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

Market Indexes for August 2018

House Price Index

+6.08% YoY

At 266.04 (+0.26% MoM)
Historical

List Price

+7.27% YoY

At $295,000 (-1.34% MoM)
Historical

List Price Per Sqft

+6.77% YoY

At $142 (-0.70% MoM)
Historical

30yr-Fixed Mortgage

+13.52% YoY

At 4.87% (-0.20% MoM)
Historical

Active Listings

-1.91% YoY

At 1,552,420 (+1.60% MoM)
Historical

New Listings

+0.72% YoY

At 488,426 (-7.08% MoM)
Historical

Days on Market

-7.58% YoY

At 61 (+3.39% MoM)
Historical

New Construction

-4.26% YoY

At 116,900 (+3.45% MoM)
Historical

Headlines

Harvard: The average homeowner keeps getting older, and that's a problem

Nov 13, 2018 via housingwire.com According to a report by the Harvard Joint Center for Housing Studies, the number of households in their 70s, 80s, and 90s is "set to soar," meaning that the housing issues facing this demographic will likely present serious challenges in the years to come.

Amazon's New HQs: What We Know and What We Can Assume

Nov 13, 2018 via zillow.com Amazon has chosen Arlington, Va., and Long Island City, N.Y., to host its next headquarters. Here's what Zillow knows and expects to happen next. The post Amazon's New HQs: What We Know and What We Can Assume appeared first on Zillow Research.

Has inflation reached its peak?

Nov 13, 2018 via housingwire.com A new note from analysts at Capital Economics says that core inflation has already peaked. The analysts posit that because labor costs and dollar appreciation have only grown modestly, core inflation is "unlikely to rise much further."

Citi will move 1,100 workers earlier than planned to make way for Amazon in NYC

Nov 13, 2018 via cnbc.com The banking giant said it would move workers from its office tower in Long Island City to other locations in the first half of next year "to make room for Amazon."

Setting the 2019 budget for your mortgage business?

Nov 13, 2018 via housingwire.com In the midst of significant economic headwinds, lenders are developing their 2019 budgets, and top concerns include increasing production and decreasing turn-times. The prime driver for the next year has to be efficiency, which makes choosing the right technology partner especially important. Lenders using FirstClose are seeing efficiencies in two areas that will be critical for success in the next year: home equity fulfillment process and vendor management.

Amazon brings life to HQ2 housing markets

Nov 13, 2018 via housingwire.com Amazon has selected Long Island City, New York, and Crystal City, Virginia, as the split locations for its HQ2, and data suggest that even as early as last week, the real estate markets in these areas have boomed.

Amazon breathes life into HQ2 housing markets

Nov 13, 2018 via housingwire.com Amazon has selected Long Island City, New York, and Crystal City, Virginia, as the split locations for its HQ2, and data suggest that even as early as last week, the real estate markets in these areas have boomed.

More than 386,000 Homes at Risk of Coastal Flooding by 2050

Nov 13, 2018 via zillow.com By 2050, more than 386,000 existing homes in U.S. coastal areas are likely to be at risk of permanent inundation from sea level rise alone, or of chronic flooding from a combination of sea level rise and tides and storm surges, if greenhouse gas emissions climb unchecked. Moderate emissions cuts, roughly in line with the Paris agreement on climate, could reduce the number to a little more than 348,000, according to a new analysis and maps that pair Zillow's housing data with Climate Central's climate-science expertise. The post More than 386,000 Homes at Risk of Coastal Flooding by 2050 appeared first on Zillow Research.

Fintech Rundown: Factom, LoanLogics and more

Nov 13, 2018 via housingwire.com Another week and more tech integrations! As the industry shifts ever-closer to a truly digital mortgage experience, we present some of the integrations and program selections companies in the mortgage lending space are making.

Hip hop's favorite mansion is for sale. Live the rap mogul life for only $12.9M

Nov 13, 2018 via themortgagereports.com When you're a rap mogul, why not shoot your music videos at this waterfront mansion where the pool is almost an extension of the Miami Skyline? Get ready to see one of rap music's favorite locations.

Single women homebuyers: These are the best housing markets for you

Nov 13, 2018 via themortgagereports.com The Northeast is a great place for single, career-focused women, apparently. According to new data, all of the nation's top three markets for single female homebuyers are in this region.

The most expensive home ever sold at auction comes onto the block

Nov 13, 2018 via cnbc.com Real-estate auctions, once used for foreclosures and distressed sellers, is now moving upmarket. The number of multimillion-dollar homes being sold at auction have nearly doubled over the past year.

