According to originationnews, for the week ending Dec. 20 Freddie Mac says the average rate for a 30 year fixed-rate mortgage (FRM) rose by five basis points to 3.37 percent while the average 15-year FRM dropped one point to 2.65 percent. The average rate for a five-year Treasury-indexed hybrid adjustable …
Nationalmortgagenews reports the national value of homes remains $5.8 trillion short of the $29.5 trillion peak from the third quarter of 2006, according to home-listing service Zillow Inc. As the housing market recovers from its worst slump in 75 years, house values advanced six percent this year, the first increase …
The Hays Daily News from Hays, Kansas reports a housing needs assessment conducted this year reveals there is an abundance of higher-priced single-family homes while a definite shortage exists of affordable, entry-level, senior and student housing. For 2013, a task force comprised of local city officials and economic development personnel …
CNNMoney reports U.S. Census Bureau data indicates new home construction fell three percent from Oct. numbers but still was 21.6 percent above year-ago levels. The decline of new home construction to an annual pace of 861,000 units in November may be the result of Hurricane Sandy hitting the Northeast, which …
While many economists and analysts think the housing recovery will plod along and finally achieve “normalcy”, some saying not until 2020, other experts predict a housing boom will hit within two to three years. As CNNMoney tells MHProNews, Barclays Capital analyst Stephen Kim states, “In our view, the housing market …
The National Association for Home Builders/Wells Fargo Housing Market Index (HMI) reports builder confidence for new single-family homes rose two points in Dec. to 47, the highest level since April 2006. The HMI rates builders perceptions of market conditions based on current traffic, sales expectations for the next six months, …
HousingWire informs MHProNews the Home Affordable Modification Program (HAMP) assisted 13,400 homeowners in obtaining trial modifications for the terms of their home loans in Nov., a drop from 15,200 the previous month. Meanwhile, 16,000 received permanent modifications in Nov., an increase from 13,800 the previous month. (Image credit: realtor)
According to a new survey of 48 professional forecasters by the National Association of Business Economics, residential investment is finally contributing to economic growth. Nationalmortgagenews informs MHProNews home purchases and residential construction grew by 12 percent in 2012 as opposed to 2011 when growth was negative -1.4 percent, and is …
Bloomberg tells MHProNews of all the 24 commodities tracked by Standard & Poor’s GSCI Spot Index, lumber features rose to a six-year high, having surged 37 percent this year. Following the collapse of the housing market in the U.S., a glut of wood drove prices down, but they have more …
Real estate brokerage Redfin of Seattle says survey results indicate there will be strong consumer demand for homes starting in early Jan., and combined with low inventory should keep prices rising. According to originationnews, the number of people looking for a new home who expect the price to rise has …
Following up on an article we last posted Dec. 13, 2012, a Cavco Industries facility in Rocky Mount, Virginia is providing a foundation in New Milford Conn. with 30 manufactured homes. Named for a firefighter who died at the Twin Towers Sept. 9,2011, the Stephen Siller Tunnels to Tower Foundation …
HousingWire reports the Consumer Financial Protection Bureau (CFPB) wants banks to test run some of the mortgage disclosures for consumers required by the Dodd-Frank Wall Street Reform Act before forcing them to fully comply, an idea attractive to the market. This collaborative approach will inform consumers on making good decisions, …
ModularHomeCoach tells MHProNews Heritage Harbor in Ottawa, Ill. along the Illinois River has chosen Homeway Homes of Deer Creek, Ill. to build 30 one and two story modular vacation homes within their village development. “The Cottages at Heron’s Landing” will feature three different styles priced from $139,900 to $199,900. (Photo …
Originationnews reports the Mortgage Bankers Association (MBA) states origination profits per loan rose 15 percent in the third quarter over Q2, 2012 to $2,465 for each loan. The study zeroes in on small, independent mortgage banking firms, not any of the mega-banks. While costs have increased slightly, Bob Garrett of …
The Wall Street Journal says as interest rates remain low and the housing recovery continues to pick up, more people will be buying traditional houses instead of manufactured homes. Citing the drop in production of manufactured homes the last two months following 16 months of consecutive industry growth, and the …
In legislation passed this week by the House of Representatives, nationalmortgagenews says confidential information submitted by banks and thrifts to the Consumer Financial Protection Bureau (CFPB) will be protected, but nonbanks in some states are not included. Independent mortgage banks, payday lenders and finance companies are regulated by consumer agencies …
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On the heels of a strong 2012, nationalmortgagenews reports Freddie Mac’s chief economist Frank Nothaft predicts single-family loans will decline about 15 percent in 2013 as refinancings recede and home purchases decrease. Noting many borrowers have already taken advantage of low rates this year, Freddie forecasts refinancings will account for …
FoxNews reports the National Association of Realtors (NAR) says wealthy Chinese have bought over $7 billion of the $82 billion in homes sold to foreign home purchasers, second only to Canada. There are nearly one million millionaires living on mainland China, and about half are interested in investing in the …
Asbury Park Press in New Jersey reports in a state where almost 350,000 homes suffered significant damage, according to the Christie administration, long dormant home builders may be in for a long and prosperous stretch. The Shore’s builders are hiring staff and gearing up for increased work, and are finding …
InvestorPlace informs MHProNews hordes of college grads unable to find work are moving back home, according to the Census Bureau. In addition to their education, they are carrying one trillion dollars in student loans, which is undoubtedly preventing them from investing in big ticket items like cars and homes, especially …
