Freddie increases expectations for mortgages, home sales
Mortgage originations for 2015 are estimated to reach $1.45 trillion according to the latest forecast from Freddie Mac. The corporation’s monthly insight and outlook for August shows an increased expectation for the year’s mortgage originations and 2016 figures have also been revised higher to $1.3 trillion. The share of refinance loans is estimated to be 46 per cent. The report also says that home sales will hit a revised figure of 5.73 million units which would mean the best year since 2007.
However, despite an optimistic outlook, Freddie Mac says that data alone cannot predict what might happen in the market: "Statistics by themselves cannot tell us whether housing in a particular market -- or the nation as a whole -- is overvalued. At best, affordability statistics wake us up to potential danger. In this way, they are like the signs posted every summer in national parks that indicate the current danger of a forest fire. We recognize when the danger is elevated, but we can't predict for sure if or when someone will accidentally drop a match in the wrong spot” said chief economist Sean Becketti.
International homebuyers add $8.32 billion to Texan economy
Home sales to international buyers in the Texas market was around 8 per cent of the national activity. That’s according to figures from the Texas Association of Realtors which says that the state’s percentage of overall sales to international buyers was 4 per cent lower in the April 2014 to March 2015 period compared to a year earlier. The sales totalled $8.32 billion and saw a change in the makeup of international buyers. Latin Americans were still the largest group at 41 per cent but that was lower than in previous years. The level of investment from Asia/Oceania (including China) almost doubled to 31 per cent year-over-year as did buyers from Europe (15 per cent) and Africa (8 per cent) while the level of Canadian buyers dropped one percentage point to 5 per cent.
Julianne Moore lists Montauk home
Oscar-winning actress Julianne Moore has listed her beach cottage in Montauk, New York for $3.495 million. The three-bedroom, 1 bathroom, 1000 square foot home in The Hamptons is on Fort Pond and is described in the listing as a “rare find”. The New York Post says that broker Theresa Eurell, of Town & Country Real Estate would not comment on whether the actress was looking for a bigger home in the area.
Stonegate appoints new leadership
Stonegate Mortgage Corporation has announced some changes to its leadership team. Richard A. Kraemer becomes interim CEO following the resignation of Jim Cutillo; James V. Smith becomes president and COO at the non-bank mortgage lender.