The Best Day of the Year to Buy a House

The study revealed that homes usually sell at their lowest prices in October.
 

“Of the 2.7 million sales closed in October over the last 15 years, the average sales price was 2.6 percent below the average estimated full market value at the time of sale,” RealtyTrac said.

Within the month, the magic day was Oct. 8, with the best deals of any other single day. RealtyTrac said that housing deals that closed Oct. 8 sold for an average of 10.8 percent below estimated market value. -- Krystal Steinmetz in MoneyTalksNews http://www.moneytalksnews.com/the-best-day-the-year-buy-house/

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An analysis released by Fannie Mae notes that declining economies in states that depend heavily on oil and gas production could produce a drag on home prices in those locations.

The good news: Any drag in prices is likely to be far less severe than what the country experienced during the last big oil price decline in the 1980s. And the “drag” might not cause housing prices to drop at all, but may only cause prices to rise more slowly than they would have without the downturn in the oilfield. -- Michael Lima in HousingWire http://www.housingwire.com/blogs/1-rewired/post/35181-declining-oil-prices-will-have-a-muted-impact-on-housing?eid=311684310&bid=1188575

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Shared by Valentina Cirosola, Vienna Opera House, Austria

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After a summer of subdued or declining activity, mortgage applications increased 25.5% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending Oct. 2, 2015. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/35281-mortgage-applications-skyrocket-more-than-25?eid=311684310&bid=1195991
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The House of Representatives is scheduled to vote on a bill that would extend and formalize the grace period for theTILA-RESPA Integrated Disclosure rule until Feb. 1, 2016, and the White House is threatening to veto the measure if it passes Congress. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/35283-white-house-threatens-to-veto-trid-grace-period-bill
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Shared by Valentina Cirosola, taken by Michelle Ursino, Alberobello, Puglia Italy

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The August 2015 international trade deficit increased 15.6 percent from July, to $48.3 billion. Exports decreased 2.0 percent to $185.1 billion and imports rose 1.2 percent to $233.4 billion. -- U.S. Department of Commerce
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Defying the threat of a White House veto, the House on Wednesday afternoon passed bipartisan legislation to help homebuyers avoid delays and disruptions when closing on their new homes by a bipartisan vote of 303-121. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/35293-house-passes-bipartisan-trid-grace-period-bill
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Shared and taken by Luis Armando Oyarzun, Plaza San Martín y Edificio Cavanah . Buenos Aires . Argentina.

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Getting those last-minute applications in before the TILA-RESPA Integrated Disclosure implementation date caused mortgage application volume to rise 25.5% on an adjusted basis in the week ending Oct. 2, according to the Mortgage Bankers Association.

Application volume rose 26% on an unadjusted basis, according to the MBA's weeklyMortgage Applications Survey. --  Andy Peters in National Mortgage News http://www.nationalmortgagenews.com/news/origination/trid-drives-25-increase-in-applications-mba-1062972-1.html

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Distressed sales down to just 9% of homes sold

REO sale share now the lowest since September 2007

Trey Garrison in HousingWire http://www.housingwire.com/articles/35304-distressed-sales-down-to-just-9-of-homes-sold

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Shared and taken by M. Friedrich, Mediahafen Düsseldorf, Germany.

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Funny video from last year about celebrating Columbus Day:)
Brena Swanson in HousingWire
http://www.housingwire.com/blogs/1-rewired/post/31671-watch-this-hilarious-columbus-day-video-all-about-bankers?eid=311684310&bid=1201521

Yipee! We're Building More Homes!

Construction spending during August 2015 came in at a seasonally adjusted annual rate of $1,086.2 billion, 0.7% (±1.5%) above the revised July estimate of $1,079.1 billion, the U.S. Census Bureau of the Department of Commerceannounced. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/35231-residential-construction-spending-rises-in-august?eid=311684310&bid=1191530
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The index dropped 1.4% to 109.4 in August from 110.9 in July but is still 6.1% above August 2014. The national median existing-home price is expected to increase 5.8% in 2015 to $220,300. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/35167-pending-home-sales-decline-14-in-august?eid=311684310&bid=1188341
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Shared and taken by Dieter Birr, Munich City Hall, Germany

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According to one reputable online source: Commercial real estate isn’t the only type of property seeing large inflows of Chinese money. The country’s investors have also been active in residential realty. -- D. Sidney Potter at inman.com  http://www.inman.com/2015/09/23/why-chinese-investors-are-pouring-money-into-us-real-estate/
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Nat'l Real Estate Post:
Almost all real estate buyers under the age of 50 prefer to communicate by anything but talking.
http://thenationalrealestatepost.com/the-strange-communication-habits-surrounding-real-estate/?
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Shared by Juwai, Dubai at night

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Freddie Mac: Mortgage rates below 4% ten weeks straight

Rates barely move from last week -- Brena Swanson in HousingWire http://www.housingwire.com/articles/35230-freddie-mac-mortgage-rates-below-4-ten-weeks-straight?eid=311684310&bid=1191530

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The House Financial Services Committee approved several bipartisan bills they say are designed to potentially protect consumers, reform the Consumer Financial Protection Bureau and cut regulations. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/35238-bills-to-reform-cfpb-relieve-regulations-go-to-house-floor?eid=311684310&bid=1192049
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Shared by Valentina Cirosola, taken by Michelle Be, Florence

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Nat'l Real Estate Post:
CFPB reform.  Will it work? http://thenationalrealestatepost.com/cfpb-reform-might-be-on-the-way/?
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Weekly earnings actually declined from $868.46 to $865.61. Labor participation fell 2 tenths to a nearly 40-year low of 62.4%, the lowest since October 1977.
Earlier Friday the September employment situation reportfrom the Census Bureau showed new job creation cratering to a weak 142,000, well below analyst expectations. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/35248-housing-experts-weigh-in-on-impact-of-septembers-hot-mess-of-a-jobs-report?eid=311684310&bid=1192662
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Shared by Juwai, China's Forise Holdings gets approval for AU$1.2BN Gold Coast apartment tower

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As prices in Fort Lauderdale, Fla. slumped 23% from last year, inventory of homes priced $1 million or more surged by 42%. Redfin saw similar double-digit growth in million-dollar homes for sale in other cities on the biggest luxury losers list including Santa Rosa, Calif. (37%), Houston (44%), Austin, Texas (27%), and Irvine, Calif. (27%). Of the 10 biggest price losers, only Los Angeles had a drop in both sale prices and inventory.

Of the more than 138 luxury markets studied, Miami Beach, Fla. was the most unequal. At nearly $6.59 million, average luxury prices were nearly 12 times greater than average prices in the other 95 percent of the market. In fact, the nine most unequal metros were all located on the southeast coast of Florida. -- Trey Garrison in HousingWire http://www.housingwire.com/blogs/1-rewired/post/35256-monday-morning-cup-of-coffee-what-are-we-going-to-do-with-fannie-and-freddie?eid=311684310&bid=1193481

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The share of the population in the work force, which includes people who have jobs or are looking for one, fell to 62.4 percent, the lowest level since 1977. -- NewsMax.com http://www.newsmax.com/Newsfront/job-growth-wages-work-labor/2015/10/02/id/694423/?ns_mail_uid=55751607&ns_mail_job=1638418_10032015&s=al&dkt_nbr=s4szrbqy