It’s been over six years since house prices hit their trough and the housing market bottomed out. Since then, house prices have recovered nationally and reached historic highs. The price recovery has most recently been driven by a supply shortage. The availability of homes for sale is running near historic lows because single-family housing...
Mark Fleming
Recent Posts
In November, the Loan Application Defect Index for purchase transactions continued its string of month-over-month increases, rising for the third month in a row. Yet, year over year, the Defect Index for purchase transactions remains 7.7 percent below its level in November 2017. The Defect Index for refinance transactions also increased 2.8...
Topics: Loan Application Defect Index, Fraud
For the second consecutive month, all three key drivers of the Real House Price Index (RHPI), household income, mortgage rates, and the unadjusted house price index, increased compared with a year ago. The 30-year, fixed-rate mortgage and the unadjusted house price index increased by 0.9 percentage points and 7.3 percent respectively. Even...
Topics: Real House Price Index, Affordability, Insider, Interest Rates
Yesterday, the Census Bureau released its Residential Construction report for November. Housing completions decreased 3.9 percent compared with last November and continue to fall short of the number of new housing units necessary to keep pace with household formation. Housing starts also decreased 3.6 percent in November compared with a year...
Topics: Housing, homeownership, housing starts, Insider
In November, the housing market underperformed its potential by 7.4 percent, marking 40 straight months the market remained below its potential, according to our Potential Homes Sales Model. Month over month, the gap between actual existing-home sales and the market potential for home sales narrowed by 1.2 percent, but the housing market still...
Topics: Potential Home Sales, Interest Rates, homeownership, Federal Reserve, Insider
Last week, the yield curve inverted, meaning the yield on short-run Treasury bonds exceeded the yield on long-run Treasury bonds, which prompted increased speculation that a recession may be on the horizon. The speculation is rooted in the historical correlation between yield curve inversions and recessions, which have occasionally followed one...
Topics: Housing, Affordability
