The HomeArea.com Real Estate Market Monitor
Key Metrics and News for the Housing Industry in One Place

Market Indexes for April 2019

House Price Index

+5.23% YoY

At 274.69 (+0.38% MoM)
Historical

List Price

+6.93% YoY

At $310,000 (+3.33% MoM)
Historical

List Price Per Sqft

+6.38% YoY

At $150 (+0.67% MoM)
Historical

30yr-Fixed Mortgage

-5.86% YoY

At 4.50% (-4.05% MoM)
Historical

Active Listings

+4.44% YoY

At 1,415,510 (+4.88% MoM)
Historical

New Listings

+2.69% YoY

At 540,856 (+13.21% MoM)
Historical

Days on Market

-1.69% YoY

At 58 (-10.77% MoM)
Historical

New Construction

-2.30% YoY

At 118,700 (+12.30% MoM)
Historical

Headlines

MoxiWorks hires two new directors of business development

Jul 16, 2019 via housingwire.com Real estate technology company MoxiWorks has taken on two new recruits with extensive backgrounds in the mortgage and housing industry. Kirsten "Kiki" Wanshura and Heather Glass are the two new directors of business development at MoxiWorks.

Former Freddie Mac CEO says GSEs should be regulated like utilities

Jul 16, 2019 via housingwire.com Two weeks into his new gig as a senior fellow at Harvard University's Joint Center for Housing Studies, Donald Layton, who was the CEO of Freddie Mac until the end of June, is speaking out - in favor of utility-style regulation of the GSEs. He also states the mortgage giants were "lazy competitors" before the 2008 government seizure.

Quarter of homeowners can't define a HELOC

Jul 16, 2019 via housingwire.com Nearly half of homeowners say they have plans to renovate their home in the next two years, and a third of those intend to drop $50,000 to do it. This is according to a recent survey from TD Bank, which highlights a major opportunity for lenders: A sizable number of homeowners can't define a HELOC.

Quicken Loans logs best quarter in company history

Jul 16, 2019 via housingwire.com The mortgage business has been a bit rocky in recent years, but that doesn't appear to be holding back Quicken Loans. The Detroit-based lender logged its best quarter ever, raking in $32 billion in mortgage originations in the second quarter of 2019 - the most in its 34-year history.

LenderClose adds to sales, software development team

Jul 16, 2019 via housingwire.com Iowa-based fintech startup LenderClose is expanding its team yet again, announcing three new hires Tuesday. Joining the team are sales reps Troy Allen and Kathy Bell, and software developer Caleb Salt, who bring LenderClose's total number of new hires so far in 2019 to 15.

Homebuilder sentiment ticks up slightly, as housing shortage intensifies

Jul 16, 2019 via cnbc.com Builder confidence for single-family homes rose just one point to 65 in July, according to the National Association of Home Builders/Wells Fargo Housing Market Index (HMI).

Fed interest rate cuts to usher in new era for home buyers

Jul 16, 2019 via themortgagereports.com Home prices are high but there's hope for home buyers. Falling rates should make homeownership more affordable as the Fed seeks to cut rates in 2019.

First-time homebuyers are having a hard time; here's what they struggle with

Jul 16, 2019 via themortgagereports.com Housing might be looking up, but that doesn't mean today's homebuyers have it easy -- especially not first-timers. In fact, according to new data, more than half of first-time homebuyers have been searching for six months or more to find that dream house.

Realogy slapped with class-action suit for securities fraud

Jul 15, 2019 via housingwire.com For nearly six months, the ongoing debate over buyer broker compensation has loomed large over the real estate industry, with two lawsuits taking the practice to task. Now, a third lawsuit has been filed that touches on the issue. This time, it's a class-action suit against Realogy alleging that investors purchased securities at inflated prices because of the brokerage's failure to disclose "anticompetitive" behavior.

Rental prices hit a median of $1,465 in June

Jul 15, 2019 via housingwire.com As rent prices continued to climb in June, RentCafe indicates that the nation's mid-year average rent spiked $37 from the previous year. According to the company's Mid-Year Rent Report, the national average rent in June totaled $1,465. Not only is this a 0.8% increase from the previous month, but it is also 2.6% higher than the same period in 2018.

Hispanic buyers are boosting the housing market

Jul 15, 2019 via housingwire.com The homeownership rate for Hispanics has jumped in recent years, a fact that could buoy the housing market for years, according to a recent Wall Street Journal article. Just three years ago, the homeownership rate for this group had fallen to a 50-year low. But now, recent Census data shows that it has risen 3.3% since then, surpassing the overall homeownership growth rate of 1.3%.

