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PRICE GUIDE REVISIONS BEGIN April 3. More information is available at the Price Guide Revisions page

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U.S. new-home sales climb to seven-month high
Purchases of new homes increased in February to a seven-month high, indicating the effects of the recent rise in borrowing costs on the U.S. residential real estate market have been modest. Sales rose 6.1 percent to a 592,000 annualized pace, Commerce Department data showed Thursday. The median forecast in a Bloomberg survey called for a 564,000 rate. Warmer winter weather probably played a role in boosting demand as purchases in the Midwest surged by the most since October 2012. For more, click here...
3/23/2017


Mortgage rates drop
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates dropping after two consecutive weeks of increases. 30-year fixed-rate mortgage (FRM) averaged 4.23% with an average 0.5 point for the week ending March 23, down from last week when it averaged 4.30%. A year ago at this time, the 30-year FRM averaged 3.71%. 15-year FRM this week averaged 3.44% with an average 0.5 point, down from last week when it averaged 3.50%. A year ago at this time, the 15-year FRM averaged 2.96%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.24% this week with an average 0.4 point, down from last week when it averaged 3.28%. A year ago, the 5-year ARM averaged 2.89%. For more, click here...
3/23/2017


Mortgage applications decrease
Mortgage applications decreased 2.7% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 17. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.7% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2% compared with the previous week. The Refinance Index decreased 3% from the previous week. The seasonally adjusted Purchase Index decreased 2% from one week earlier. The unadjusted Purchase Index decreased 2% compared with the previous week and was 5% higher than the same week one year ago. The Government Refinance Index decreased 12% to the lowest level since December 2014. For more, click here...
3/22/2017


Existing-home sales stumble in February
After starting the year at the fastest pace in almost a decade, existing-home sales slid in February but remained above year ago levels both nationally and in all major regions, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, retreated 3.7% to a seasonally adjusted annual rate of 5.48 million in February from 5.69 million in January. Despite last month's decline, February's sales pace is still 5.4% above a year ago. For more, click here...
3/22/2017


Mortgage rates move higher
As expected, the FOMC announced its first rate hike of 2017 and hinted at additional increases throughout the remainder of the year. Although the Freddie Mac survey was conducted prior to the Fed’s decision, the release of the February jobs report all but guaranteed a rate hike and boosted the 30-year mortgage rate 9 basis points to 4.30% this week. Increasing inflation, continued gains in the labor market and the Fed’s intentions for further rate increases—all three will keep pushing mortgage rates up this year. 30-year fixed-rate mortgage (FRM) averaged 4.30% with an average 0.5 point for the week ending March 16, up from last week when it averaged 4.21%. A year ago at this time, the 30-year FRM averaged 3.73%. 15-year FRM this week averaged 3.50% with an average 0.5 point, up from last week when it averaged 3.42%. A year ago at this time, the 15-year FRM averaged 2.99%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.28% this week with an average 0.4 point, up from last week when it averaged 3.23%. A year ago, the 5-year ARM averaged 2.93%. For more, click here...
3/16/2017


U.S. housing starts reach four-month high
Beginning construction of U.S. houses climbed to a four-month high in February, led by the strongest pace of single-family homebuilding in nearly a decade. Residential starts advanced 3% to a 1.29 million annualized rate, a Commerce Department report showed Thursday. The median forecast of economists surveyed by Bloomberg was 1.26 million. Construction of one-family dwellings rose 6.5% to an 872,000 pace, the fastest since October 2007. For more, click here...
3/16/2017


Mortgage applications increase
Mortgage applications increased 3.1% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 10. The Market Composite Index, a measure of mortgage loan application volume, increased 3.1% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 4% compared with the previous week. The Refinance Index increased 4% from the previous week. The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index increased 3% compared with the previous week and was 6% higher than the same week one year ago. For more, click here...
3/15/2017


Builder confidence hits 12-year high
Builder confidence in the market for newly-built single-family homes jumped six points to a level of 71 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This is the highest reading since June 2005. “Builders are buoyed by President Trump’s actions on regulatory reform, particularly his recent executive order to rescind or revise the waters of the U.S. rule that impacts permitting,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. For more, click here...
3/15/2017


