Existing-home sales fell 2.7% in October, confirming a slowdown in the housing market, but house prices rose at the highest annual rate since 1979, when inflation was rampant.The National Association of Realtors reported that October sales of single-family homes, condominiums, and cooperatives fell from a seasonally adjusted annual rate of 7.29 million in September to a 7.09 million rate in October. Inventories of unsold homes rose to a 4.9-month supply -- the highest in more than two years. However, the median sales price of a single-family home was $216,200 in October, up 16.6% from a year ago. "It is clear to me that the housing markets have peaked," NAR chief economist David Lereah said, noting that the prediction includes home price increases. He said he expects house price appreciation of only 5% in 2006. Sellers will have to reduce their expectations as the real estate market continues its transition to a buyer's market over the next four months, the NAR economist said. The NAR report shows that single-family home sales fell 2.5% in October, while condo and coop sales fell 4.4%. The NAR can be found online at http://www.realtor.org.
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The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
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In a Senate hearing, Director Sandra Thompson said a raise to the required income threshold provided to affordable housing was on the table, while housing regulators also faced questions related to property insurance hikes and title insurance waivers.
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The nonpayment rate for non-qualified mortgages is up 21 basis points from February and 134 basis points from March 2023, Morningstar DBRS said.
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The government mortgage-bond guarantor will require additional information on foreclosure prevention actions, and retire some forbearance reporting.
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But views are split, at least in the near-term on whether rising mortgage rates are holding back the Spring home purchase season.
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The top five producers had an average dollar volume of FHA loans of more than $50 million in 2023.
April 18