Kanye West investing in Star Wars-themed low-income housing

Jul 15, 2019 via housingwire.com Now that he's got the sneaker market thoroughly cornered, Kanye West is apparently moving on to his next project: affordable housing. A recent profile of the rapper-turned-designer revealed that West is working on designing prefabricated, low-income housing with a Star War's aesthetic, shopping

Mortgage Tech Rundown: Optimal Blue, FundingShield, Finastra and more

Jul 15, 2019 via housingwire.com This week's mortgage tech rundown highlights the latest news in mortgage technology, featuring product updates, integrations and announcements.

Who are the HousingWire Tech Trendsetters?

Jul 15, 2019 via housingwire.com Who are the HousingWire Tech Trendsetters? Actually, that has yet to be decided. The 2019 Tech Trendsetter award is HousingWire's brand new awards program, and we're waiting on you to help shape the list of the first Tech Trendsetter award winners.

Homeowners have big renovations this year -- but paying for them? That's another story

Jul 15, 2019 via themortgagereports.com Nearly one in two homeowners is planning to renovate in the next two years. Though HELOCs offer a good source of funding for these projects, according to a new survey, many homeowners don't even know what these financial products are.

Guaranteed Rate appoints new chief financial officer

Jul 12, 2019 via housingwire.com In a move to increase its revenue growth, retail mortgage lender Guaranteed Rate recently hired Suk Shah as the company's new chief financial officer. In his new role as CFO, Shah will be responsible for overseeing Guaranteed Rate's profitability and efficiently, all while supporting the company's growth efforts.

Bidding wars are heating up. Here's how to win your dream home

Jul 12, 2019 via cnbc.com The dull days of summer may be over sooner than expected in the nation's housing market. The supply of homes for sale, which had been increasing earlier this year, could turn lower again soon, and that will likely mean the return of bidding wars.

Expert: Digital mortgages could lead to higher paying positions

Jul 12, 2019 via housingwire.com The digital mortgage continues to evolve, but what is the end goal? Will it eliminate human intervention completely? One expert says it won't. In fact, it might create higher-paying jobs.

It's easier to get a mortgage than you think

Jul 12, 2019 via themortgagereports.com Renters stay renters often because they overestimate the difficulty of qualifying for a mortgage. Many are surprised that they can buy a home immediately.

VA loan limits to be lifted in 2020

Jul 11, 2019 via housingwire.com Last month, President Donald Trump signed a bill into law that allows the Department of Veterans Affairs to back loans that exceed the conforming loan limit, enabling VA homebuyers to borrow above the $484,350 limit set for most counties, without any down payment. A VA spokesperson clarified the rule and outlined other changes that will go into effect as a result of the bill.

Who buys a vacation home?

Jul 11, 2019 via housingwire.com You might think people who buy vacation homes are older, high-net-worth individuals, but a recent survey from Vacasa proves this is not necessarily the case. In fact, a number of older Millennials and young Gen Xers are looking to buy vacations homes, drawn to their investment potential, with one quarter of prospective buyers in their 20s and 30s.

Fannie Mae, Freddie Mac are building non-LIBOR ARM mortgages

Jul 11, 2019 via housingwire.com Seven years after traders were caught boasting in emails and instant messages about cracking open bottles of champagne to celebrate their ability to manipulate the London Interbank Offer Rate, or LIBOR, the Federal Reserve issued a report with the framework for issuing new ARM mortgages based on a U.S. index.

Manhattan developer Penny Ann Bradley charged with mortgage fraud

Jul 11, 2019 via housingwire.com Manhattan real estate developer Penny Ann Bradley was arrested and charged with mortgage fraud Wednesday, accused of falsifying documents to secure more than $12 million in loans and then using that cash to fund a lavish lifestyle.

Compass, Zillow reach settlement in poaching lawsuits

Jul 11, 2019 via housingwire.com On the same day Compass was slapped with a bombshell lawsuit from rival Realogy accusing it of unfair business practices and illegal scheming, the real estate heavyweight settled a pair of lawsuits with another competitor, Zillow Group. The two companies came to an agreement in federal court Wednesday that dismissed two suits accusing Compass of poaching Zillow employees for its Seattle tech hub.

Fed's Powell says US homebuilders hit by 'a perfect storm' of Trump's immigration policy, tariffs

Jul 11, 2019 via cnbc.com Powell says homebuilders are suffering from a labor shortage and material costs, aggravated by the Trump administration's policies.

Calyx appoints new national sales consultant

Jul 11, 2019 via housingwire.com Calyx recently appointed Robert Shumake as its new national sales consultant. As such, Shumake will be responsible for developing sales strategies for the company's cloud-based digital loan origination system, Calyx Path. Calyx Director of Marketing Patrice Power said Shumake's extensive experience in the mortgage and technology space means he truly understands customer challenges and how to best address them.

Opendoor and Redfin Partner to Provide More Options to Home Sellers

Jul 11, 2019 via redfin.com Program gives home sellers in Phoenix and Atlanta the ability to request an Opendoor offer through Redfin The post Opendoor and Redfin Partner to Provide More Options to Home Sellers appeared first on Redfin Real-Time.

