National Association of Realtors

Austin Mortgage Market Update – For the week of September 27, 2010

As promised, last week's reports gave us a complete picture of the housing market in August. Housing Starts rose 10.5% month-over-month to a 598,000 annual rate, well ahead of the expected 550,000 number. Building Permits, which reflect builder sentiment further out, grew a more modest 1.8% month-over-month to a slightly smaller 569,000 annual rate. Thursday, Existing Home Sales came in UP 7.6% over July, at a 4.13 million annual rate. But let's remember, July was a record low, so this gain still left sales down 19% from August a year ago. The median price for Existing Homes, however, ticked up 0.8% year-over-year, as reported by the National Association of Realtors.

September 27, 2010|Inside Lending Newsletter|

Austin Mortgage Market Update – For the week of August 16, 2010

Freddie Mac's weekly survey showed Austin mortgage rates staying at record low levels for conforming loans. But demand for purchase loans has dropped after the tax credit expiration, according to the Mortgage Bankers Association.

August 16, 2010|Inside Lending Newsletter|

Austin Mortgage Market Update – For the week of August 9, 2010

Tuesday we had Pending Homes Sales, which after dropping 30% in May, fell just 2.6% in June, with the push to qualify for the tax credit no longer a factor. These figures indicate there should be a drop in Existing Home Sales come July and maybe again in August. But some analysts feel that after this post-tax-credit dip, housing will come back solidly, just like auto sales did after "cash for clunkers" expired last year.

August 9, 2010|Inside Lending Newsletter|

Austin Mortgage Market Update – For the week of June 7, 2010

The National Association of Realtors (NAR) reported the Pending Homes Sales index rose in April for the third month in a row, registering a 6% increase over the upwardly revised March figure. This index measures the number of homebuyers signing purchase contracts. April Pending Home Sales hit their highest level since October 2009 and are UP 22.4% year-over-year. Like Existing and New Home Sales the week before, a good part of the gain was put to the tax credit expiration that required a signed contract by April 30. The NAR also forecast new home sales will be UP 18.5% for the year.

June 7, 2010|Austin Mortgage Market|

Austin Mortgage Market Update – For the week of May 17, 2010

Last Tuesday the National Association of Realtors (NAR) reported the Q1 median price for existing homes was up in 91 out of 152 metro areas compared to a year ago, showing the housing market is starting to stabilize. This was a nice gain over Q4 of last year when prices were up in only about 40% of the cities tracked. Even more encouraging, the percentage price increases in 29 cities were in double-digits.

May 17, 2010|Inside Lending Newsletter|

Austin Mortgage Rates Rise on Improving Economic Data

While inflation remained low, stronger than expected economic data released this week was negative for mortgage markets. As a result, Austin mortgage rates ended the week a little higher.

April 23, 2010|Austin Mortgage Market, MBS Quoteline Newsletter|

Austin Mortgage Market Update – For the week of April 12, 2010

Last week February Pending Home Sales blasted past consensus estimates. The National Association of Realtors (NEA) index was UP 8.2% for the month and UP 17.3% year-over-year!

April 12, 2010|Austin Mortgage Market|

Austin Mortgage Market Update – For the week of March 8, 2010

Austin Mortgage Market Update - Last week's one housing report gave us the National Association of Realtors Pending Home Sales index, down 7.6% for January. But year over year, the NAR index is up 12.3%. Also, it's now at 90.4 and a score of 100 equals the average level of contract activity for 2001, the base year, when activity was at a record high. So pending sales are still in pretty good territory.

March 8, 2010|Inside Lending Newsletter|

Austin Mortgage Market Update – For the week of February 15, 2010

The National Association of Realtors last Thursday reported existing home sales UP 27.2% for the last three months of 2009 versus a year earlier. This amounted to a seasonally adjusted annual rate of 6 million homes. -- a 13.9% increase over the third quarter's annual rate of 5.29 million homes. Clearly, buyers are taking advantage of the low mortgage interest rates and the tax credit that was extended and expanded by Congress.

February 15, 2010|Inside Lending Newsletter|

Austin Mortgage Market Update For the week of November 9, 2009

Big news for the housing market came Friday when the President signed a bill extending and broadening tax credits for homebuyers. Major points were first reported in an Inside Lending Bulletin last Thursday. The tax credits apply to contracts signed by April 30, 2010, that close by June 30. Income limits for eligibility have been increased to $125,000 per year for individuals and up to $225,000 per year for couples. Credits up to $8,000 continue for first-time buyers but there is now a $6,500 tax credit for buyers who've owned their current home at least five of the last eight years. However, homes selling for more than $800,000 are not eligible.

November 9, 2009|Inside Lending Newsletter|

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