This Week in Real Estate: May 23, 2016

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New construction, average time to close and cash sales top the headlines This Week in Real Estate. Below are a few highlights from the third week of May that influence our business:

* Strong Housing Market Helps Reduce Lingering Foreclosure Inventory. A little less than 20,000 residential properties in the foreclosure process lie vacant (zombies), representing 4.7% of all foreclosures, according to the Q2 2016 U.S. Residential Property Vacancy and Zombie Foreclosure Report by housing data provider RealtyTrac. Currently, 19,187 properties are undergoing zombie foreclosures, a decrease of 3.1% from last month. “Lenders have been taking advantage of the strong seller’s market to dispose of lingering foreclosure inventory over the past year, evidenced by 12 consecutive months of increasing bank repossessions ending in February and now evidenced by these numbers showing a sharp drop in vacant zombie foreclosures compared to a year ago,” RealtyTrac senior vice president Daren Blomquist said. Among states with at least 100 zombie foreclosures, these are the states with the highest zombie foreclosure rates: Oregon (11.8%), Indiana (9.5%), Kentucky (8%), Maryland (7.2%) and Washington (6.6%).
Full Story…  http://www.housingwire.com/articles/37068-strong-housing-market-helps-reduce-lingering-foreclosure-inventory?eid=322520585&bid=1409482

* Time to Close a Loan Settles at 44 Days For The Second Month. For the second month in a row, the time to close all loans remained steady at 44 days in April, as lenders fall into a routine in the post-TRID environment, the latest Origination Insight Report from Ellie Mae found. As a refresher, this is the shortest time to close since March 2015 and is down two days from February, when the time to close fell to 46 days. Broken up, the average time to close a purchase also remained steady at 45 days in April, while the time to close a refinance increased to 44 days in April, up from 41 days in March.
Full Story…  http://www.housingwire.com/articles/37080-time-to-close-a-loan-settles-at-44-days-for-the-second-month?eid=322520585&bid=1410681

* U.S. Home Construction Rebounds in April. Construction on new houses rebounded in April after a sharp did in the prior month, but a slowdown in building permits suggest work on new properties could taper off from last year’s double-digit pace. Housing starts climbed 6.6% last month to an annual pace of 1.17 million, the Commerce Department said Tuesday. In March, starts were revised to a 1.1 million rate. Housing has been one of the economy’s strongest sectors of growth over the past few years, but sales and construction are not growing as fast in early 2016 as they did in 2015. Permits for new construction, a sign of future demand, might offer another clue. They rose slightly to an annual rate of 1.12 million in April, but they are running 5.3% below year-ago levels. In April, new construction sped up in the Midwest and South and declined in the Northeast and West, the government said.
Full Story…  http://www.marketwatch.com/story/us-housing-starts-climb-66-in-april-2016-05-17

* Cash Sales on Pace to Fall to 8-Year Low. The share of homes bought in cash is on pace to hit an eight-year low after the first two months of the year saw the smallest portion of homes purchased in cash in the same time period since 2008, a new report from CoreLogic shows. According to CoreLogic’s Report, for the first two months of 2016, the cash sales share averaged 35.6%, the lowest start to any year since 2008. For perspective, the cash sales share peaked in January 2011 when cash transactions accounted for 46.6% of total home sales nationally. According to CoreLogic’s report, prior to the housing crisis, the cash sales share of total home sales averaged approximately 25%. In its report, CoreLogic states that if the cash sales share continues to fall at the same rate it did in February 2016, the share should fall back to the pre-crisis average by mid-2018. 24% of total sales were cash sales in Washington through the first 2 months of 2016, while 31% of total sales were cash sales in Oregon during the same time period.
Full Story…  http://www.housingwire.com/articles/37075-corelogic-cash-sales-on-pace-to-fall-to-8-year-low?eid=322520585&bid=1410546
Have a productive week!
Jason

 

This Week in Real Estate: May 16, 2016

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Despite the inventory challenge we face today it was reported This Week in Real Estate that home sales realized the best first quarter in 9 years. Below are a few highlights from the second week of May that influence our business:

