Ryan Magee

2012 is being called a successful 12 months overall. The U.S housing market has picked up speed while financial institutes grow and businesses thrive. According to the National Association of Realtors, pending home sales have grown 3 months in a row and are now at their highest level in over 2 1/2 years. Experts are expecting the housing markets to continue to grow as we go into 2013. More here

According to the National Association of Realtors, U.S. sales of previously occupied homes increased 5.9%  last month, jumping 4.76 million from October. November now holds the highest level of previously occupied home sales in three years. Sales have grown  considerably in the past year, increasing 14.5%. The National Association of Realtors suggested that with home prices on the rise, low home-loan rates and new job growth, previously occupied home sales are on track for their most successful year  in nearly five years. More here

Parameters established by the National Association of Home Builders/First American Improving Markets Index (IMI) states the housing market is considered to be improving. Many metropolitan areas are being restored, and the improved housing market in metros have increased to an overall amount of 201 in December. The (IMI) also shows states obtaining at least one metropolitan city have also shown signs of growth since November. For approximately 6 months, imperative measures of housing and economic growth have been holding steady in many metropolitan cities. More here

According to recent data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey, mortgage applications increased by 4.5% from the previous week. Also, the refinance share of mortgage activity grew to 83% opposed to last week’s 81%. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of $417,500 or less, dropped to 3.52%, consistent with history’s lowest rate on the (MBA) Weekly Mortgage Applications Survey. The average contract interest rate for 30-year fixed-rate mortgages with loan balances greater than $417,500 rose to 3.79%, while the average contract interest rates for 30 and 15 year fixed-rate mortgages decreased to the lowest rate of the survey’s history. More here

The National Association of Realtors’ Pending Home Sales Index is an indicator of future existing home sales based on contract signings, not closings. In October, the index rose 5.2 percent from September’s upwardly revised reading. That puts contract signings 13.2 percent above last year’s level and marks 18 consecutive months of year-over-year improvement. It also brings the index to its highest level since 2007. Lawrence Yun, NAR’s chief economist, said affordability conditions have been favorable for some time but the current spike in activity is likely due to steady job creation and consumers’ increasing confidence in home buying now that prices have begun to rise. October’s totals were boosted by a 15.6 percent spike in the Midwest. Pending sales were down slightly in the Northeast and West, while increasing 5.5 percent in the South. More here and here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, the seasonally adjusted Purchase Index rose 3.0 percent last week after an adjustment for the Thanksgiving holiday. Despite the increase, the Market Composite Index, which measures both refinance and purchase loan volume, was relatively flat, falling 0.9 percent due to a 2.0 percent drop in the Refinance Index. Average mortgage rates were virtually unchanged. The average interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.53 percent from 3.54 percent the week before. The refinance share of total mortgage activity also held steady from the previous week at 81 percent of total applications. More here and here.

The National Association of Home Builders Housing Market Index measures builder confidence in the market for newly built, single-family homes on a scale where any number below 50 indicates that more builders view conditions as poor than good. In November, the index rose five points to 46. It was the seventh consecutive monthly gain and a significant improvement over last year’s reading of 19. Builder confidence is now at its highest level since May 2006. Barry Rutenberg, NAHB’s chairman, said builders are reporting increasing demand for new homes as inventories of foreclosed and distressed properties begin to shrink across the country. Components measuring current sales conditions and expectations for the next six months both experienced gains, as did all four regions of the country. More here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage application volume dipped last week despite an adjustment for the Veteran’s Day holiday. The Market Composite Index, which measures total mortgage application volume, fell 2.2 percent due to a 3.0 percent decrease in the Refinance Index. The seasonally adjusted Purchase Index, however, experienced a 3.0 percent increase from the week before. Mortgage rates were up slightly, with the average contract interest rate for 30-year fixed-rate mortgages rising from 3.52 percent to 3.54 percent. The refinance share of all mortgage activity remained unchanged from the previous week at 81 percent. More here and here.

According to the National Association of Realtors, sales of existing homes increased 2.1 percent in October. The improvement put sales 10.9 percent above where they were a year ago. Lawrence Yun, NAR’s chief economist, said home sales continue to trend upward and, due to limited inventory and increasing demand, prices are also on the rise. The national median existing-home price was $178,000 in October, which is 11.1 percent above last year’s level. The price improvement marks eight straight months of year-over-year increases. Also, total housing inventory at the end of the month was down 1.4 percent. At the current sales pace, there is only a 5.4-month supply of available homes for sale, that is the lowest level since February 2006. More here and here.

According to the Mortgage Bankers Association’s Weekly Applications Survey, total mortgage loan application volume rose 12.6 percent last week, following the previous week’s decline. Michael Fratantoni, MBA’s vice president of research and economics, said the East Coast suffered large decreases following the effects of the hurricane but rebounded strongly last week. The Refinance Index was up 13 percent over the previous week and the seasonally adjusted Purchase Index increased 11 percent. Also, average mortgage rates reached a new survey low. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances fell to 3.52 percent from 3.61 percent the week before. The refinance share of total mortgage activity rose to 81 percent. More here and here.