Mortgage rates hit 2017 high
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average 30-year fixed mortgage rates hitting their highest mark of 2017. 30-year fixed-rate mortgage (FRM) averaged 4.21% with an average 0.5 point for the week ending March 9, up from last week when it averaged 4.10%. A year ago at this time, the 30-year FRM averaged 3.68%. 15-year FRM this week averaged 3.42% with an average 0.5 point, up from last week when it averaged 3.32%. A year ago at this time, the 15-year FRM averaged 2.96%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23% this week with an average 0.4 point, up from last week when it averaged 3.14%. A year ago, the 5-year ARM averaged 2.92%. For more, click here...
3/9/2017


Mortgage applications increase
Mortgage applications increased 3.3% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending March 3. The previous week's results included an adjustment for the President's Day holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 3.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 16% compared with the previous week. The Refinance Index increased 5% from the previous week to the highest level since December 2016. The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index increased 15% compared with the previous week and was 4% higher than the same week one year ago. For more, click here...
3/8/2017


Canadian housing starts, permits rise
Canadian housing starts inched higher in February from the previous month, and building permits rose in January as the long housing boom continued to defy expectations of a slowdown, separate reports showed on Wednesday. Groundbreaking on new homes climbed to seasonally adjusted annual pace of 210,207 units from an upwardly revised 208,934 in January as robust activity in Ontario offset cooling in British Columbia, data from the Canada Mortgage and Housing Corp showed. For more, click here...
3/8/2017


Mortgage rates break holding pattern, move lower
Freddie Mac today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates breaking their month-long plus holding pattern and moving lower. Thirty-year fixed-rate mortgage (FRM) averaged 4.10% with an average 0.5 point for the week ending March 2, down from last week when it averaged 4.16%. A year ago at this time, the 30-year FRM averaged 3.64%. 15-year FRM this week averaged 3.32% with an average 0.5 point, down from last week when it averaged 3.37%. A year ago at this time, the 15-year FRM averaged 2.94%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.14% this week with an average 0.4 point, down from last week when it averaged 3.16%. A year ago, the 5-year ARM averaged 2.84%. For more, click here...
3/2/2017


U.S. construction spending fell in January
U.S. construction spending unexpectedly fell in January as the biggest drop in public outlays since 2002 offset gains in investment in private projects, pointing to moderate economic growth in the first quarter. The Commerce Department said on Wednesday that construction spending declined 1.0% to $1.18 trillion. Construction spending in December was revised to show a 0.1% increase rather than the previously reported 0.2% decline. For more, click here...
3/1/2017


Mortgage applications increase
Mortgage applications increased 5.8% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 24. This week's results included an adjustment for the Presidents' Day holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 5.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3% compared with the previous week. The Refinance Index increased 5% from the previous week to its highest level since December 2016. The seasonally adjusted Purchase Index increased 7% from one week earlier. The unadjusted Purchase Index decreased 1% compared with the previous week and was 5% lower than the same week one year ago, which did not include the Presidents' Day holiday. For more, click here...
3/1/2017


U.S. home prices reach 30-month high
Low inventory and mortgage rates pushed home prices to a 30-month high in December, according to the S&P/Case-Shiller U.S. National Home Price Index. The index, which measures all nine U.S. census divisions, found that home prices rose 5.8% year over year, up from November's 5.6% annual gain. For more, click here...
2/28/2017


Pending home sales weaken in January
Insufficient supply levels led to a lull in contract activity in the Midwest and West, which dragged down pending home sales in January to their lowest level in a year, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, decreased 2.8% to 106.4 in January from an upwardly revised 109.5 in December 2016. Although last month's index reading is 0.4% above last January, it is the lowest since then. Lawrence Yun, NAR chief economist, says home shoppers in January faced numerous obstacles in their quest to buy a home. "The significant shortage of listings last month along with deteriorating affordability as the result of higher home prices and mortgage rates kept many would-be buyers at bay," he said. For more, click here...
2/27/2017


