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☆ U.S. existing home sales fall in January, but pace slowing
  + stars: | 2023-02-21 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Feb 21 (Reuters) - U.S. existing home sales dropped to a more than 12-year low in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom. Home resales, which account for a big chunk of U.S. housing sales, plunged 36.9% on a year-on-year basis in January. The housing market has been the biggest casualty of the Federal Reserve's aggressive interest rate hiking campaign. It will, however, be a while before the housing market turns around. At January's sales pace, it would take 2.9 months to exhaust the current inventory of existing homes up from 1.6 months a year ago.
☆ U.S. single-family housing starts, building permits tumble in January
  + stars: | 2023-02-16 | by ( ) www.reuters.com   time to read: +3 min
Single-family housing starts, which account for the bulk of homebuilding, dropped 4.3% to a seasonally adjusted annual rate of 841,000 units last month, the Commerce Department said on Thursday. Single-family homebuilding tumbled 27.3% on a year-on-year basis in January. Last month, single-family homebuilding plunged in the Northeast and West, with the latter likely depressed by flooding in California. Single-family building permits dropped 1.8% to a rate of 718,000 units, while those for housing projects with five units or more rose 0.5% to a rate of 563,000 units. The inventory of single-family housing under construction fell 1.1% to a rate of 752,000 units.
☆ U.S. pending home sales post first gain in seven months in December
  + stars: | 2023-01-27 | by ( ) www.reuters.com   time to read: +2 min
The National Association of Realtors (NAR) said on Friday its Pending Home Sales Index, based on signed contracts, rose 2.5% to 76.9 last month. That was the first increase in pending home sales since May. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 0.9%. Pending home sales decreased 33.8% in December on a year-on-year basis. Government data this week showed new home sales increasing for a third straight month in December.
☆ U.S. existing home sales lowest since 2010; price growth slows
  + stars: | 2023-01-20 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +3 min
Existing home sales fell 1.5% to a seasonally adjusted annual rate of 4.02 million units last month, the lowest level since November 2010, the National Association of Realtors said on Friday. Economists polled by Reuters had forecast home sales falling to a rate of 3.96 million units. Home resales, which account for a big chunk of U.S. housing sales, tumbled 34.0% on a year-on-year basis in December. But the worst of housing market rout is probably behind. The 30-year fixed mortgage rate retreated to an average 6.15% this week, the lowest level since mid-September, according to data from mortgage finance agency Freddie Mac.
☆ Wells Fargo, once the No. 1 player in mortgages, is stepping back from the housing market
  + stars: | 2023-01-10 | by ( Hugh Son | ) www.cnbc.com   time to read: +5 min
watch nowWells Fargo is stepping back from the multi-trillion dollar market for U.S. mortgages amid regulatory pressure and the impact of higher interest rates. It's the latest, and perhaps most significant, strategic shift that CEO Charlie Scharf has undertaken since joining Wells Fargo in late 2019. Following those once-huge mortgage players in slimming down their operations has implications for the U.S. mortgage market. Today, Wells Fargo is the third biggest mortgage lender after Rocket and United Wholesale Mortgage. Wells Fargo employees have speculated for months about changes coming after Scharf telegraphed his intentions several times in the past year.
☆ U.S. construction spending rebounds in November
  + stars: | 2023-01-03 | by ( ) www.reuters.com   time to read: +2 min
The Commerce Department said on Tuesday that construction spending climbed 0.2% in November after falling 0.2% in October. Economists polled by Reuters had forecast construction spending would decrease 0.4%. Construction spending increased 8.5% on a year-on-year basis in November. Spending on private construction projects advanced 0.3% after declining 0.7% in October. Investment in state and local government construction projects declined 0.7%, while federal government construction spending surged 7.2%.
