9/16: MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY Purchase loan apps rise 8 percent from previous week, but down 12 percent year-on-year The Market Composite Index for mortgage applications increased 0.3 percent on a seasonally adjusted basis from one week earlier, with purchase loans rising 8 percent (but down 12 percent year-on-year) and refinance activity falling 3 percent (and also down 3 percent year-on-year). The average contract interest rate for 30-year remained unchanged at 3.03 percent. https://www.mba.org/2021-press-releases/september/mortgage-applications-increase-in-latest-mba-weekly-survey   Consumer Price Index up 0.3 percent in August and 5.3 percent year-on-year The Consumer…

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8/24: EconUpdate by P. Duffy

EconUpdate by P. Duffy Existing home sales rise 2 percent in July and 1.5 percent year-on-year Existing-home sales rose 2% on a seasonally adjusted annual rate from June to July, with no sales declines showing in any regions. The inventory of unsold homes increased 7.3% to 1.32 million from June to July – equivalent to 2.6 months of the monthly sales pace. The median existing-home sales price rose at a year-over-year pace of 17.8%. https://www.nar.realtor/newsroom/existing-home-sales-climb-2-0-in-july   August PMI Output Index slips to 55.4 as businesses face capacity constraints Adjusted for…

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Why Builder Lumber Prices Remain Higher than Headlines Suggest

Why Builder Lumber Prices Remain Higher than Headlines Suggest Lumber futures prices have decreased by 52% (on a front-month basis) over the past seven weeks as mill prices have fallen 48% over the same period… Read More Eye On Housing https://eyeonhousing.org/2021/07/why-builder-lumber-prices-remain-higher-than-headlines-suggest/

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Where Homeownership Increased and Decreased Most

Where Homeownership Increased and Decreased Most With the number of buyers in the market continuing to stay large, these are the metropolitan areas around the country that experienced the most rise and decrease in homeownership… Read More Realtor https://www.realtor.com/news/trends/where-homeownership-rose-and-fell-the-most-during-pandemic/

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Could Tiny Homes Be the Next Big Thing in Housing? The Demand is Up in Houston

Could Tiny Homes Be the Next Big Thing in Housing? The Demand is Up in Houston While Texas is known for its large, expansive homes, there has been a recent rise in the demand for tiny homes despite the prevalence of the pandemic-induced desire for more living space… Read More LMT online https://www.lmtonline.com/life/style/home-design/article/Houston-single-family-homes-Tiny-mortgage-average-15922885.php

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Washington D.C. Getting New Affordable Housing

Washington D.C. Getting New Affordable Housing The D.C. Housing Finance Agency has announced several projects that will add affordable housing including a redevelopment by L + M Development Partners and Toll Brothers Apartment Living and a new apartment building by Jair Lynch Real Estate Partners and Housing Up… Read More The Washington Post https://www.washingtonpost.com/business/2021/04/29/new-affordable-housing-low-moderate-income-renters-coming-dc/

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