Existing-home sales jump in January
Existing-home sales stepped out to a fast start in 2017, surpassing a recent cyclical high and increasing in January to the fastest pace in almost a decade, according to the National Association of Realtors®. All major regions except for the Midwest saw sales gains last month. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, expanded 3.3% to a seasonally adjusted annual rate of 5.69 million in January from an upwardly revised 5.51 million in December 2016. January's sales pace is 3.8% higher than a year ago (5.48 million) and surpasses November 2016 (5.60 million) as the strongest since February 2007 (5.79 million). Lawrence Yun, NAR chief economist, says January's sales gain signals resilience among consumers even in a rising interest rate environment. "Much of the country saw robust sales activity last month as strong hiring and improved consumer confidence at the end of last year appear to have sparked considerable interest in buying a home," he said. For more, click here...
2/23/2017


Continued uncertainty causes mortgage rates to hold
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average 30-year mortgage rates changing by two basis points or less for the fourth consecutive week. 30-year fixed-rate mortgage (FRM) averaged 4.16%with an average 0.5 point for the week ending Feb. 23, up from last week when it averaged 4.15%. A year ago at this time, the 30-year FRM averaged 3.62%. 15-year FRM this week averaged 3.37% with an average 0.5 point, up from last week when it averaged 3.35%. A year ago at this time, the 15-year FRM averaged 2.93%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.16% this week with an average 0.4 point, down from last week when it averaged 3.18%. A year ago, the 5-year ARM averaged 2.79%. For more, click here...
2/23/2017


Mortgage applications decline
Mortgage applications decreased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 17, 2017. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1 percent compared with the previous week. The Refinance Index decreased 1 percent from the previous week to the lowest level since January 2017. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier to the lowest level since November 2016. The unadjusted Purchase Index increased 2 percent compared with the previous week and was 10 percent higher than the same week one year ago, which included the President's Day holiday. For more, click here...
2/22/2017


Mortgage rates slip
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates slightly falling for the second consecutive week. The 30-year fixed-rate mortgage (FRM) averaged 4.15 percent with an average 0.5 point for the week ending Feb. 16, 2017, down from last week when it averaged 4.17 percent. A year ago at this time, the 30-year FRM averaged 3.65 percent. The 15-year FRM this week averaged 3.35 percent with an average 0.5 point, down from last week when it averaged 3.39 percent. A year ago at this time, the 15-year FRM averaged 2.95 percent. The 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.18 percent this week with an average 0.4 point, down from last week when it averaged 3.21 percent. A year ago, the 5-year ARM averaged 2.85 percent. For more, click here...
2/16/2017


U.S. housing starts rise in January compared to a year ago
U.S. housing starts were at a seasonally adjusted annual rate of 1.246 million units in January, 2.6% below the revised December rate of 1.279 million units, but 10.5% higher than the January 2016 rate of 1.128 million units, according to the Census Bureau and the Department of Housing and Urban Development. Single-family starts in January were at a rate of 823,000, 1.9% above the revised December figure. Housing units authorized by permits in January were at a SAAR of 1.285 million units, 4.6% above the revised December rate and 8.2% higher than the January 2016 figure. For more, click here...
2/16/2017


Mortgage applications decline
Mortgage applications decreased 3.7 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 10, 2017. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.7 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 1 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week. The seasonally adjusted Purchase Index decreased 5 percent from one week earlier. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 3 percent higher than the same week one year ago. The refinance share of mortgage activity decreased to 46.9 percent of total applications, its lowest level since June 2009, from 47.9 percent the previous week. The adjustable-rate mortgage (ARM) share of activity increased to 7.5 percent of total applications, its highest level since October 2015. For more click here...
2/15/2017


Mortgage rates in holding pattern
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates staying within a two basis point range for the third straight week. 30-year fixed-rate mortgage (FRM) averaged 4.17% with an average 0.4 point for the week ending Feb. 9, down from last week when it averaged 4.19%. A year ago at this time, the 30-year FRM averaged 3.65%. 15-year FRM this week averaged 3.39% with an average 0.4 point, down from last week when it averaged 3.41%. A year ago at this time, the 15-year FRM averaged 2.95%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21% this week with an average 0.4 point, down from last week when it averaged 3.23%. A year ago, the 5-year ARM averaged 2.83%. For more, click here...
2/9/2017