* Existing-Home Sales Posted Best First Quarter in Nearly a Decade. In an odd conundrum, despite constant headlines on lack of inventory and outrageous home prices, existing-home sales witnessed the best first quarter in nearly a decade. “In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007 (5.66 million),” said Lawrence Yun, National Association of Realtors chief economist. “The demand for buying is there, but unless the stock of new and existing-homes for sale increases significantly – especially in several markets in the West – the housing market will struggle to reach its full potential,” added Yun. According to the latest quarterly report from NAR, total existing-home sales, including single family and condo, ticked up 1.7% to a seasonally adjusted annual rate of 5.29 million in the first quarter, up from 5.20 million in the fourth quarter of 2015. This is also 4.8% higher than the 5.05 million pace during the first quarter of 2015. In the West, existing-home sales inched up 0.9% in the first quarter and are 2.1% above a year ago. The median existing single-family home price in the West increased 7.1% to $315,900 in the first quarter from the first quarter of 2015.
Full Story…  http://www.housingwire.com/articles/36988-existing-home-sales-posted-best-first-quarter-in-nearly-a-decade?eid=322520585&bid=1399787

* Foreclosures, Seriously Delinquent Mortgages Fall to Lowest Level Since 2007. The number of homes in some stage of foreclosure and the number of serious delinquent mortgages are now at levels not seen since late 2007, according to a new report from CoreLogic. CoreLogic’s March 2016 National Foreclosure Report shows that the national foreclosure inventory, which is the total number of homes at some stage of the foreclosure process and completed foreclosures, was 427,000 homes. That figure represents 1.1% of all homes in the U.S., and is down from 556,000 homes, or 1.4%, in March 2015. March 2016’s foreclosure inventory is not only down from 2015, it’s the lowest that figure has been since October 2007. CoreLogic’s report also showed the foreclosure inventory declined by 23.2% and completed foreclosures declined by 14.9% when compared with March 2015.According to CoreLogic’s report, the number of mortgages that are seriously delinquent, which is defined as 90 days or more past due and includes loans in foreclosure or REO, fell by 19.1% from March 2015 to March 2016. The March 2016 serious delinquency rate is the lowest since November 2007.
Full Story…  http://www.housingwire.com/articles/36998-foreclosures-seriously-delinquent-mortgages-fall-to-lowest-level-since-2007?eid=322520585&bid=1400911

* 25 Cities With The Biggest Rent Hikes. The rental market is ripe for single-family rental investors, even on the secondary side, with the top markets on the list showing rents increasing by above 10% in the first quarter. RentRange, a provider of market data and analytics for the single-family rental industry, ranked the top 25 U.S. Metropolitan Statistical Areas by average rental rate increase for single-family homes between first quarter 2016 and the same quarter in 2015. Ranked #17 Portland-Vancouver at 12.1% and #24 Eugene-Springfield at 11.0%. “Contractual rental rates have continued to increase, vacancy rates declined (but remain above issuance levels), tenant retention rates have remained relatively stable, and delinquency rates have remained low,” the report states. But what’s more, the securitized assets themselves are appreciating as well.
Full Story…  http://www.housingwire.com/articles/37030-here-are-the-25-markets-with-the-biggest-rent-hikes-for-sfr-investors?eid=322520585&bid=1405082
Have a productive week!
Jason

 

This Week in Real Estate: May 9, 2016

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Happy Mother’s Day to all you moms. Thank you for all you do each and every day as a mom. The significance you bring to a child and home is unparalleled.

Price appreciation in the West tops headlines This Week in Real Estate. Below are a few highlights from the first week of May that influence our business:

* West Leads Nation in Home-Price Appreciation. Home prices nationwide, including distressed sales, moved higher year-over-year by 6.7% in March 2016 compared with March 2015 and increased month-over-month by 2.1% in March compared with February 2016, according to the CoreLogic Home Price Index. The CoreLogic HPI Forecast indicates that home prices will increase by 5.3% on a year-over-year basis from March 2016 to March 2017. “Home Prices reached the bottom five years ago, and since then have appreciated almost 40%,” said Anand Nallathambi, president and CEO of CoreLogic. “The highest appreciation was in the West, where prices continue to increase at double-digit rates.” “Demand is starting to weaken in some areas, particularly in the West, where the median home price has risen an astonishing 38% in the past three years,” said Lawrence Yun, NAR chief economist.
Full Story…  http://www.corelogic.com/about-us/news/corelogic-us-home-price-report-shows-home-prices-up-6.7-percent-year-over-year-in-march-2016.aspx

