Home Sales and Values Up, Mortgage Rates Down

Home Sales and Values Up, Mortgage Rates Down

There was more good news than not-so-great news to be culled from the morning’s housing data.

First, the good news: Sales of new single-family houses during February were at a seasonally adjusted annual rate of 592,000, according to estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development. This level is 6.1 percent higher than the revised January rate of 558,000 and is 12.8 percent above the 525,000 estimate from February 2016.

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Houses are the least affordable they've been in seven years: Here's why

Houses are the least affordable they've been in seven years: Here's why

Rising mortgage rates, bigger jumps in home prices and still-moderate income growth are adding up to a triple threat for the housing market this spring.

Home affordability fell to the lowest level in seven years at the end of 2016, and the ingredients for a reversal are not there anytime soon.

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Higher Prices Prompt Buyers to Slow Search

Higher Prices Prompt Buyers to Slow Search

Pending home sales softened in November as contracts dipped to the lowest level in nearly a year as would-be buyers were greeted with higher mortgage rates and home prices, the National Association of REALTORS® reports. The Northeast was the only major region in the U.S. to see a monthly gain in pending sales last month.

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Rising Rates Threaten To Complicate 2017 Housing Outlook

Rising Rates Threaten To Complicate 2017 Housing Outlook

Throughout 2016, U.S. housing prices continued to rise by about 5% year-over-year, adding to the cumulative gains made since the lows of 2011. Nationally, home prices now stand above the pre-crisis peak, as measured by the S&P CoreLogic Case-Shiller U.S. National Home Price Index. However, the recent trend toward higher interest rates has raised concerns about the outlook for home prices going into 2017, eliciting a range of responses from sheer panic to resilient optimism.

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