Builder confidence holds ahead of Trump
Builders remain confident about the market for single-family homes with expectation that the new president and Congress will produce a positive environment for business.
The latest confidence index from the National Association of Home Builders and Wells Fargo is down slightly this month (67) compared to an upwardly-revised December (69) but the mood is generally positive but with some continuing challenges.
“NAHB expects solid 10 percent growth in single-family construction in 2017, adding to the gains of 2016,” said NAHB Chief Economist Robert Dietz. “Concerns going into the year include rising mortgage interest rates as well as a lack of lots and access to labor.”
Homeowners could save $446 from MI reduction
The cut in mortgage insurance premiums for FHA
-backed loans could save borrowers across the country an average $446 per year according to analysis by ATTOM Data Solutions.
The figure takes into account the 2016 median sales price of $180,000 together with mortgage payments, property taxes and MI premium and finds that homeowners should be better off by an average $37 per month.
Thirteen counties would see savings of at least $1000 with Santa Clara County (San Jose) CA borrowers saving the most at $1,448. The Hawaii counties of Honolulu and Maui are in second and third place with respective savings of $1,399 and $1,276.
Mortgage applications up slightly
There was an increase in mortgage applications last week with the Mortgage Bankers’ Association reporting an 0.8 per cent rise on a seasonally adjusted basis.
Unadjusted, the MBA’s index was up 29 per cent compared to the previous week with the refinance index up 7 per cent and the purchase index down 5 per cent on an adjusted basis and up 25 per cent unadjusted.
The refinance share of mortgage activity increased to 53.0 per cent of total applications from 51.2 per cent the previous week. The adjustable-rate mortgage share of activity increased to 5.7 per cent of total applications.
Real estate trio eyes TV opportunity
A trio of real estate professionals is hoping to make it to TV screens to share their successes and challenges of the real estate market.
Pam Gorrie, Sandi Ryan and Steve Kowalyshyn are pitching an idea at this month’s Sundance Film Festival. The trio has bought and sold real estate throughout the US and Canada and regularly share their knowledge on finding properties through bank owned (REO) or foreclosure auctions.