a seasonally adjusted rate of 5.28 million units in December, compared to the upwardly revised figure of 4.70 million units in November. However, the December 2010 figures are 2.9% below the December 2009 figure […]