* Distressed Property Sales Continue to Drop. Distressed sales accounted for 11.1% of total market sales in February 2016, down 2.9% annually and 0.4% from January, according to CoreLogic’s most recent report. Within those distressed sales, Real Estate Owned sales accounted for 7.8% and short sales accounted for 3.3% of total home sales for February. These REO sales decreased by 2.9% annually to their lowest level since 2007. Short Sales, on the other hand, hover between 3% and 4%. At their peak in January 2009, distressed sales totaled 32.4% of total market sales with REO’s making up 27.9%.
Full Story…  http://www.housingwire.com/articles/36973-distressed-sales-continue-to-drop?eid=322520585&bid=1397426

* 5 Charts That Reveal The Future of Residential Construction. Despite the lack of surging growth in homebuilding, economists are optimistic about the industry’s future. Len Kiefer, deputy chief economist at Freddie Mac, said he expects 2016 to be housing’s “best year in a decade.” The single-family market is expected to see the strongest growth this year, as Robert Dietz, National Association of Home Builders chief economist, predicts 2016 will be the first year since the crash that single-family construction will outpace multifamily. His forecast includes a 14% rise in the sector this year and a 19% surge in 2017. “We see growth accelerating in 2017 as more workers and more lots are added,” Dietz said. Despite the positive predictions for the industry, economists emphasized the obstacles that continue to hinder new construction. Dietz referred to the three major issues as the “3Ls:” labor, lots and lending.
Full Story…  http://www.constructiondive.com/news/5-charts-that-reveal-the-future-of-residential-construction/418307/

Have a productive week!
Jason

 

1st Quarter Chairman’s Report 2016

We are happy to announce the 1st Quarter Chairman’s Report for 2016 is now available to read online. Discover where the real estate market is headed and review 1st Quarter Market Stats for the Portland Metro and SW Washington. Special thanks to our Chairman, Bert Waugh, Jr.


This Week in Real Estate: May 2, 2016

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The FOMC chose not to increase interest rates This Week in Real Estate, yet homeownership is near historic lows. Below are a few highlights from the last week of April that influence our business:

* Pending Home Sales Jump to Highest Level in Nearly a Year. Overcoming several roadblocks in housing, pending home sales managed to increase in March for the second consecutive month, reaching their highest level in almost a year, according to the National Association of Realtors. The Pending Home Sales Index, a forward-looking indicator based on contract signings, grew 1.4% to 110.5 in March from a downwardly revised 109.0 in February. This is also 1.4% above March 2015 (109.0). With this new reading, the index has increased year-over-year for 19 consecutive months and is at its highest reading since May 2015 (111.0). Broken up regionally, “Demand is starting to weaken in some areas, particularly in the West, where the median home price has risen an astonishing 38% in the past three years,” said Lawrence Yun, NAR chief economist. “As a result, pending sales in the region have now declined in four of the last five months and are lower than one year ago for the third month in a row. Closed sales in the region in March were also below last year’s pace,” he added.
Full Story…  http://www.housingwire.com/articles/36897-pending-home-sales-jump-to-highest-level-in-nearly-a-year?eid=322520585&bid=1388864

* As Expected, Fed Holds Off Interest-Rate Hike. Just as many predicted, the Federal Open Market Committee, the group that sets the benchmark interest rate for bank lending, elected this week to hold steady and not increase federal funds rate. “A range of recent indicator, including strong job gains, points to additional strengthening of the labor market,” the FOMC said in its official statement. “The committee expects that economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run,” the FOMC said.
Full Story…  http://www.housingwire.com/articles/36899-as-expected-fed-holds-off-on-interest-rate-hike?eid=322520585&bid=1388864

* Homeownership Near its Lowest in History. After gains in the second half of 2015, the homeownership rate fell to just 63.6 percent, seasonally adjusted, in the first quarter of this year, according to the U.S. Census Bureau. Homeownership hit a high of 69.4 percent in 2004, during one of the biggest housing booms in history. That was also when mortgage lending was arguably at its loosest level in history. The homeownership rate is now just one-tenth of 1 basis point higher that its all-time low in the second quarter of 2015. Economists continue to point to a recovering job market as fuel for growth in the housing market, but for young Americans, just having a job does not translate to homeownership. High levels of student loan debt, tight mortgage underwriting standards and overheating home prices are all contributing to very low homeownership rates among the nation’s youngest workers. Homeownership among those aged 25-34 today is nearly 10 percentage points lower than it was a decade ago. First-time homebuyers are still barely 30 percent of today’s buyers; traditionally, they compromise 40 percent of homebuyers.
Full Story…  http://www.mortgagenewsdaily.com/04282016_homeownership_near_its_lowest_in_history.asp
Have a productive week!
Jason

