Eye On Housing
Author Archives
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Delinquencies Rise in First Quarter, but Foreclosure Starts Hold Steady
The seasonally adjusted mortgage delinquency rate increased 16 basis points over the first quarter of 2013, increasing to 7.25%. Even with this quarterly increase, the current share of mortgage loans at some stage of delinquency still ranks as the second-lowest reading since 2008. In addition, the overall increase in delinquencies was driven by a sizable jump in the 30-day past… Read More ›
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Weak Remodeling Activity Weighs on Residential Construction Spending
Total private residential construction spending increased 0.4% on a month-to-month basis during March 2013. After data revisions, first quarter nominal spending levels came in 2.3% lower than the final three months of 2012. With that said, private construction spending has bounced back by 33% since its cyclical low from nearly two years ago and has advanced more than 18% compared… Read More ›
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Homeownership Rate Inched Lower During the First Quarter
The homeownership rate declined slightly during the first quarter of 2013, falling to a seasonally adjusted reading of 65.2%. This marks the lowest reading since the end of 1995 and a 4.2 percentage point drop versus the peak observed in mid-2004. While the homeownership rate is somewhat lower than its 20-year historical average, the rate has not fallen as low… Read More ›
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Residential Construction Spending Bounces Back in February
After three consecutive months of slight declines, private residential construction spending increased 2.2% on a month-to-month basis in February. Despite the sluggish readings from the prior 3 months, nominal spending on residential construction activity remained more than 20% above its year-ago level and roughly 36% higher than the cyclical low in mid-2011. The new single-family home category continued to show… Read More ›
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Apartment Construction Continues to Improve
Completions of unfurnished apartments for rent or sale in 5+ unit properties climbed to more than 30,000 units during the third quarter of 2012, a 20% increase versus the third quarter of 2011. The Survey of Market Absorption of Apartments (SOMA) tracks completions and market absorption rates (units rented or sold after construction of the property is complete) for apartments sold or… Read More ›
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Foreclosure Starts Fall to Lowest Level since Mid-2007
The seasonally adjusted mortgage delinquency rate declined 31 basis points during the fourth quarter of 2012, sliding to 7.09%–its lowest point in more than four years. Each of the three delinquency buckets (30, 60, 90+ days past due) registered a lower seasonally adjusted delinquency rate compared to the third quarter of 2012, but mortgages just 30 days overdue experienced the… Read More ›
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Positive Run Continues for Residential Construction Spending
Private residential construction spending jumped 2.2% on a month-to-month basis during December 2012. The initial estimate of a 0.4% gain for November was moved up slightly to a 0.6% increase, but the October number was pushed appreciably higher from 1.3% to 3.2%. Spending has registered nine uninterrupted months of growth, as well as 16 of the last 17 months showing… Read More ›
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Homeownership Rate Holds Steady in Fourth Quarter
The seasonally adjusted homeownership rate remained unchanged at 65.3% during the final three months of 2012. For the year as a whole, the homeownership rate averaged approximately 65.5%–the weakest calendar year average since 1996. Homeownership rates declined across all age groups compared to the fourth quarter of 2011; however, the largest year-over-year decline occurred among households headed by a person… Read More ›
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Existing Home Sales Dip in December
Existing home sales declined 1% in December, sliding to a seasonally adjusted annualized rate of more than 4.9 million total units. Nonetheless, data from The National Association of Realtors (NAR) indicate sales remain on an upward trend. The average monthly pace recorded during November and December was at its highest level in three years, while sales increased nearly 13% on… Read More ›
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Residential Construction Spending Rises for Eighth Consecutive Month
Spending on private residential construction activity ticked 0.4% higher on a month-to-month basis during November 2012. October’s preliminary reading of a 3% gain was bumped down to a 1.3% increase, but at the same time the initial estimate for September was pushed upward from 1.1% to 2.9%. Spending has increased in each of the last 8 months (and 15 of… Read More ›