☆ UK house prices end 2022 on a weaker note after pandemic boom
  + stars: | 2022-12-30 | by ( Muvija M | ) www.reuters.com   time to read: +3 min
The lender also said that the final month of 2022 saw prices record their worst run since 2008 on a monthly basis, falling 0.1% compared with November in their fourth consecutive monthly price fall. In annual terms, house price growth slowed to 2.8% in December from 4.4% in November, Nationwide said, compared with the 2.3% growth forecast in a Reuters poll. That has marked a slowdown from last year when price growth reached multi-year highs due to strong demand as people desired bigger homes more suited for remote working during the health crisis. NEW YEAR ACTIVITYEarlier in December, a survey by the Royal Institution of Chartered Surveyors (RICS) showed the most widespread house price falls in Britain since early in the pandemic last month. If sustained, this should feed through to mortgage rates and help improve the affordability position for potential buyers," he added.
☆ CIO 2023 Priorities: Always Be Modernizing
  + stars: | 2022-12-28 | by ( Belle Lin | ) www.wsj.com   time to read: +2 min
Technology executives in a recent CIO Journal end-of-year survey shared their priorities for 2023. Newsletter Sign-up WSJ | CIO Journal The Morning Download delivers daily insights and news on business technology from the CIO Journal team. “And this year we are doubling down to maximize the potential of our [over] 500 petabytes of data.”Ramon Richards, CIO, Fannie Mae Photo: Cade Martin PhotographyAt mortgage finance giant Fannie Mae, CIO Ramon Richards said one of his 2023 technology priorities includes continued cloud adoption. “We’ve built a strong foundation and are reaching maturity on many aspects of our digital transformation, which allows us to allocate more capacity to deliver on Fannie Mae business priorities next year,” Mr. Richards said. David Vidoni, vice president of information technology at Pegasystems Inc., said the top technology priority in 2023 is to continue modernizing its business systems.
☆ U.S. new home sales increase again in November
  + stars: | 2022-12-23 | by ( ) www.reuters.com   time to read: +2 min
New home sales increased 5.8% to a seasonally adjusted annual rate of 640,000 units last month, the Commerce Department said on Friday. October's sales pace was revised lower to 605,000 units from the previously reported 632,000. Sales surged in the Midwest and West, but fell in the Northeast and the densely populated South. Economists polled by Reuters had forecast new home sales, which account for a small share of U.S. home sales, slipping to a rate of 600,000 units in November. At November's sales pace it would take 8.6 months to clear the supply of houses on the market, down from 9.3 months in October.
☆ U.S. consumer confidence rebounds; existing home sales sink
  + stars: | 2022-12-21 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +6 min
"The outlook for consumer confidence in 2023 will hinge on the Fed's ability to deliver a soft landing on what could be described as a narrow runway." The Conference Board said its consumer confidence index increased to 108.3 this month, the highest reading since April, from 101.4 in November. While the survey places more emphasis on the labor market, the rebound in confidence matched a similar rise in the University of Michigan's sentiment index. The improvement, which mostly reflected lower gasoline prices, was in line with recent data showing consumer prices increasing moderately in November. But with the housing market in the doldrums, economists believe the labor market will loosen and unemployment increase next year.
☆ U.S. existing home sales fall for 10th straight month in November
  + stars: | 2022-12-21 | by ( ) www.reuters.com   time to read: +3 min
WASHINGTON, Dec 21 (Reuters) - U.S. existing home sales slumped to a 2-1/2 year low in November as the housing market continued to be squeezed by higher mortgage rates. Existing home sales plunged 7.7% to a seasonally adjusted annual rate of 4.09 million units last month, the lowest level since May 2020, the National Association of Realtors said on Wednesday. Sales have now declined for 10 straight months, the longest such stretch since 1999. House resales, which account for a big chunk of U.S. home sales, tumbled 35.4% on a year-on-year basis in November. At November's sales pace, it would take 3.3 months to exhaust the current inventory of existing homes, up from 2.1 months a year ago.
☆ Higher mortgage rates depress U.S. single-family housing starts, building permits
  + stars: | 2022-12-20 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +6 min
Summary Housing starts fall 0.5% in NovemberSingle-family starts drop 4.1%; multi-family up 4.8%Building permits plunge 11.2%; single-family fall 7.1%WASHINGTON, Dec 20 (Reuters) - U.S. single-family homebuilding tumbled to a 2-1/2-year low in November and permits for future construction plunged as higher mortgage rates continued to depress housing market activity. We don't know about the rest of the economy, but the housing market is clearly in recession." Single-family housing starts, which account for the biggest share of homebuilding, dropped 4.1% to a seasonally adjusted annual rate of 828,000 units last month. The jump in multi-family housing projects offset some of the drag from single-family housing units, resulting in overall housing starts falling only 0.5% to a rate of 1.427 million units last month. The single-family housing market boomed early in the pandemic as Americans sought bigger properties to accommodate home offices.
