24 Sep 2013
By Mark Feder
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Highest Existing Home Sales Since February 2007

Housing Analysis
Sales of existing homes reached their highest volume in almost six years in August. The National Association of REALTORS reported Thursday that sales of existing homes rose 1.70 percent in August to a seasonally-adjusted annual rate of 5.48 million existing homes sold. This was the highest number of existing home sales since February of 2007. August's results exceeded estimates of 5.20 existing homes sold, which was based on July's unrevised reading of 5.39 million existing homes sold. The NAR also reported that the national median home price increased to $212,100 in August. This represents a year-over-year increase of 14.70 percent…
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23 Sep 2013
By Mark Feder
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What’s Ahead For Mortgage Rates This Week — September 23, 2013

Housing Analysis
Last week's economic news was dominated by the Federal Reserve's decision not to taper its $85 billion in monthly securities purchases. Fed Chairman Ben Bernanke noted in a scheduled statement after the Federal Open Market Committee meeting that economic conditions were not yet adequately improved to withstand any decrease in the federal quantitative easing program. The Fed also reaffirmed that the target federal funds rate would remain at 0.00 to 0.25 percent until the national unemployment rate reached 6.50 percent and inflation reaches 2.00 percent. The national unemployment rate was 7.30 percent and the Fed projects that inflation will remain…
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18 Sep 2013
By Mark Feder
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Home Builder Confidence Has Far Outpaced Actual Home Construction

Housing Analysis
Home builder confidence was unchanged for September according to the National Association of Home Builders/Wells Fargo Housing Market Index HMI released Tuesday. After four months of rising confidence, September's HMI reading came in at 58, which was not far from expectations of a reading of 59. August's reading of 58 was revised from 59. Readings over 50 indicate that more builders view housing market conditions as being positive than negative. Housing Market Index Readings Rise Components of September's HMI include readings for home builder views of current market conditions, which maintained August's reading of 62. The September reading for buyer…
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16 Sep 2013
By Mark Feder
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What’s Ahead For Mortgage Rates This Week – September 16, 2013

Housing Analysis
Last week didn't feature any housing-related news other than Freddie Mac's weekly survey of mortgage interest rates. Reports on consumer credit, job openings and weekly jobless claims suggest that without some relief in the jobs market, Americans may be taking a "wait-and-see" stance toward buying homes. Consumer Credit Rose By $10.40 Billion In July The Federal Reserve reported Tuesday that revolving credit fell by an annual rate of 2.60 percent as compared to an annual decrease of 5.20 percent in June. Non-revolving consumer credit such as vehicle and education loans rose at an annual rate of 7.40 percent. Freddie Mac's…
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