Mortgage applications increase
Mortgage applications increased 2.3% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending February 3, 2017. The Market Composite Index, a measure of mortgage loan application volume, increased 2.3% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 6% compared with the previous week. The Refinance Index increased 2% from the previous week. The seasonally adjusted Purchase Index increased 2% from one week earlier. The unadjusted Purchase Index increased 9% compared with the previous week and was 4% higher than the same week one year ago. For more, click here...
2/8/2017


Canadian housing starts trend upward
The trend measure of housing starts in Canada was 199,834 units in January compared to 197,881 in December, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. “New home construction started off strong in 2017, both in terms of single-detached homes and multi-unit residential,” said Bob Dugan, CMHC Chief Economist. “While Ontario starts continue to drive the national trend upwards, construction has slowed in BC since last July when it reached a near record high. This slowdown can be partly attributed to builders focusing on projects still underway.” For more, click here...
2/8/2017


Regulatory, supply-side challenges inhibit more robust housing
Although employment and home price levels have returned to or exceeded normal levels of activity, new-home construction during the fourth quarter of 2016 remained tepid in many markets due to regulatory and supply-side constraints, according to the National Association of Home Builders/First American Leading Markets Index (LMI) released today. The index’s nationwide score inched up to .99, meaning that based on current permit, price and employment data, the nationwide average is running at 99% of normal economic and housing activity. However, when breaking down the three major components of the index, single-family permits are running at just 52% of normal activity, while employment is at 98% and home prices are well above normal at 147%. For more, click here...
2/6/2017


Mortgage rates steady in early February
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average 30-year mortgage rates holding steady after rising last week. 30-year fixed-rate mortgage (FRM) averaged 4.19% with an average 0.5 point for the week ending Feb. 2, unchanged from last week. A year ago at this time, the 30-year FRM averaged 3.72%. 15-year FRM this week averaged 3.41% with an average 0.5 point, up from last week when it averaged 3.40%. A year ago at this time, the 15-year FRM averaged 3.01%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23% this week with an average 0.4 point, up from last week when it averaged 3.20%. A year ago, the 5-year ARM averaged 2.85%. For more, click here...
2/2/2017


U.S. construction spending unexpectedly falls in December
U.S. construction spending unexpectedly fell in December as investment in private projects rose marginally and public outlays tumbled, which could have an impact on the economic growth estimate for the fourth quarter, according to Reuters. The Commerce Department said on Wednesday that construction spending slipped 0.2% to $1.18 trillion. Construction spending in November increased by an unrevised 0.9%. Economists polled by Reuters had forecast construction spending gaining 0.2% in December. For more, click here...
2/1/2017


Mortgage applications decrease
Mortgage applications decreased 3.2% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 27. The previous week's results included an adjustment for the MLK Day holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 3.2% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 11% compared with the previous week. The Refinance Index decreased 1% from the previous week. The seasonally adjusted Purchase Index decreased 6% from one week earlier. The unadjusted Purchase Index increased 12% compared with the previous week and was 2% higher than the same week one year ago. For more, click here...
2/1/2017


Home price index continues its rise
The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, covering all nine U.S. census divisions, reported a 5.6% annual gain in November, up from 5.5% in October. The 10-City Composite posted a 4.5% annual increase, up from 4.3% the previous month. The 20-City Composite reported a year-over-year gain of 5.3%, up from 5.1% in October. Seattle, Portland, and Denver reported the highest year-over-year gains among the 20 cities over each of the last 10 months. For more, click here...
1/31/2017


Study: Strong, stable growth in R&R in 2017
The coming year is expected to see sustained momentum in home remodeling and repair spending, according to the Leading Indicator of Remodeling Activity (LIRA) released today by the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University. The LIRA projects that annual growth in home improvement and repair expenditures will remain elevated throughout 2017 with spending levels ending the year up 6.7% at $317 billion, on par with the 6.9% growth estimated for 2016. For more, click here...
1/30/2017


Pending home sales bounce back in December
Pending home sales picked up in December as solid increases in the South and West offset weakening activity in the Northeast and Midwest, according to the National Association of Realtors®. The Pending Home Sales Index, a forward-looking indicator based on contract signings, increased 1.6% to 109.0 in December from 107.3 in November. With last month's uptick in activity, the index is now 0.3% above last December (108.7). For more, click here...
1/30/2017