Bidding is on for the most expensive home ever to hit the auction block

Nov 13, 2018 via cnbc.com Real estate auctions, once used for foreclosures and distressed sellers, is now moving upmarket. The number of multimillion-dollar homes being sold at auction has nearly doubled in the past year.

Americans are unprepared for home repair costs

Nov 12, 2018 via housingwire.com As affordability concerns continue to haunt homeowners across the country, many are choosing to remain in their homes, prompting a surge in the home renovation market. However, NerdWallet's latest Home Improvement Report discovered that more than 30% of Americans have not set aside funds for these renovations.

Reverse mortgage securities continue decline

Nov 12, 2018 via housingwire.com The latest data on HECM-backed securities shows issuance continued its decline in October, and while HMBS float last month was up slightly to $55.5 billion, most of that can be attributed to highly seasoned collateral and not to new production. This means that it's only a matter of time before HMBS float falls below the $55 billion mark - a vector that indicates less liquidity for investors.

CoStar buying Cozy to turbocharge Apartments.com

Nov 12, 2018 via housingwire.com Apartments.com is already one of the top consumer websites for multifamily real estate, but the website's parent company is not comfortable resting on its laurels. CoStar Group, which owns Apartments.com along with several other prominent online rental platforms, announced recently that it is buying Cozy Services for $68 million and plans to integrate the company's online rental solutions into its websites.

HECM margins stabilize at 2%

Nov 12, 2018 via housingwire.com Margins on adjustable-rate reverse mortgage loans averaged 2% in September, according to HECM analytics provider Baseline. The average margin rate is up slightly from 1.99% in August, indicating that it is remaining relatively stable now that the industry has adapted to reverse mortgage program changes that went into effect in October 2017.

Take the 800 # customer service challenge

Nov 12, 2018 via housingwire.com Go on. Call your subservicer. Are they answering in 60 seconds or less? Or, did they leave you on hold for 10, 20, or even 45 minutes?

Attention, Real Estate Agents: Stop Worrying About Job Disruption and Start Investing NOW

Nov 11, 2018 via biggerpockets.com I'm hoping this is a wake-up call for all the real estate agents out there. It's only a matter of time before technology disrupts the real estate industry. That's why NOW is the time to invest and create multiple income streams. View the full article: Attention, Real Estate Agents: Stop Worrying About Job Disruption and Start Investing NOW on The BiggerPockets Blog. This content is Copyright (C) 2017 BiggerPockets, Inc. All Rights Reserved.

Good deed by homeless veteran leads to $350K

Nov 11, 2018 via themortgagereports.com Military veteran’s good deed doesn’t go unnoticed Kate McClure had no idea how she was going to get gas. Parked off an exit, past midnight she sat in her car. […]

Views of Homes in Crystal City and Long Island City Spike After Amazon HQ2 News Reports

Nov 9, 2018 via redfin.com Potential Investors Are Looking for Homes to Rent to Amazon Employees The post Views of Homes in Crystal City and Long Island City Spike After Amazon HQ2 News Reports appeared first on Redfin Real-Time.

The 'Best House on the Block' Could be Yours!

Nov 9, 2018 via redfin.com A typical 1950s rambler was completely overhauled by designer Lauren Liess for new show, 'Best House on the Block' The post The ‘Best House on the Block’ Could be Yours! appeared first on Redfin Real-Time.

With Markets Shifting, Should You Invest in Real Estate Now--Or Wait to Buy?

Nov 9, 2018 via biggerpockets.com If you want to make the best decision, you have to consider all the facts. Before I make a black or white suggestion, let's take a second to consider several market factors, strategies, and possibilities. There just may be a way to invest now and still be primed to take advantage if the market crashes later. View the full article: With Markets Shifting, Should You Invest in Real Estate Now--Or Wait to Buy? on The BiggerPockets Blog. This content is Copyright (C) 2017 BiggerPockets, Inc. All Rights Reserved.

Homebuilders are facing a make-or-break level, according to charts

Nov 9, 2018 via cnbc.com The homebuilders are getting crushed this year. They now face a make-or-break level, says Todd Gordon, founder of TradingAnalysis.com.

Akron, Richmond and Buffalo Among the Eight Inland Housing Markets that are Heating Up as the Coasts Cool

Nov 9, 2018 via redfin.com While expensive coastal markets on the coasts like Seattle and San Jose are cooling off, with homes lingering on the market longer than this time last year as bidding wars become less common, some smaller, affordable inland metro areas are heating up. Atlanta, Akron, Ohio and Rochester, New York are a few of the metro […] The post Akron, Richmond and Buffalo Among the Eight Inland Housing Markets that are Heating Up as the Coasts Cool appeared first on Redfin Real-Time.

