While the most significant headline This Week in Real Estate was the Pending Home Sales Index decrease in June the favorable news is the PHSI has experienced healthy year-over-year appreciation. Below are a few of the highlights from the final week in July that influence our business:
* Pending Sales – Another Bump in the Ride Up. The Pending Home Sales Index declined in June after reaching the highest level in over nine years in May. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by NAR, decreased 1.8% in June, but is up 8.2% from the same month a year ago, and has increased year-over-year, and has increased year-over-year for ten consecutive months. Year-over-year, the PHSI was up 12.0% in the Northeast, 10.4% in the West, 7.8% in the South and 5.0% in the Midwest. The earlier string of positive pending sales releases in 2015 was consistent with a strong report last week as existing sales reached a pre-recession level. The June PHSI is a small bump in the road, and follows last week’s similar decline in new home sales. However, the longer view suggests continued good news for the existing sales market and for builders in 2015. Full story… http://eyeonhousing.org/2015/07/pending-sales-another-bump-in-the-ride-up/
* Fannie Mae: Mortgage Serious Delinquency Rate Declined in June, Lowest Since August 2008. Fannie Mae reported Friday that the single-family serious delinquency rate declined in June to 1.66% from 1.70% in May. The serious delinquency rate is down from 2.05% in June 2014, and this is the lowest level since August 2008. The Fannie Mae serious delinquency rate peaked in February 2010 at 5.59%. Mortgage loans that are three monthly payments or more past due or in foreclosure are considered seriously delinquent. Full story… http://www.calculatedriskblog.com/2015/07/fannie-mae-mortgage-serious-delinquency.html
* Freddie Mac: Mortgage Serious Delinquency Rate Declined in June, Lowest Since November 2008. Freddie Mac reported that the single-family serious delinquency rate declined in June to 1.53%, down from 1.58% in May. Freddie’s rate is down from 2.07% in June 2014, and the rate in June was the lowest level since November 2008. Freddie’s serious delinquency rate peaked in February 2010 at 4.20%. Full Story… http://www.calculatedriskblog.com/2015/07/freddie-mac-mortgage-serious.html
Have a productive week!