Anything industry related for This Week in Real Estate was insignificant given the terrorist attacks and loss of life in Belgium. Our heartfelt condolences to all those impacted. Below are a few highlights from the fourth week of March that influence our business:
* West Pushes up Sales of New Homes in February. New U.S. homebuyers in the West accounted for all of February’s increase in sales of new houses. The Commerce Department said Wednesday that new-home sales rose 2% last month to a seasonally adjusted annual rate of 512,000. All of the increase came from 38.5% surge in purchases in the West. That National Association of Home Builders/Wells Fargo builder sentiment index released Tuesday stayed at 58 in March for the second straight month. Readings above 50 indicate more builders view sales conditions as good rather than poor. The index had been in the low 60s for eight months until February. Builders’ view of current sales conditions held steady, while a measure of traffic by prospective buyers increased.
Full Story… http://www.usatoday.com/story/money/markets/2016/03/23/west-pushes-up-sales-new-homes-february/82167524/
* Cash Sales for 2015 Lowest Since 2008. ElA look back into 2015 shows that cash sales during the year hit their lowest point since 2008, according to a report by CoreLogic. National cash sales totaled 33.4% of December’s home sales, and a 33.9% of total annual sales, according to the report. Cash sales were down 3.3% year-over-year in December, and 2.8% monthly. The larger-than-normal decrease in December shows the elevated share reported for November, which was attributed to the new federal mortgage rules, was temporary. Before the housing crisis, cash sales averaged 25% of total sales. Cash sales peaked in 2011 when they hit 46.6%. If cash sales continue to fall at the same rate they did in December 2015, the rate would be back to pre-crisis levels by the middle of 2017.
Full Story… http://www.housingwire.com/articles/36598-cash-sales-for-2015-lowest-since-2008?eid=322520585&bid=1350166
* Mortgage Delinquencies Lowest Since 2007. The mortgage delinquency rate hit its lowest level since April 2007 as it fully recovers from January’s 6.6%, according to the latest report from Black Knight Financial Services. According to Black Knight’s “First Look” at February’s data, the delinquency rate went down 13% month-over-month and down nearly 16% year-over-year. Foreclosure sales saw a decrease at 14% month-to-month and a 15% increase year-over-year. For the first time in eight years, the total non-current inventory fell below 3 million, the pre-sale inventory rate went down 0.64% month-to-month and decreased to 25% year-over-year.
Full Story… http://www.housingwire.com/articles/36578-black-knight-mortgage-delinquencies-lowest-since-2007?eid=322520585&bid=1348616
Have a productive week!