Can't afford college? Want help paying off those student loans? Move to one of these 5 cities

Nov 9, 2018 via themortgagereports.com Having trouble affording that college education or paying off your student loans? Apparently, five American cities will help you do it.

Will Real Estate Agents Be Made Obsolete by 2025?

Nov 9, 2018 via biggerpockets.com Once upon a time, there was no internet. Brokers had exclusive access to listing data. Everything was offline. Things are completely different now. View the full article: Will Real Estate Agents Be Made Obsolete by 2025? on The BiggerPockets Blog. This content is Copyright (C) 2017 BiggerPockets, Inc. All Rights Reserved.

Ready Capital merging with Owens Realty Mortgage

Nov 8, 2018 via housingwire.com Ready Capital, a real estate finance company that originates, acquires, finances and services small- to medium-sized balance commercial loans, including agency multifamily, investor and bridge, is set to grow its lending platform through a merger with Owens Realty Mortgage.

Zillow names new CFO, adds senior director of AI

Nov 8, 2018 via housingwire.com As Zillow grows and expands in the mortgage industry, it has made two notable hires to help the company as it grows, including adding a former VP from Amazon to serve as the company's new CFO.

Manafort was in default on Trump Tower condo when he forfeited it in plea -- now bank wants a piece

Nov 8, 2018 via cnbc.com UBS Bank is asking a federal judge for a hearing to recognize and adjudicate that bank's interest in Paul Manafort's condo in the landmark building owned by President Donald Trump on Fifth Avenue in New York.

This map shows where Sears is closing stores next

Nov 8, 2018 via cnbc.com The 40 Sears and Kmart locations are set to close in February of next year, with liquidation sales starting late next week.

Arc Home expands executive team

Nov 8, 2018 via housingwire.com Arc Home recently announced the appointments of Richard Bradfield, Massimo Monaco and Leith Kaplan to executive leadership positions. Arc Home Director Thomas Durkin said the company is confident they have the right team to execute strategy and growth.

Number of equity-rich properties soars to new high

Nov 8, 2018 via housingwire.com The number of mortgaged properties in the U.S. that are equity-rich has soared to 14.5 million - a new high, according to the latest report from ATTOM Data Solutions. The report shows that 25.7% of all properties with a lien are equity-rich, meaning the homeowner has at least a 50% equity stake.

Homeownership investment company Unison expands reach

Nov 8, 2018 via housingwire.com Unison Home Ownership Investors aims to give homeowners and buyers access to cash for the opportunity to share in their home appreciation. In business for more than a decade, the company has been a pioneer in the homeownership investment category. Now, it's growing into new markets through a new partnership with Goldwater Bank.

Reverse Mortgage Funding: More financial advisors are recommending HECMs

Nov 8, 2018 via housingwire.com The reverse mortgage industry has been working for years to connect with financial advisors to teach them about the valuable role home equity can play in retirement income planning. Now, leading HECM lender Reverse Mortgage Funding says the effort is finally paying off. RMF says it has seen a significant uptick in interest from advisors and its investing sizable resources into helping its originators build this channel of business.

New service promises lead conversion rate above 50%

Nov 8, 2018 via housingwire.com The mortgage and real estate spaces are seeing an influx of new tech which promise to make LOs' and Real Estate Agents' lives a whole lot easier. Here's the latest "next big thing." See for yourself.

Freddie Mac: Mortgage rates hit 7-year-high

Nov 8, 2018 via housingwire.com Mortgage rates have now reached a seven-year-high, according to Freddie Mac's latest Primary Mortgage Market Survey. Freddie Mac Chief Economist Sam Khater said the strength of the economy, strong business activity and employment growth are responsible for the climb.

Housing inventory increases for first time in four years

Nov 8, 2018 via themortgagereports.com The housing inventory shortage isn't just letting up now. It's actually reversing course. According to new data, listings jumped 2 percent in October -- the first increase in inventory in four years.

Sources: Mr. Cooper to buy Pacific Union Financial

Nov 7, 2018 via housingwire.com Multiple sources confirmed to HousingWire that Nationstar, also known as Mr. Cooper, is buying Pacific Union Financial. Back in July, Pacific Union showed signs of struggling as it unexpectedly closed the doors to its mortgage fulfillment call center, leaving El Paso, Texas, short 699 promised jobs. Click the headline to read more.