 

This Week in Real Estate: April 25, 2016

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Q1 2016 could not have ended stronger based on March price gains and existing home sales as reported in This Week in Real Estate. Below are a few highlights from the third week of April that influence our business:

* U.S. Home Sellers in March 2016 Realized Highest Home Price Gains Since December 2007. RealtyTrac released its March and Q1 2016 U.S. Home Sales report this week which shows that U.S. home sellers in March on average sold for $30,500 more than they purchased for, a 17 percent average gain in price – the highest average price gain for home sellers in any month since December 2007 at the onset of the Great Recession. “Home sellers in many markets are now seeing average price gains close to or above what home sellers experienced during the last housing boom,” said Daren Blomquist, senior vice president at RealtyTrac. Markets with average seller gains more than twice the national average in March were San Francisco (72%), San Jose (60%), Boulder (53%), Prescott (51%), Los Angeles (48%), Denver (42%), Portland (40%), Austin (40%), Seattle (38%), Baltimore (38%), Riverside (37%), San Diego (36%) and Sacramento (35%).
Full Story…  http://www.realtytrac.com/news/home-prices-and-sales/march-q1-2016-home-sales-report/

* Existing Home Sales Soar 5.1% in March. Existing home sales increased 5.1% in March from February, reaching a seasonally adjusted rate of 5.33 million, which represents an increase of 1.5% from March 2015, according to the latest data from the National Association of Realtors. NAR’s existing home sales report showed monthly increases were highest in the Northeast (11.1%) and the Midwest (9.8%). “The choppiness in sales activity so far this year is directly related to the unevenness in the rate of new listings coming onto the market to replace what is, for the most part, being sold rather quickly,” said Lawrence Yun, NAR’s chief economist. Existing-home sales in the West climbed 1.8% with a median price at $320,800, up 5.9% from March 2015.
Full Story…  http://www.marketwatch.com/story/existing-home-sales-soar-51-in-march-as-housing-demand-remains-strong-2016-04-20

* Is TRID Hysteria Over? Time to Close Drops to 12-Month Low. It’s now been more than six months since the implementation of the Consumer Financial Protection Bureau’s TILA-RESPA Integrated Disclosures rule. And it appears that, despite the initial hiccups and headaches, lenders now have this whole TRID thing figured out, as the time to close a loan fell to a 12-month low in March. The positive news comes courtesy of the latest Origination Insight Report from Ellie Mae, which showed that the time to close all loans dropped to an average of 44 days in March. That is the shortest time to close since March 2015 and down two days from February. While closing times are shrinking, the average closing rate is rising, rising to 70.6% in March, which is the highest closing rate since Ellie Mae began monitoring the data in August 2011.
Full Story…  http://www.housingwire.com/articles/36851-is-trid-hysteria-over-time-to-close-drops-to-12-month-low?eid=322520585&bid=1382180
Have a productive week!
Jason

 

This Week in Real Estate: April 18, 2016

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For the second week in a row, falling interest rates dominate the headlines This Week in Real Estate. Below are a few highlights from the second week of April that influence our business:

* Strong March New Home Sales. The Mortgage Bankers Association’s (MBA’s) most recent regular report on mortgage application volume released on Wednesday indicated a sudden pick-up in purchase mortgage applications last week. MBA’s data, gathered through its Builder Application Survey (BAS) shows that applications for mortgages to purchase newly constructed homes jumped by 17% in March compared to the previous month. Lynn Fisher, MBA’s Vice President of Research and Economics, said, “Rising prices for existing homes and a strong job market are making the math work for new construction. In March, the Builder Application Index reached its highest level since its inception in 2012 and was more than 18% higher than one year ago.
Full Story…  http://www.mortgagenewsdaily.com/04142016_mba_new_home_sales.asp