Opendoor and Redfin Partner to Provide More Options to Home Sellers

Jul 11, 2019 via redfin.com Program gives home sellers in Phoenix and Atlanta the ability to request an Opendoor offer through Redfin

Bidding wars are down, but will the trend continue?

Jul 11, 2019 via themortgagereports.com The number of bidding wars just keeps slipping -- but those days might be numbered. According to new data, just 12 percent of buyers faced a bidding war last month -- marking a 52 percent drop from a year earlier. But will the trend continue? Experts don't expect so.

Realogy suing Compass for unfair business practices, illegal schemes

Jul 10, 2019 via housingwire.com Realogy Holdings, the nation's largest real estate brokerage, filed a bombshell lawsuit Wednesday against its Soft Bank-backed rival, Compass, accusing it of unfair business practices and illegal schemes. The complaint alleges that Compass' business model is founded on "misappropriating, by whatever means necessary, the assets, confidential business information, trade secrets, contracts, talent, and strategies of its competitors."

Fed Chairman Powell tells Congress he would ignore Trump if fired

Jul 10, 2019 via housingwire.com Federal Reserve Chairman Jerome Powell told Congress on Wednesday that he wouldn't leave his post as the nation's top central banker even if President Donald Trump fired him. Any whiff of instability at the top of the nation's banking system could cause rates to rise as mortgage-bond investors seek additional compensation for perceived risk.

This is how long it takes to close a mortgage now

Jul 10, 2019 via housingwire.com A recent survey highlighted homebuyers' frustrations, revealing that nearly half felt it takes too long to get a mortgage. But according to a new study from LendingTree, things are trending in the right direction, as the average closing time has fallen by a sizable 34 days in the last two years. This is how long it takes to close a purchase loan and a refinance right now.

New bill slashes FHA mortgage insurance for first-time homebuyers

Jul 10, 2019 via housingwire.com The House passed a bill Tuesday that slashes the cost of upfront mortgage insurance for first-time homebuyers using mortgages backed by the FHA. The bill stipulates that first-time homebuyers who complete a housing counseling program to learn about sustaining homeownership can get a 25-basis-point discount on their upfront mortgage insurance for an FHA loan.

Just 1 in 8 Home-Purchase Offers Submitted by Redfin Agents in June Faced Competition, Down from 1 in 2 a Year Earlier

Jul 10, 2019 via redfin.com The housing market in San Francisco tapped the brakes in June as just 28 percent of offers written by Redfin agents on behalf of their home-buying customers faced a bidding war. The post Just 1 in 8 Home-Purchase Offers Submitted by Redfin Agents in June Faced Competition, Down from 1 in 2 a Year Earlier appeared first on Redfin Real-Time.

Just 1 in 8 Home-Purchase Offers Submitted by Redfin Agents in June Faced Competition, Down from 1 in 2 a Year Earlier

Jul 10, 2019 via redfin.com The housing market in San Francisco tapped the brakes in June as just 28 percent of offers written by Redfin agents on behalf of their home-buying customers faced a bidding war.

Millennial homebuyers: Here are 2019's best cities for Gen Y to buy a home

Jul 10, 2019 via themortgagereports.com Millennials looking to buy a house should head to Ohio. According to a new analysis, that's where three of the nation's 10 best cities for Millennials are located.

Weekly mortgage applications fall 2.4% as consumers shrug off low rates

Jul 10, 2019 via cnbc.com Mortgage demand has been more than muted for the last several weeks, even as rates sit near two-year lows.

Billionaire James Dyson reportedly buys $54 million penthouse in Singapore

Jul 9, 2019 via cnbc.com British technology firm founder James Dyson and his wife have reportedly purchased a luxury penthouse in Singapore for a record S$73.8 million ($54.2 million).

36 Major Metros Where High School Grads Can Afford a Home (Q1 2019 Affordability)

Jul 9, 2019 via zillow.com Despite home values climbing for years, the median home in 36 of the country's 50 largest metro areas is theoretically affordable to households that earn the typical income associated with attaining only a high school diploma. The post 36 Major Metros Where High School Grads Can Afford a Home (Q1 2019 Affordability) appeared first on Zillow Research.

Crawl Space Care: Insulation, Ventilation, Encapsulation, Oh My!

Jul 9, 2019 via redfin.com Crawl spaces are often out of sight and, consequently, out of mind, making them easy to neglect. But don't "space out" on your crawl space! Without proper care, your crawl space is susceptible to moisture, heat loss, pests, and a host of other complications. These common problems can damage your home's foundation, cause sky-high energy […] The post Crawl Space Care: Insulation, Ventilation, Encapsulation, Oh My! appeared first on Redfin Real-Time.