Wynn Resorts shares fall 12 percent as it misses earnings estimates

Nov 7, 2018 via cnbc.com Wynn Resorts shares declined more than 12 percent during after-hours trading as the company missed estimates in its quarterly earnings.

Zillow stock tanks

Nov 7, 2018 via housingwire.com Zillow's stock dropped more today than it ever has in a day's trading following yesterday's release of the real estate giant's third quarter earnings report. Click the headline to read more on what contributed to the historic plunge.

Housing industry welcomes new Congress

Nov 7, 2018 via housingwire.com While some midterm elections were still too close to call as of Wednesday morning, it was clear that Democrats will take control of the House of Representatives and Republicans will keep the Senate, and now the housing industry is welcoming the new Congress.

Divided Congress creates stock rally after midterms

Nov 7, 2018 via housingwire.com The Dow Jones jumped following the news of a divided Congress after the midterm elections. One expert explained that history has shown that mixed party control is generally the best combination for equity markets. Here's why.

Housing sentiment tumbles to lowest in a year, as more say now is not a good time to buy

Nov 7, 2018 via cnbc.com Rising mortgage rates and high home prices have fewer consumers thinking now is a good time to buy or sell a home. While consumers are bullish on the economy, fewer said they are not concerned about losing their job.

"Alexa, get a RateStar quote"

Nov 7, 2018 via housingwire.com Amazon has transformed the dynamic of the average American household. Today, nearly 20% of Americans have access to a smart speaker and that number continues to grow. Amazon dominates the space with 61.9% market share and their Alexa, along with other smart voice devices, are becoming an integral part of our daily lives.

Home prices predicted to keep dropping, many markets still overvalued

Nov 7, 2018 via themortgagereports.com It looks like home prices are going to continue their downward spiral. According to new data, once final October numbers come in, they'll likely show a drop from September to October -- especially in high-cost markets like Hawaii and California.

MBA: Mortgage applications fall 4%

Nov 7, 2018 via housingwire.com Mortgage applications retreated 4% for the week ending November 2, 2018, according to new data from the Mortgage Bankers Association's weekly Mortgage Applications Survey. MBA Director of Economic and Industry Forecasts Joel Kan said it's evident that housing inventory shortages continue to impact prospective homebuyers this fall.

California voters reject measure that would have expanded local rent-control authority

Nov 7, 2018 via cnbc.com California voters on Tuesday rejected a controversial ballot measure known as Proposition 10 that would have expanded local government authority to enact rent-control laws on residential property, according to an NBC News projection.

Mortgage applications drop to 4-year low as interest rates hit 8-year high

Nov 6, 2018 via cnbc.com Total mortgage application volume fell 4 percent week to week and plunged 16 percent from a year ago, according to the Mortgage Bankers Association.

Amazon is reportedly moving into Long Island City, Queens: Here's what the neighborhood is like

Nov 6, 2018 via cnbc.com Long Island City, where Amazon is said to build its next headquarters, is a neighborhood going through a a massive transition.

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: 266.04 (August 2018), MoM change: +0.26%, YoY change: +6.08%

Source: Federal Housing Finance Agency

List Prices

Median List Price Latest: $295,000 (October 2018), MoM change: 0.00%, YoY change: +7.29%

Average List Price Latest: $486,000 (October 2018), MoM change: +0.54%, YoY change: +4.75%

Source: Realtor.com

Median List Price Per Square Foot

Latest: $143 (October 2018), MoM change: 0.00%, YoY change: +7.52%

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: 4.87% (August 2018), MoM change: -0.20%, YoY change: +13.52%

Mortgage Contract Rate Latest: 4.78% (August 2018), MoM change: +0.21%, YoY change: +14.08%

Mortgage Initial Fees Latest: 1.15% (August 2018), MoM change: 0.00%, YoY change: -10.16%

Source: Federal Housing Finance Agency

Listings

Active and New Listings

Active Listings Latest: 1,558,442 (October 2018), MoM change: -0.15%, YoY change: +1.63%

New Listings Latest: 444,032 (October 2018), MoM change: -4.14%, YoY change: +3.69%

Source: Realtor.com

Median Days on Market

Latest: 68 (October 2018), MoM change: +4.62%, YoY change: -6.85%

Source: Realtor.com

Price Changes

Price Decreases Latest: 396,998 (October 2018), MoM change: +0.19%, YoY change: +20.05%

Price Increases Latest: 23,658 (October 2018), MoM change: -5.70%, YoY change: -12.78%

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: 99,400 (September 2018), MoM change: -14.97%, YoY change: -3.78%

Source: U.S. Census Bureau

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