Home prices are now just 0.1% below the all-time highs set in 2006 according to Case-Shiller data released This Week in Real Estate. Below are a few highlights from the final week of October that influence our business:
* Pending Home Sales Edge Up in September. Boosted by increases in the West and South, the Pending Home Sales Index increased 1.5% in September, and climbed 2.4% higher than the same month last year. The Pending Home Sales Index (PHSI), a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR), increased to 110.0 in September from a downwardly revised 108.4 in August. The PHSI increased 4.7% in the West and 1.9% in the South, but decreased 0.2% in the Midwest and 1.6% in the Northeast. Year-over-year, the PHSI was up 7.7% in the Northeast, 4.0% in the West and 1.7% in the South, while falling 1.0% in the Midwest. The PHSI has increased year-over-year for 22 of the past 25 months, so the September increase suggests that the upward trend in existing sales will continue.
Full Story… http://www.realtor.org/news-releases/2016/10/pending-home-sales-edge-up-in-september
* Case-Shiller: Rising House Prices Just Below Record Highs. Home prices are continuing to rise; now mere basis points below the all-time highs for prices, set in 2006. According to the latest data released Tuesday by S&P Dow Jones Indices and CoreLogic, the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, reported a 5.3% annual gain in August, up from 5.0% in July. Per the report, the Index is currently at 184.42, which is within 0.1% of its record high of 184.62, set in July 2006. The increase in August represents the 52nd consecutive month of positive gains. The report states the Portland, Seattle and Denver turned in the highest year-over-year gains among the 20 cities for the seventh consecutive month, with year-over-year increases of 11.7%, 11.4% and 8.8%, respectively.
Full Story… http://www.housingwire.com/articles/38364-case-shiller-rising-house-prices-just-below-record-highs?eid=322520585&bid=1568560
* Homeowners Facing Foreclosure Hit 9-Year Low. According to new data released Tuesday morning by Black Knight, the rate of loans in active foreclosure is lower right now than at any point in the last nine years. Black Knight’s “First Look” at the September mortgage data shows that only 1% of the total number of mortgages in the U.S. are currently in active foreclosure, which is 3.38% lower than the previous month, 31.23% lower than the same time period last year, and represents a nine-year low. Black Knight’s report also showed that there were 61,700 foreclosure starts in the month of September, which represents a 10.32% decrease from the previous month and a 22.78% decrease from the same time period in the previous year. Overall, the total loan delinquency rate, which represents loans that are 30 or more days past due, but not in foreclosure, is at 4.27% of all loans. That represents a slight increase of 0.74% from the previous month, but a 12.24% decrease from 2015’s total. Black Knight’s report also showed that September saw the third highest prepayment rate in three years.
Full Story… http://www.housingwire.com/articles/38361-loans-in-foreclosure-fall-to-9-year-low?eid=322520585&bid=1567351
Have a productive week,