Among the revelations: A large number of single-family homes built last year weren't sold.
Southern states saw the most homes built and sold (by a wide margin), and the homes with the most square feet completed. Multifamily units built tended to be on the smaller side, while single-family units kept getting bigger. Cash sales remain higher than they were before the recession. -- Michael O'Connell in National Mortgage News http://www.nationalmortgagenews.com/blogs/hearing/six-takeaways-from-the-epic-hudcensus-report-on-home-building-1041964-1.html?
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Nat'l Real Estate Post:
The House has passed, unanimously, The Mortgage Choice Act 2014. It allows more mortgage companies to be able to lend on low value properties. This will allow more choices for lower value mortgages on low value properties which lower income people buy. Now it goes to the Senate.
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Shared by Uros Kralj, taken by Amanda Lisa Syers, London
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3 diamonds in the housing data rough
1. Record breaking online real estate site traffic
2. Mortgage rates at yearly lows
3. Mortgage applications unexpectedly jumped
Brena Swanson in HousingWire
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Builders are increasingly confident despite the slowdown in current sales and the increasingly tepid outlook for future purchases and prospective buyer traffic.
Builders, however, seem to have faith in historically low mortgage interest rates and what they see as a strengthening job market. This optimism is also in spite of the contraction in the gross domestic product in the first three months of 2014. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/30325-homebuilder-confidence-rises-despite-lackluster-sales
------------------------------------------Shared by M. Freidrich, Schloss Bedburg
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Good news for June employment: jobless claims are down by 6,000 filings, falling to 312,000 initial claims for the week ended June 14. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/30371-jobless-claims-reverse-course-back-down
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Mortgage default rates witnessed the biggest decline in May when compared to bank cards and auto loans, with the first mortgage default rate continuing its downward trend from 1.30% in October 2013 to .92% in May 2014. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/30340-mortgage-default-rates-continue-to-trend-down
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Shared by Darja Vizjak, Celje, Slovenia
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For the month of April, an estimated 42,000 homeowners received permanent, affordable loan modifications from mortgage servicers. -- Trey Garrison in HousingWire http://www.housingwire.com/articles/30344-foreclosures-up-delinquencies-down-and-short-sales-rising
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Single-family housing starts retreated 5.9% in May after a 13.2% spike last week, posting a rate of 625,000, according to the U.S. Census Bureau. -- Brena Swanson in HousingWire http://www.housingwire.com/articles/30338-may-single-family-housing-starts-retreat-59
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Shared by Dieter Birr, Castle Lichtenstein
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Applications dropped 9.2% from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 13, 2014. - Trey Garrison in HousingWire http://www.housingwire.com/articles/30356-bottom-falls-out-as-mortgage-applications-plunge-92
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Despite cash sales dropping in 102 of 126 metro areas in the first quarter of 2014 compared to a year ago, cash still rules the market, according to a recent Zillow report. - Brena Swanson in HousingWire http://www.housingwire.com/articles/30368-despite-drop-cash-sales-still-rule-market
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Shared by M. Freidrich, Düsseldorf Mediahafen
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These five charts give an inside look into what the FOMC forecasts for the U.S. economy.
The source for all the charts is the Federal Reserve (click mage for larger view). - Brena Swanson in HousingWire http://www.housingwire.com/articles/30366-these-5-charts-reveal-the-feds-economic-projections
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Building permits in May 2014 were at a seasonally adjusted annual rate (SAAR) of 991,000, down 6.4 percent from the April rate and down 1.9 percent from May 2013.
Housing starts in May 2014 were at a SAAR of 1,001,000, down 6.5 percent from April but up 9.4 percent from May 2013.
Privately-owned housing starts in May were at a seasonally adjusted annual rate of 1,001,000. This is 6.5 percent (±10.2%)* below the revised April estimate of 1,071,000, but is 9.4 percent (±11.0%)* above the May 2013 rate of 915,000. - Economics and Statistics Administration------------------------------------------
Share by M. Freidrich
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Some may argue that the Fed’s policies here aren’t what most think of as traditional “central planning” in the worst sense of the expression.
But Smith raises a good point: “If the Fed buying $2 trillion of home mortgages (more than 20% of the entire market) isn't Central Planning, then what is it?” -- Trey Garrison in HousingWire http://www.housingwire.com/blogs/1-rewired/post/30377-housing-charts-show-were-heading-for-an-echo-bubble
------------------------------------------Sales of new and existing homes in the U.S. will fall in 2014 for the first time in four years, the Mortgage Bankers Association said in a forecast Thursday. -- Money News
http://nws.mx/1l1YVP6
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