Mortgage payments got more affordable in September, according to new numbers from the Mortgage Bankers Association. The group’s Purchase Applications Payment Index – which tracks monthly mortgage payments based on loan amounts applied for by borrowers – found the national median mortgage payment fell to $2,067 in September from $2,100 the month before. Edward Seiler, MBA’s associate vice president of housing economics and executive director of the Research Institute for Housing America, says it was the fourth … [Read more...]

ATTOM Data Solutions’ fourth-quarter Vacant Property and Zombie Foreclosure Report shows that just 1.32 percent of residential properties in the United States are vacant. That’s down from 1.33 percent during the previous quarter. Rob Barber, ATTOM’s CEO, says that’s a good sign for buyer demand and housing market health. “These continuously low vacancy rates that the nation has held steady at around 1.4 percent for nearly four years, show that record high prices haven’t dampened the demand for homes,” Barber said. … [Read more...]

The National Association of Realtors’ Pending Home Sales Index was flat in September after hitting its strongest pace of the year the month before. The index, which measures contract signings – not closings, is considered a good future indicator of existing-home sales since contract signings precede closings by several weeks. Lawrence Yun, NAR’s chief economist, says conditions are improving. “Inventory has climbed to a five-year high, giving home buyers more options and room for price negotiation,” Yun said. … [Read more...]

Buying a home is a big investment, so it’s smart for potential buyers to consider the cost of home maintenance and repairs. But they need to think about more than just annual upkeep, they should also consider the potential for something worse: a natural disaster. Fortunately, according to a new survey, they are. In fact, the survey found 69 percent of homeowners said they took the risk of a natural disaster into account when buying their house. Similarly, 61 percent said they fear a disaster could destroy their … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell last week across most loan categories. Rates were down or unchanged for 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate loans. The decline brought rates to the lowest level since last September and helped pushed mortgage loan demand higher. Joel Kan, MBA’s vice president and deputy chief economist, says rates have been … [Read more...]

The housing market slows down in winter. Shorter days, harsh weather, and the holidays tend to keep home buyers and sellers on the sidelines, waiting for spring. But while spring is the best time to sell a home, it may not be the right time to buy. In fact, according to one recent analysis, waiting for spring could be the wrong move for hopeful home shoppers. Why? Because January may be the year’s best time to buy. The analysis shows home buyers who purchase a home in January save an average of $23,000 on a … [Read more...]

The housing market is healthier than it was a few years ago. There’s a better balance between the number of buyers and the number of homes for sale. That means fewer home price spikes. It also means equity levels are beginning to stabilize. According to ATTOM Data Solutions’ most recent Home Equity & Underwater Report, the share of equity rich homes – those with combined loan balances no more than half their estimated value – is falling, gradually. During the third quarter, 46.1 percent of homes could be … [Read more...]

Sales of previously owned homes rose 1.5 percent month-over-month in September, according to new numbers from the National Association of Realtors. Sales were up in the Northeast, South, and West, but fell in the Midwest. Lawrence Yun, NAR’s chief economist, says lower mortgage rates contributed to the improvement. “As anticipated, falling mortgage rates are lifting home sales,” Yun said. “Improving housing affordability is also contributing to the increase in sales. Inventory is matching a five-year high, though … [Read more...]

According to the Mortgage Bankers Association’s Weekly Applications Survey, average mortgage rates fell across all loan categories last week, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, 15-year fixed-rate loans, and 5/1 ARMs. The drop brought rates to their lowest level in a month. Joel Kan, MBA’s vice president and chief economist, says refinance activity increased as a result. “The refinance index increased 4 percent, driven by a … [Read more...]

When there are more homes for sale than there are interested buyers, active home shoppers have an advantage. Homeowners with a house to sell have to work harder in that environment than they would if supply was low and buyers were on the hunt. That means better buying conditions – and better prices. Fortunately for today’s home buyers, there are a growing number of current housing markets where that seems to be the case. In fact, according to one recent analysis, the number of markets where buyers have an advantage … [Read more...]