Mass timber: From 'What the heck is that?' to 'Wow!'
Big timber is sprouting up in cities in North America and abroad. After years of feasibility studies and design proposals, buildings six stories or taller constructed primarily from pre-engineered wood products are being considered in cities around the world, according to a story in Building Design & Construction Magazine. In London, one proposal, called the Splinter, would rise to 100 stories. In Chicago, Perkins+Will (in collaboration with Thornton Tomasetti and the University of Cambridge) has designed an 80-story high-rise with 300 duplex apartments. If built, River Beech — a key component of P+W’s master plan for the Riverline development — would be made almost entirely from mass timber. So-called “plyscrapers” are still a tiny sliver of nonresidential construction. In the past five years, only 17 buildings seven stories or taller have been completed worldwide, mostly in Europe and Canada. Six more have started construction, according to the American Wood Council. For more, click here...
1/27/2017


New home sales post highest yearly total since 2007
Sales of newly built, single-family homes rose 12.2% in 2016 to 563,000 units, the highest annual rate since 2007, according to newly released data by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. New home sales fell 10.4% in December 2016 to a seasonally adjusted annual rate of 536,000 units. “We are encouraged by the growth in the housing sector last year, and by the fact that builders increased inventory by 10% in anticipation of future business,” said Robert Dietz, chief economist of the National Association of Home Builders (NAHB). “NAHB’s forecast calls for continued upward momentum this year, with housing starts expected to rise 10% over the course of 2017.” For more, click here...
1/26/2017


Mortgage rates rise for first time in 2017
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average 30-year and 15-year fixed mortgage rates rising for the first time in 2017. 30-year fixed-rate mortgage (FRM) averaged 4.19% with an average 0.4 point for the week ending Jan. 26, up from last week when it averaged 4.09%. A year ago at this time, the 30-year FRM averaged 3.79%. 15-year FRM this week averaged 3.40% with an average 0.4 point, up from last week when it averaged 3.34%. A year ago at this time, the 15-year FRM averaged 3.07%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.20% this week with an average 0.4 point, down from last week when it averaged 3.21%. A year ago, the 5-year ARM averaged 2.90%. For more, click here...
1/26/2017


Mortgage applications increase
Mortgage applications increased 4.0% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 20. This week's results included an adjustment for the MLK Day holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 4.0%on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 5% compared with the previous week. The Refinance Index increased 0.2% from the previous week. The seasonally adjusted Purchase Index increased 6% from one week earlier to its highest level since June 2016. The unadjusted Purchase Index increased 2% compared with the previous week and was 0.1% higher than the same week one year ago. For more, click here...
1/25/2017


Toronto home prices affecting surrounding areas
Increasing home prices in the Greater Toronto Area (GTA) are having a spillover effect in surrounding centres, particularly those within commuting distance. This analysis is part of Canada Mortgage and Housing Corporation’s (CMHC) latest Housing Market Insight (HMI) report on the relationship between GTA home prices and those of neighbouring markets. While most Ontario markets have seen substantial home price increases over the past 20 years due to favourable economic conditions, more recently, CMHC detected moderate or elevated evidence of overvaluation in Hamilton and the GTA, suggesting that price appreciation in those centers is partly driven by other factors. For more, click here...
1/25/2017


Existing-home sales slide in December; 2016 best in decade
Existing-home sales closed out 2016 as the best year in a decade, even as sales declined in December as the result of ongoing affordability tensions and historically low supply levels, according to the National Association of Realtors®. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, finished 2016 at 5.45 million sales and surpassed 2015 (5.25 million) as the highest since 2006 (6.48 million). In December, existing sales decreased 2.8% to a seasonally adjusted annual rate of 5.49 million in December from an upwardly revised 5.65 million in November. With last month's slide, sales are only 0.7% higher than a year ago. For more, click here...
1/24/2017


Remodeling Market Index down in 4Q
The National Association of Home Builders’ (NAHB) Remodeling Market Index (RMI) posted a reading of 53 in the fourth quarter of 2016, a decrease of four points from the previous quarter, but on par with levels seen in the first half of 2016. Remodeler confidence has held firm in positive territory for 15 straight quarters. An RMI above 50 indicates that more remodelers report market activity is higher (compared to the prior quarter) than report it is lower. The overall RMI averages ratings of current remodeling activity with indicators of future remodeling activity. For more, click here...
1/20/2017