* Foreclosures Now Lowest Since Fourth Quarter 2006. RealtyTrac released its Q1 and March 2016 U.S. Foreclosure Market Report this week which shows foreclosure filings on 289,116 properties in the first quarter of 2016. That is down 4 percent from the previous quarter and down 8 percent from the first quarter of 2015 to the lowest quarterly total since the fourth quarter of 2006, a more than 9-year low. Nationwide the 289,116 properties with foreclosure filings in the first quarter of 2016 was 69% below the quarterly peak of 937,840 properties in the second quarter of 2009. Among the 216 major metro areas analyze for the report, 210 (97%) were below peak foreclosure activity levels in the first quarter.
Full Story…  http://www.realtytrac.com/news/foreclosure-trends/q1-2016-u-s-foreclosure-market-report/

* Mortgage Interest Rates Fall to Lowest Level in Nearly Three Years. Mortgage interest rates continued their downward trend in the last week, falling again to the lowest level of the year and the lowest level in nearly three years, Freddie Mac’s latest Primary Mortgage Market Survey showed. This marks the second week in a row that mortgage rates dipped to a new yearly low. Last week, Freddie Mac’s report showed that the 30-year mortgage rate fell 12 basis points to 3.59%, which was the lowest since February 2015. But rates went even lower in the last week, with the average interest rate for a 30-year fixed-rate mortgage falling by one basis point to 3.58%. This week’s new low of 3.58% is the lowest level that interest rates have reached since May 2014. “Demand for treasuries remained high this week, driving yields to their lowest point since February,” Freddie Mac’s chief economist, Sean Becketti said.
Full Story…  http://www.housingwire.com/articles/36794-mortgage-interest-rates-fall-to-lowest-level-in-nearly-three-years?eid=322520585&bid=1373483
Have a productive week!
Jason

 

Spring Home Staging Tips to Sell your Home

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Spring brings the promise of a fresh start. It provides many opportunities for home staging and is a time when many buyers hone in on a home. Make your home attractive to buyers with these spring staging tips.

Fresh flowers for vibrant color

Flowers are an integral part of spring and should be added both indoors and outdoors. Freshly-cut flowers in reflective glass vases add an instant spring feeling to a home. Botanical prints and colors in yellow or light-green shades also give rooms a spring-like feel. Create bright flowerbeds to brighten landscapes and add curb appeal. Display floral paintings and décor to help spruce up properties for the season.

Natural scents

Scents have a great emotional impact on people, so it is important to integrate them into the home. Choose fragrances that evoke fresh and clean energy with aromatherapy diffusers, natural potpourri or candles. Citrus (orange, lemon, grapefruit), vanilla, lavender, and freshly-cut lilac flowers are good choices. Stay away from strong synthetic smells that might bother those with chemical sensitivities.

Cleaning is essential

Every inch of the home should tell buyers that it is in tip-top shape. Windows should be thoroughly cleaned, cobwebs removed, and musty odors banished. Declutter (inside and outside) to make the property airy, light, and spacious. Avoid putting junk into closets, as prospective buyers will think the property doesn’t have enough storage.

Spruce up the back door

The back door should be as beautiful as the front to give potential buyers the same cheerful feeling they got when they first entered the home. Containers of potted bulbs on the back steps, deck table, or grassy areas near the house can be used to add color to spaces that have not fully grown in. Display a spring-themed welcome sign or door mat for a cheery touch.

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This Week in Real Estate: April 11, 2016

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This Week in Real Estate interest rates hit a new low in 2016, which fuels continued momentum as we begin the second quarter. Below are a few highlights from the first week of April that influence our business:

* Mortgage Rates at New 2016 Lows. On Thursday Freddie Mac released the results of its Primary Mortgage Market Survey, showing mortgage rates declining from the previous week and reaching their lowest level since February of last year. “Mortgage rates this week registered the delayed impact of last week’s sharp drop in Treasury yields as the 30-year mortgage rate fell 12 basis points to 3.59 percent. This rate marks a new low for 2016 and matches last year’s low in February 2015. Low mortgage rates and a positive employment outlook should support a strong housing market in the second quarter of 2016,” said Sean Becketti, chief economist for Freddie Mac.
Full Story… http://freddiemac.mwnewsroom.com/press-releases/mortgage-rates-at-new-2016-lows-otcqb-fmcc-1252731?feed=429e0be3-9aef-4a3a-9775-43f8e470d510