☆ U.S. single-family housing starts, building permits plunge in November
  + stars: | 2022-12-20 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +4 min
Summary Housing starts fall 0.5% in NovemberSingle-family starts drop 4.1%; multi-family up 4.8%Building permits plunge 11.2%; single-family fall 7.1%WASHINGTON, Dec 20 (Reuters) - U.S. single-family homebuilding tumbled to a 2-1/2 year low in November and permits for future construction plunged as higher mortgage rates continued to depress housing market activity. The housing market has borne the brunt of the Federal Reserve's fastest interest rate-hiking cycle since the 1980s as the U.S. central bank wages war against inflation. We don't know about the rest of the economy, but the housing market is clearly in recession." Single-family housing starts, which account for the biggest share of homebuilding, dropped 4.1% to a seasonally adjusted annual rate of 828,000 units last month. The jump in multi-family housing projects offset some of the drag from single-family housing units, resulting in overall housing starts falling only 0.5% to a rate of 1.427 million units last month.
☆ UK sees most widespread house price falls since May 2020: RICS
  + stars: | 2022-12-08 | by ( David Milliken | ) www.reuters.com   time to read: +2 min
The Royal Institution of Chartered Surveyors (RICS) said that its house price net balance - which measures the difference between the percentage of surveyors seeing rises and falls in house prices - sank to -25 in November. Price falls were particularly common in southeast and southwest England, while prices continued to rise modestly in Scotland and Northern Ireland. The RICS survey matches other measures of house price weakness from British mortgage lenders. Halifax reported on Wednesday that house prices recorded their biggest monthly drop since 2008 in November, falling by 2.8%, while Nationwide measured its biggest fall since June 2020. A Reuters poll of economists and property market analysts last month forecast house prices would drop around 5% next year, having risen about 24% since early 2020, according to official data.
☆ U.S. house annual prices slow again in September
  + stars: | 2022-11-29 | by ( ) www.reuters.com   time to read: +2 min
WASHINGTON, Nov 29 (Reuters) - U.S. single-family home prices slowed further in September as higher mortgage rates eroded demand, closely watched surveys showed on Tuesday. Monthly house prices fell in July for the first time since late 2018. House prices rose 10.6% year-on-year in September, slowing from August's increase of 12.9%. The 30-year fixed mortgage rate breached 7% in October for the first time since 2002, data from mortgage finance agency Freddie Mac showed. Tight supply will, however, likely keep a floor under house prices.
☆ U.S. existing home sales plunge; tight inventory keeps prices rising
  + stars: | 2022-11-18 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +5 min
"The combination of rising house prices and mortgage rates have sent housing affordability plummeting," said Daniel Vielhaber, an economist at Nationwide in Columbus, Ohio. The 30-year fixed mortgage rate breached 7% in October for the first time since 2002, according to data from mortgage finance agency Freddie Mac. "A deteriorating housing market, nagging inflation and an aggressive Fed puts the economy on unsure footing for 2023." Even as demand weakens, housing supply remains tight, limiting the slowdown in house price inflation. The median existing house price increased 6.6% from a year earlier to $379,100 in October.
☆ U.S. existing home sales dive; tight supply keeps prices elevated
  + stars: | 2022-11-18 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +4 min
"Higher mortgage rates and still-elevated prices remain key constraints for home sales," said Rubeela Farooqi, chief U.S. economist at High Frequency Economics in White Plains, New York. Existing home sales dropped 5.9% to a seasonally adjusted annual rate of 4.43 million units last month. Economists polled by Reuters had forecast home sales would tumble to a rate of 4.38 million units. The 30-year fixed mortgage rate breached 7% in October for the first time since 2002, according to data from mortgage finance agency Freddie Mac. At October's sales pace, it would take 3.3 months to exhaust the current inventory of existing homes, up from 2.4 months a year ago.