Who is new SEC Commissioner Allison Herren Lee?

Jul 9, 2019 via housingwire.com Allison Herren Lee was sworn into office as commissioner of the Securities and Exchange Commission by President Donald Trump on Monday after her nomination was unanimously backed by the Senate. Here's the scoop on the new head of the nation's far-reaching securities regulator.

The housing market is about to shift in a bad way for buyers

Jul 9, 2019 via cnbc.com Inventory began to grow in the second half of last year, but supply will soon drop yet again, and could hit a new low.

Stearns Lending declares Chapter 11 bankruptcy

Jul 9, 2019 via housingwire.com Just nine months ago, Stearns Lending was very much in growth mode, acquiring an equity interest in Citywide Home Loans, rolling out new loan programs and acquiring other new lending channels. But the tide appears to have turned as Stearns is now facing Chapter 11 bankruptcy. Click the headline for the full story.

Redfin Direct Expands to Northern Virginia

Jul 9, 2019 via redfin.com With Redfin Direct, unrepresented homebuyers can make their offer more competitive by saving the seller thousands of dollars in buyer's agent commission fees. The post Redfin Direct Expands to Northern Virginia appeared first on Redfin Real-Time.

Redfin Direct Expands to Northern Virginia

Jul 9, 2019 via redfin.com With Redfin Direct, unrepresented homebuyers can make their offer more competitive by saving the seller thousands of dollars in buyer's agent commission fees.

Senior sales: Where older homeowners see their house values jump the most

Jul 9, 2019 via themortgagereports.com Consider San Francisco the spot for home-selling seniors. According to a new analysis, the average San Fran homeowner 55 and up sees their house appreciate 311 percent from the time of purchase -- more than any other city in the country.

Rental demand soars as more millennials believe it's cheaper than owning a home

Jul 8, 2019 via cnbc.com Apartment demand in the second quarter of this year spiked 11% from a year ago, pushing rents up an average 3% nationally to $1,390 per month, according to real estate software firm RealPage.

10 Steps to Protect Your Home While on Summer Vacation

Jul 8, 2019 via redfin.com The rate of household property victimization and larceny peak during the hottest months of the year. Here's how to protect your home while you're away. The post 10 Steps to Protect Your Home While on Summer Vacation appeared first on Redfin Real-Time.

10 Steps to Protect Your Home While on Summer Vacation

Jul 8, 2019 via redfin.com The rate of household property victimization and larceny peak during the hottest months of the year. Here's how to protect your home while you're away.

Housing Prices

Monthly House Price Index

A weighted, repeat-sales index which measures average price changes on the same properties for single-family homes whose mortgages go through Fannie Mae or Freddie Mac.

Latest: 274.69 (April 2019), MoM change: +0.38%, YoY change: +5.23%

Source: Federal Housing Finance Agency

List Prices

Median List Price Latest: $310,000 (April 2019), MoM change: +3.33%, YoY change: +6.93%

Average List Price Latest: $515,800 (April 2019), MoM change: +1.34%, YoY change: +4.65%

Source: Realtor.com

Median List Price Per Square Foot

Latest: $150 (April 2019), MoM change: +0.67%, YoY change: +6.38%

Source: Realtor.com

Mortgage Rates

30-Year Fixed-Rate Loans

Only includes single-family, non-jumbo loans. For the past several decades, more than half of consumers choose 30-year, fixed-rate mortgages.

Mortgage Effective Rate Latest: 4.50% (April 2019), MoM change: -4.05%, YoY change: -5.86%

Mortgage Contract Rate Latest: 4.39% (April 2019), MoM change: -4.77%, YoY change: -5.39%

Mortgage Initial Fees Latest: 1.12% (April 2019), MoM change: +5.66%, YoY change: -4.27%

Source: Federal Housing Finance Agency

Listings

Active and New Listings

Active Listings Latest: 1,415,510 (April 2019), MoM change: +4.88%, YoY change: +4.44%

New Listings Latest: 540,856 (April 2019), MoM change: +13.21%, YoY change: +2.69%

Source: Realtor.com

Median Days on Market

Latest: 58 (April 2019), MoM change: -10.77%, YoY change: -1.69%

Source: Realtor.com

Price Changes

Price Decreases Latest: 308,530 (April 2019), MoM change: +14.24%, YoY change: +15.16%

Price Increases Latest: 27,684 (April 2019), MoM change: +0.14%, YoY change: -9.65%

Source: Realtor.com

New Construction

Housing Units Authorized by Building Permits

Only includes new, privately owned housing units in roughly 20,000 permit issuing places in the U.S. According to the Census Bureau, permit issuing places account for 98% of new construction. The data is not seasonally adjusted.

Latest: 124,300 (May 2019), MoM change: +4.72%, YoY change: -2.05%

Source: U.S. Census Bureau

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