The Pacific Northwest continues to realize the greatest year-over-year appreciation led by Seattle who has experienced the highest year-over-year gains for the last ten months and mortgage rates had a repeat performance This Week in Real Estate hitting their second-consecutive 2017 low. Below are a few highlights from the last week of August that influence our business:
* Case-Shiller National Home Price Index Rises Again to All-Time High. Home prices reached an all new high across the U.S. in June, according to the latest index released from S&P Dow Jones and CoreLogic. Nationally, home prices increased 5.8% from June 2016, up from May’s gain of 5.7%, to hit 192.6, an all new high. Seattle, Portland and Dallas reported the highest increases in June out of the nation’s top 20 cities with increases of 13.4%, 8.2% and 7.7% respectively. Seattle prices are rising 5.2 percentage points faster than Portland, the city with the next highest increase. Seattle has seen the highest year-over-year percentage gains for the last ten months.
* Freddie Mac: Mortgage Rates Hit Second-Consecutive 2017 Low. Mortgage rates hit an all-new 2017 low for the second-consecutive week, according to Freddie Mac’s weekly Primary Mortgage Market Survey. “The 10-year Treasury yield fell to a new 2017-low on Tuesday,” Freddie Mac Chief Economist Sean Becketti said. “In response, the 30-year mortgage rate dropped four basis points to 3.82%, reaching a new year-to-date low for the second consecutive week. However, recent releases of positive economic data could halt the downward trend of mortgage rates,” Becketti said.
Full Story… https://www.housingwire.com/articles/41161-freddie-mac-mortgage-rates-hit-second-consecutive-2017-low?eid=322520585&bid=1854328
* Number of Equity Rich U.S. Properties Increases to 14 Million in Q2 2017 – 1 in 4 U.S. Properties With a Mortgage. ATTOM Data Solutions’ Q2 2017 U.S. Home Equity & Underwater Report shows that at the end of the second quarter of 2017 there were more than 14 million (14,038,372) U.S. properties that were equity rich – where the combined loan amount secured by the property was 50 percent or less of the estimated market value of the property – up by nearly 320,000 properties from the previous quarter and up by more than 1.6 million properties from a year ago. The 14 million equity rich U.S. properties represented 24.6 percent of all U.S. properties with a mortgage, up from 24.3 percent in the previous quarter and up from 22.1 percent in Q2 2016. “An increasing number of U.S. homeowners are amassing impressive stockpiles of home equity wealth, enjoying the benefits of rapidly rising home prices while staying conservative when it comes to cashing out on their equity – homeowners are staying in their homes nearly twice as long before selling as they were prior to the Great Recession, and the volume of home equity lines of credit are running about one-third of the level they were at during the last housing boom,” said Daren Blomquist, senior vice president at ATTOM Data Solutions. States with the highest share of equity rich properties at the end of Q2 2017 were Hawaii (38.3%), California (36.6%), New York (34.2%), Vermont (33.5%) and Oregon (32.2%). Among 91 metropolitan statistical areas with a population of 500,000 or more, those with the highest share of equity rich properties were San Jose, CA (52%), San Francisco, CA (47%), Los Angeles, CA (40%), Honolulu, Hawaii (40%) and Portland, OR (35%).
Have a productive week!