Monthly Archives: July 2012

Texas Mortgage Market Update – For the week of July 30, 2012

Texas Mortgage Market Update – For the week of July 30, 2012 – Last week’s housing reports weren’t quite the head shot Apple’s co-founder referred to, but they still required us to keep the faith. June New Home Sales were down 8.4%, coming in at a 350,000 annual rate. But the trend of a gradual recovery is still there, with new home sales UP 15.1% versus a year ago. The new home median price is down 3.2% versus a year ago, yet the average price is UP 0.3% and the inventory of completed new homes is at the lowest level on record, a 4.9 month supply. Continue reading

Texas Mortgage Market Update – For the week of July 23, 2012

Texas Mortgage Market Update – For the week of July 23, 2012 – The famed British statesman’s advice certainly applies to the housing market. Indeed, those who haven’t given up are starting to see positive signs. Wednesday, June Housing Starts were UP 6.9% for the month, UP 23.4% compared to a year ago and at their highest annual rate since October 2008.The total number of homes under construction (started but not finished) gained for the tenth month in a row, the first time that’s happened since 2003-2004. No wonder Home Builder Confidence had its biggest monthly jump in almost 10 years. Continue reading

Texas Mortgage Market Update – For the week of July 16, 2012

Texas Mortgage Market Update – For the week of July 16, 2012 – Everyone working in the housing market certainly has shown perseverance and it seems to be paying off. While the overall economy slows, there are signs of the start of a housing recovery. Bloomberg reports all major home price indexes registered modest national increases. Almost 10% more existing homes were sold in May than a year earlier. The inventory of existing homes has dropped close to a normal level of six months, key to sustaining spring home price gains. Housing starts were up 26% in May over the prior year and the inventory of new homes is back at 2005 levels. Continue reading

Texas Mortgage Market Update – For the week of July 2, 2012

Texas Mortgage Market Update – For the week of July 2, 2012 – Getting ready to celebrate our nation’s independence, it’s appropriate to note this sage advice from a founding father, as we see more signs that our energy and persistence are finally paying off in the housing market. New home sales were expected to be the last to recover, yet they were UP 7.6% in May to a 369,000 annual rate and are UP almost 20% over a year ago! Plus, the median price was up 5.6% from a year ago and the supply dropped to 4.7 months! Continue reading