Total housing inventory rose 2.22% to 2.30 million existing homes available for sale, which represents a 5.5-month supply at the current sales pace, unchanged from the month before. Unsold inventory is 6.5% higher than a year ago, when there were 2.16 million existing homes available for sale.Properties sold faster for the sixth consecutive month highlighting the fact that inventory is still lagging relative to demand. The median time on market for all homes was 44-days, down from 47-days a month ago; it was 37-days on market in June 2013.» [read more]
Home ownership continues to fall, and younger Americans will push it even lower. Rising home prices, sky-rocketing student loan debt, rising mortgage rates and changing life choices — any one factor would affect how and when people make the single largest investment of their lives. But add them up and the results are striking.The nation's home ownership rate fell to 64.7% in the second quarter of this year. That is the lowest level in 19-years. Add to that just over one million homes with mortgages that are either delinquent or in the foreclosure process and the rate is even lower » [read more]
The percent share of first-time buyers continued to under-perform, representing less than one-third of all buyers at 27% down from 29% last month and last year respectively. Homeownership has seen the greatest decline among the age groups which usually generate the most activity in the first-time buyer market.Between 2004 and 2013 homeownership among 25-to-34 year olds slipped by nearly 8% and by 9% for the next older group, 35-to-44 year olds. Rates for all age groups between 25-to-54 are at their lowest point in the 39
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After a recent steep dive in volume, applications for mortgage refinances and home purchase loans were little changed. Applications for mortgage refinances and home purchase loans fell 1.00% on a seasonally adjusted basis. While reports showed an increase in new and existing homes sales in May, the mortgage numbers portend a late summer slowdown.
Mortgage rates are lower than they were a year ago—the first time that's happened since last June, when rates spiked a full percentage point on fears of the Federal Reserve would begin to "taper" its mortgage bond buying program. Now, months into the Fed's taper, rates have stabilized at low levels» [read more]
Earlier this month, the market share of all-cash purchases rose despite a downtrend in distressed home sales and investor activity. Distressed homes – foreclosures and short sales – accounted for 15% of April sales, down from 18% in April 2013. Ten percent of sales were foreclosures, and 5% were short sales. Foreclosures sold for an average discount of 16% below market value, while short sales were discounted 10%.There was some heating of the market last month. The typical time on market shrunk last month with four out of 10 homes selling in less than a month. Homes that show well and are properly priced tend to sell the fastest.» [read more]