For a housing market in need of more new homes going up for sale, relief may be on the way as a new report shows that construction of new single-family homes is still on track to see a sizable increase over last year.
Existing home sales are on a bit of a rollercoaster right now, having fallen for four straight months, climbed in June and July, then retreating in August. And now, existing home sales are on the way back up.
Earlier this year, Fannie Mae and Freddie Mac announced new refinance programs targeted at lower-income borrowers who previously may not have been able to refinance their mortgage to decrease their monthly payment. Aiming to allow more people to take advantage of the current market’s lower interest rates, the companies will soon be expanding these programs.
Those seeking a mortgage found it was a little easier to get in September than it was in August, as newly released data showed that mortgage credit availability increased in September. That marks the third straight month that it's gotten easier to get a mortgage.
For most of the year, the mortgage market has been much more focused on purchase lending than refinances. That changed in August when the refinance share of the mortgage market back climbed above 50% for the first time since February. That shift appears to have been short-lived.
For the last several months, some of the hottest housing markets in the country have been in Idaho. That trend looks set to continue for the next year.
Last month, it appeared that housing market conditions were improving slightly, giving homebuyers some optimism about their prospects for securing their dream home. It looks like that positivity didn't last.
A recent report from Realtor.com showed that the best time to buy a house is between September 12 and October 17. Now, more evidence is emerging that the fall and winter are the times when buyers can get the best deal for a home.
The housing market in California over the summer was arguably hotter than it's ever been, with homes flying off the market at record prices. And it looks like things aren’t going to cool off for the rest of this year.
It appears that new home sales have fully shaken off the period of declines that saw sales drop in April, May, and June. That streak ended in July when new home sales held steady. And things got even better in August.