The most prominent discussion topic This Week in Real Estate centered around the October 3 effective date of TRID or better known as the Know Before You Owe rule. As you move forward please be cognizant of how the rule change impacts your clients and that your settlement service provider partners (mortgage, title and escrow) are prepared to successfully navigate the closing process. Below are a few of the highlights from the final week in September that influence our business:
* After 8 Years Home Values Finally Eclipse 2007 Peak. According to the Home Price Index (HPI), a home-valuation tracker published by the Federal Housing Finance Agency (FHFA), U.S. property values rose in July, marking the 20th straight month of growth nationwide; and forty-first out of 42. In July the HPI climbed to 224.5, a 0.6 percent increase from the month prior which moved the HPI to its highest reading of all-time. The previous peak was 224.0, set in April 2007 at the height of last decade’s housing boom. Full Story… http://themortgagereports.com/18248/fhfa-home-price-index-all-time-high-2007
* Pending Sales Retreat. The Pending Home Sales Index (PHSI) decreased in August, but has increased year-over-year for 12 consecutive months. The PHSI, a forward looking indicator based on signed contracts, decreased 1.4% in August from the prior month, but is up 6.1% from the same month a year ago. While increasing in the West, the PHSI declined in the other three regions month-over-month. Year-over-year, the PHSI was up in all four regions, ranging from 8.9% to 4.1%. Full Story… http://eyeonhousing.org/2015/09/pending-sales-retreat/
* Consumer Confidence Rebounded in September. The Conference Board released its Consumer Confidence Index for September this week. The index is a composite of separate indexes tracking consumers’ assessments of current business, income and employment conditions, as well as their expectations for the future. The Consumer Confidence Index increased to a level of 103.0 in September from 101.3 in August. The Index has rebounded to levels close to the pre-recession peak of 111.9 in July 2007. Full Story… http://eyeonhousing.org/2015/09/consumer-confidence-rebounded-in-september/
Have a productive week!