Tag Archive for ‘economics’

Unexpected Decline in Consumer Confidence in July

Consumer sentiment and consumer confidence are two indexes showing consumers’ perceptions of current business, income and employment conditions, as well as their expectations for the future’s economy. In July, both the University of Michigan Index of Consumer Sentiment and the Conference Board Consumer Confidence Index declined unexpectedly after the solid growth in June. Despite the monthly declines the indexes have… Read More ›

New Home Loans: Rates and House Prices Both Increase

Interest rates on conventional mortgages used to buy newly built homes increased in June, according to data released earlier today by the Federal Housing Finance Agency (FHFA).  The data show the average contract interest rate increasing by 9 basis points to 3.86 percent, the highest it’s been since January. The average initial fees and charges on the loans decreased by… Read More ›

Pending Sales – Another Bump in the Ride Up

The Pending Home Sales Index declined in June after reaching the highest level in over nine years in May. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), decreased 1.8% in June, but is up 8.2% from the same month a year ago, and has increased year-over-year for… Read More ›

Homeownership Falls, Household Formations Rise

According to the Census Bureau’s Housing Vacancy Survey (HVS), the nation’s homeownership rate in the second quarter of 2015 fell to a post-1967 low point of 63.4%. The homeownership rate decreased by 130 basis points on a nonseasonally adjusted basis from the second quarter of 2014 to the second quarter of 2015. Compared to the peak at the end of… Read More ›

Home Price Growth Continues to Moderate in May

The Federal Housing Finance Agency (FHFA) and the Standard and Poor’s/Case-Shiller recently released their respective home price indexes for May. The House Price Index (HPI) data reported by the Federal Housing Finance Agency (FHFA) shows house prices rose at an annual growth rate of 5.4% in May, higher than the 4.7% in April and the 3.8% in March. The Standard… Read More ›

New Home Sales: Growth for FHA-Backed Mortgage Share

NAHB analysis of the most recent Census numbers reveals two consecutive quarters of higher market share of FHA-backed mortgages for the new home sale sector. This development comes after a reduction in FHA premiums announced at the start of 2015. Despite the surprising drop for the pace of new home sales in June (down 6.8%), the strong non-seasonally adjusted sales level for… Read More ›

New Home Sales in June – A Bumpy Ride Up

The US Census Bureau and Department of Housing and Urban Development in a joint release reported that newly constructed single family homes sold at a seasonally adjusted annual pace of 482 thousand in June, down from May’s 517 thousand pace (-6.8%), but up from the June 2014 pace of 408 thousand (18.1%). The inventory of new homes for sale inched… Read More ›

In Second Quarter, NAHB’s Index of Remodeler Confidence Rebounds

In the second quarter, NAHB’s Remodeling Market Index (RMI) rebounded two points to 59 (after having slipped slightly from 60 to 57 in the first quarter). An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower.  The RMI, which averages ratings of current remodeling with indicators of future activity, has been over… Read More ›

Existing Home Sales Rise to Pre-Recession Level

Existing home sales, as reported by the National Association of Realtors, increased in June to the highest level since February 2007. Although the June percent share of first-time buyers declined from May to 30%, that share remained at or above 30% for the fourth consecutive month. Total existing home sales increased by 3.2% in June to a seasonally adjusted rate… Read More ›