Housing starts rise in December on multifamily increase
U.S. housing starts were at a seasonally adjusted annual rate of 1.226 million units in December, 11.3% above the revised November rate and 5.7% above the December 2015 rate, according to the Census Bureau and the Department of Housing and Urban Development. Single-family starts in December were at a rate of 795,000, 4.0% below the revised November figure. Housing units authorized by permits in December were at an SAAR of 1.210 million units, 0.2% below the revised November rate and 0.7% above the December 2015 figure. For more, click here...
1/19/2017


Mortgage rates lower for third consecutive week
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates moving lower for the third consecutive week. 30-year fixed-rate mortgage (FRM) averaged 4.09% with an average 0.5 point for the week ending Jan. 19, down from last week when it averaged 4.12%. A year ago at this time, the 30-year FRM averaged 3.81%. 15-year FRM this week averaged 3.34% with an average 0.5 point, down from last week when it averaged 3.37%. A year ago at this time, the 15-year FRM averaged 3.10%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.21% this week with an average 0.4 point, down from last week when it averaged 3.23%. A year ago, the 5-year ARM averaged 2.91%. For more, click here...
1/19/2017


Builder confidence dips slightly in January
Builder confidence in the market for newly-built single-family homes remained on firm ground in January, down two points to a level of 67 from a downwardly revised December reading of 69 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). "Builders begin the year optimistic that a new Congress and administration will help create a better business climate for small businesses, particularly as it relates to streamlining and reforming the regulatory process,” said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. For more, click here...
1/18/2017


Mortgage applications increase
Mortgage applications increased 0.8% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 13. The previous week's results included an adjustment for the New Year's holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 0.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 29% compared with the previous week. The Refinance Index increased 7% from the previous week. The seasonally adjusted Purchase Index decreased 5% from one week earlier. The unadjusted Purchase Index increased 25% compared with the previous week and was 1% lower than the same week one year ago. For more, click here...
1/18/2017


Canadian non-residential construction slips
Investment in non-residential building construction totalled $12.3 billion in the fourth quarter, down 0.7% from the previous quarter, according to Statistics Canada. This was the seventh decrease in eight quarters. Nationally, the decline reflected lower spending on commercial and industrial building construction. Overall, non-residential investment fell in six provinces in the fourth quarter, with British Columbia posting the largest decline and Alberta a distant second. For more, click here...
1/17/2017


Mortgage rates lower again
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average mortgage rates moving lower for the second consecutive week. 30-year fixed-rate mortgage (FRM) averaged 4.12% with an average 0.5 point for the week ending January 12, down from last week when it averaged 4.20%. A year ago at this time, the 30-year FRM averaged 3.92%. 15-year FRM this week averaged 3.37% with an average 0.5 point, down from last week when it averaged 3.44%. A year ago at this time, the 15-year FRM averaged 3.19%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.23% this week with an average 0.5 point, down from last week when it averaged 3.33%. A year ago, the 5-year ARM averaged 3.01%. For more, click here...
1/12/2017


NAHB: Buyers trade square footage for amenities
The average size of newly built homes decreased in 2016 - a sign that the home building industry is preparing for the coming wave of first-time buyers as Millennials begin to dip their toes into the market, according to research and survey results released today by the National Association of Home Builders (NAHB). In 2015, the typical new home had 2,689 square feet. In 2016, it dropped to 2,634, according to figures supplied by the U.S. Census Bureau. That's the first drop in size since 2009, said Rose Quint, NAHB assistant vice president for survey research. For more, click here...
1/12/2017


Mortgage applications increase
Mortgage applications increased 5.8% from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending January 6. The most recent week's results include an adjustment to account for the New Year's Day holiday, while the previous week's results were adjusted for the Christmas holiday. The Market Composite Index, a measure of mortgage loan application volume, increased 5.8% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 42% compared with the previous week. The Refinance Index increased 4% from the previous week. The seasonally adjusted Purchase Index increased 6% from one week earlier. The unadjusted Purchase Index increased 45% compared with the previous week and was 18% lower than the same week one year ago. For more, click here...
1/11/2017


