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House Prices Record Annual Gains

Recently released data by Standard and Poor’s (S&P) and Case-Shiller indicates that its measure of house prices, the House Price Index – National, rose by 6% on a year-over-year not seasonally adjusted basis. This is the 26th consecutive month of year-over-year increases in the house price index. This index was recently converted from a quarterly frequency to a monthly one…. Read More ›

Economic Well-Being of U.S. Households

The Federal Reserve Board recently released its Report on the Economic Well-Being of U.S. Households. The report provides results from the Board’s 2013 survey of households on topics that include household finances, housing and living arrangements, student loan debt, retirement, and health expenses. Respondents to the survey were asked a series of questions relevant to the housing market. A significant… Read More ›

Food and Shelter Prices Rise in July

The Bureau of Labor Statistics (BLS) reported that consumer prices increased slightly in July by 0.1% on a seasonally adjusted month-over-month basis. This represents the smallest month-over-month increase since February. Over the past twelve months, prices on expenditures made by urban consumers increased 2.0% before seasonal adjustments. The energy price index decreased 0.3% month-over-month in July following a large 1.6%… Read More ›

Mortgage Delinquency Rates Continue to Improve

Data released by the Mortgage Bankers Association (MBA) indicates that the delinquency rate for mortgage loans on one-to-four-unit residential properties, considered single-family properties, decreased to a seasonally adjusted rate of 6.04% of all loans outstanding at the end of the second quarter of 2014, 7 basis points less than its level in the first quarter of 2014 and 92 basis… Read More ›

Immigrant Homeownership

Immigrants can have a large impact on housing demand. Research from NAHB in 2012 demonstrated that using the low end Census projections on net immigration (1.2 million annually), after 10 years new immigrants would occupy 2 million multifamily units and 1.2 million single-family homes. In addition, the Research Institute for Housing America projects that from 2010 to 2020, immigrants will account… Read More ›

Shortages of Key Building Materials Have Eased in 2014

Unlike recent news that builders continue to face serious difficulties finding lots and labor to build new homes, a survey conducted by NAHB in July shows that shortages of key building materials have actually eased in 2014. In fact, only 15% of builders reported some or serious shortages of trusses or clay bricks, the highest incidence among the more than… Read More ›

Local Economies Continue to Advance

The NAHB/First American Leading Markets Index advanced one point in the second quarter 2014 to .89 from a June level of .88. The index measures the US and 351 metropolitan markets’ proximity to normal economic and housing market activity. A value of one or more means the market is back to or above a normal level with an average of… Read More ›

FED SLOOS Details Impact of New Mortgage Rules on Approval of Mortgage Apps

The Federal Reserve Board recently released its survey of senior bank loan officers. The July 2014 Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS) addressed changes in the standards and terms on, and demand for, bank loans to businesses and households over the second quarter of 2014. In the July 2014 iteration of the Survey, the Federal Reserve… Read More ›

House Prices Have Room to Grow, For Real

House price growth has been slowing in recent months, but still remains well above the rate of general inflation. For instance, annual growth in the S&P/Case-Shiller 20-City Composite home price index eased for the sixth consecutive month in May to 9.3% while the Federal Housing Finance Agency’s (FHFA) Purchase-Only house price index slowed to a 5.6% increase. Both these measures were… Read More ›