* CoreLogic: Home Prices Nationwide Continue to Rise. Home prices nationwide, including distressed sales, increased year over year by 6.8% in February 2016 compared to February 2015 and increased month over month by 1.1% in February compared with January 2016, according to the most recent report from housing data services provider, CoreLogic. “Fixed-rate mortgage rates dropped more than one-quarter of a percentage point in the first three months of 2016, and job creation averaged 209,000 over the same period,” said Dr. Frank Nothaft, chief economist for CoreLogic. “These economic forces will sustain home purchases during the spring and support the 5.2% home price appreciation CoreLogic has projected for the next year,” added Nothaft. According to the report, two states topped the list for the biggest yearly price gains in February. Washington exceeded with 12.4% and Colorado at 10.5%. Not far behind are Oregon, at 9.3% and Nevada, at 8.6%. All are much stronger price gains than the national average of 6.8%.
Full Story… http://www.housingwire.com/articles/36699-corelogic-home-prices-nationwide-continue-to-rise?eid=322520585&bid=1360359

* Federal Open Market Committee March Meeting – Expect an April Freeze. PThe minutes from the March meeting of the Federal Reserve’s monetary policy setting committee, the Federal Open Market Committee (FOMC), provide details of the deliberations regarding assessments of the current state of the economy and the anticipated pace of future increases to the target range for federal funds rate. April is off the table, the funds rate will be frozen at the December level until at lease the June meeting. Early indications are that US economic conditions have largely recovered from the sharp asset price movements in the opening weeks of 2016, but the committee decided it would be prudent to wait for additional information to confirm this view. This caution was a decisive factor in the decision not to raise the funds rate at the March meeting. If economic growth, the labor market and inflation sustain recent gains in the interim months, the June FOMC meeting is a strong possibility for the next increase.
Full Story… http://eyeonhousing.org/2016/04/federal-open-market-committee-march-meeting-expect-an-april-freeze/
Have a productive week!
Jason

 

This Week in Real Estate: April 4, 2016

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As the first quarter came to a close news This Week in Real Estate was very favorable regarding the second quarter spring selling season. Pending home sales reach a 7-month high and the Bureau of Labor released a better than expected “Jobs Report,” especially in the construction sector. Below are a few highlights from the final week of March that influence our business:

* Pending Home Sales Reach Highest Level in 7 Months. Pending home sales rose solidly in February to their highest level in seven months and remain higher than a year ago, according to the National Association of Realtors. Led by a sizable increase in the Midwest, all major regions except for the Northeast saw an increase in contract activity in February. The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 3.5 percent to 109.1 in February from a downwardly revised 105.4 in January and is now 0.7 percent above February 2015 (108.3). Lawrence Yun, NAR chief economist, says pending sales made promising strides in February, rising to the highest index reading since last July.
Full Story… http://www.realtor.org/news-releases/2016/03/pending-home-sales-move-forward-in-february

* Freddie Mac: 2016 Will Be Housing’s Best Year in a Decade. Freddie Mac predicts total home sales, housing starts and house prices will continue to rise this year, reaching their highest point since 2006, according to its March Outlook that was released Thursday. Freddie Mac does not expect inventory and affordability challenges from keeping the market from reaching its highest level. It also expects the 30-year mortgage to remain below 4% throughout the home buying season, until the second half of the year. “Housing markets are poised for their best year in a decade,” Freddie Mac Chief Economist Sean Becketti said. “Low mortgage rates, robust job growth and a gradual increase in housing supply will help drive housing markets forward. Low levels of inventory for-sale and for-rent and declining housing affordability will be major challenges, but on balance the nation’s housing markets should sustain their momentum from 2015 into 2016 and 2017,” Becketti said.
Full Story… http://www.housingwire.com/articles/36661-freddie-mac-2016-will-be-housings-best-year-in-a-decade?eid=322520585&bid=1356365

* Jobs Report Beats Expectations. March was another strong month for the US labor market, as jobs and wage growth increased more than expected. There were 215,000 additional nonfarm payrolls, according to the Bureau of Labor. Job gains were strong in retail, construction, and healthcare. The active portion of the US economy’s labor force grew for a fourth straight month, as the rate rose to 63% in March from 62.9%. An abundance of job openings is drawing people into the labor force at a near-record rate. The job report posted that construction employment rose by 37,000 in March, with job gains occurring among residential specialty trade contractors (+12,000) and in heavy and civil engineering construction (+11,000). Over the year, construction has added 301,000 jobs.
Full Story… http://www.businessinsider.com/us-jobs-report-march-2016-2016-4
Have a productive week!
Jason