Canadian housing starts trend declined in December
The trend measure of housing starts in Canada was 198,053 units in December compared to 200,105 in November, according to Canada Mortgage and Housing Corporation (CMHC). The trend is a six-month moving average of the monthly seasonally adjusted annual rates (SAAR) of housing starts. “December saw multi-unit construction slow for the third consecutive month in Canada, leading housing starts to trend down,” said Bob Dugan, CMHC Chief Economist. “However, 2016 still counted more home starts than 2015. Increased demand for single-detached homes more than offset the decline we’re seeing in multi-unit construction – a decline that’s in response to efforts to manage current inventories.” For more, click here...
1/10/2017


Canadian building permits rise in October
Canadian municipalities issued $7.6 billion worth of building permits in October, up 8.7% from September, according to Statistics Canada. Higher construction intentions for commercial structures and residential dwellings in Alberta were responsible for much of the gain, as builders filed permits in advance of the changes in the provincial Building Code. The value of residential building permits rose 7.7% to $5.2 billion. This was the third consecutive monthly increase. Advances were posted in eight provinces, led by Alberta and followed by British Columbia and Ontario. Construction intentions for non-residential buildings increased 10.7% to $2.5 billion, following a 21.4% drop in September. Gains were registered in eight provinces, led by Alberta. Quebec and Manitoba reported declines in the non-residential sector. For more, click here...
1/10/2017


NAHB expects housing to grow in 2017
Fueled by a growing economy, solid employment gains and rising household formations, single-family production will continue on a gradual, upward trajectory in 2017, according to economists speaking at the National Association of Home Builders (NAHB) International Builders’ Show in Orlando, Fla., today. “While positive developments on the demand side will support solid growth in the single-family housing sector in 2017, builders in many markets continue to face supply-side constraints led by the three ‘Ls’ – lots, labor and lending,” said NAHB Chief Economist Robert Dietz. For more, click here...
1/10/2017


Are Baby Boomers being forgotten by builders?
Who'd ever have imagined? It's a contrarian market segmentation strategy for a home builder to put a big focus and lots of resources on the 55+ market right now, vs. the 30-something, entry-level, first-time buyer market. However, as home builders here, there, and everywhere shift their chess pieces--land buys and operational capacity--into scrambling position to engage fully in the next wave of opportunities in housing's recovery, lower-priced house strategies, aiming to activate millennial buyers, hog all the headlines these days. So much so that it might appear any other strategic direction is mistaken. For more, click here...
1/6/2017


Mortgage rates start year lower
Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates moving lower for the first time in 10 weeks. 30-year fixed-rate mortgage (FRM) averaged 4.20% with an average 0.5 point for the week ending January 5, down from last week when it averaged 4.32%. A year ago at this time, the 30-year FRM averaged 3.97%. 15-year FRM this week averaged 3.44% with an average 0.5 point, down from last week when it averaged 3.55%. A year ago at this time, the 15-year FRM averaged 3.26%. 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.33% this week with an average 0.4 point, up from last week when it averaged 3.30%. A year ago, the 5-year ARM averaged 3.09%. For more, click here...
1/5/2017


Mortgage applications decrease
Mortgage applications decreased 12% from two weeks earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending December 30. The results included adjustments to account for the Christmas holiday. The Market Composite Index, a measure of mortgage loan application volume, decreased 12% on a seasonally adjusted basis from two weeks earlier. On an unadjusted basis, the Index decreased 48% compared with two weeks ago. The Refinance Index decreased 22% from two weeks ago. The seasonally adjusted Purchase Index decreased 2% from two weeks earlier. The unadjusted Purchase Index decreased 41% compared with two weeks ago and was 1% lower than the same week one year ago. For more, click here...
1/4/2017


U.S. construction spending hits 10-year high
U.S. construction spending rose more than expected in November, reaching its highest level in 10-1/2 years, which could provide a lift to fourth-quarter economic growth. The Commerce Department said on Tuesday that construction spending increased 0.9% to $1.18 trillion, the highest level since April 2006. It was boosted by gains in both private and public sector investment. Construction spending was up 4.1% from a year ago in November. For more, click here...
1/3/2017


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