☆ U.S. housing starts tumble in October amid soaring mortgage rates
  + stars: | 2022-11-17 | by ( ) www.reuters.com   time to read: +2 min
Housing starts decreased 4.2% to a seasonally adjusted annual rate of 1.425 million units last month, the Commerce Department reported on Thursday. Data for September was revised higher to a rate of 1.488 million units from the previously reported 1.439 million units. Multi-family housing construction has fared better as the soaring mortgage rates force many potential home buyers to remain renters. Mortgage rates have jumped in response to rampant inflation, which has compelled the Federal Reserve to unleash the fastest interest rate-hiking cycle since the 1980s. The 30-year fixed mortgage rate is averaging above 7%, the highest since 2002, according to data from mortgage finance agency Freddie Mac.
☆ U.S. pending home sales tumble in September
  + stars: | 2022-10-28 | by ( ) www.reuters.com   time to read: +1 min
The National Association of Realtors (NAR) said on Friday its Pending Home Sales Index, based on signed contracts, dropped 10.2% to 79.5 last month. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would drop 5.0%. Pending home sales plunged 31.0% in September on a year-on-year basis. The housing market has been the sector hardest hit by the Federal Reserve's aggressive interest rate hikes. The 30-year fixed mortgage rate averaged 7.08% this week, breaking above 7.0% for the first time since April 2002, according to data from mortgage finance agency Freddie Mac.
☆ U.S. new home sales fall in September; prices remain high
  + stars: | 2022-10-26 | by ( ) www.reuters.com   time to read: +2 min
New home sales decreased 10.9% to a seasonally adjusted annual rate of 603,000 units last month, the Commerce Department said on Wednesday. August's sales pace was revised down to 677,000 units from the previously reported 685,000 units. Economists polled by Reuters had forecast new home sales, which account for about 10% of U.S. home sales, declining to a rate of 585,000 units. Sales of previously owned homes fell for an eighth straight month in September, while homebuilding dropped, reports showed last week. At September's sales pace it would take 9.2 months to clear the supply of houses on the market, up from 8.1 months in August.
☆ Inflation worries hurt U.S. consumer confidence; house prices decelerating
  + stars: | 2022-10-25 | by ( Lucia Mutikani | ) www.reuters.com   time to read: +6 min
The Conference Board's consumer confidence index fell to 102.5 this month from 107.8 in September. Consumers were also more inclined to buy a house, probably encouraged by a sharp slowdown in house price inflation. On a monthly basis, prices fell 0.9% in August, the second straight monthly drop. Prices fell 0.7% on a monthly basis after decreasing 0.6% in July. It was the first time since March 2011 that monthly prices posted back-to-back declines.
☆ U.S. existing home sales slide again in September; jobless claims fall
  + stars: | 2022-10-20 | by ( Dan Burns | ) www.reuters.com   time to read: +6 min
SELLERS' MARKET NO MOREExisting home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million units last month, the NAR said. Outside of the short-lived plunge during the spring of 2020, when the economy was reeling from the first wave of COVID-19, this was the lowest sales level since September 2012. Economists polled by Reuters had forecast sales would decrease to a rate of 4.70 million units. As a result, he expects the sales rate to decline further in the months ahead, perhaps to as low as 4.5 million annually, which would be roughly 4% to 5% lower than the current sales pace. "We don't look for claims to fall much below current levels, but we don't look for a significant rise in claims or unemployment either until we enter a recession in 2023."
☆ U.S. existing home sales slide again in September
  + stars: | 2022-10-20 | by ( ) www.reuters.com   time to read: +3 min
Oct 20 (Reuters) - U.S. existing home sales dropped for an eighth straight month in September as surging mortgage rates and still-elevated selling prices push affordability beyond the reach of many prospective buyers. Existing home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million units last month, the National Association of Realtors said on Thursday. Economists polled by Reuters had forecast sales would decrease to a rate of 4.70 million units. On a regional basis, sales fell in the Northeast, Midwest and South and were unchanged in the West. At September's sales pace, it would take 3.2 months to exhaust the current inventory of existing homes, up from 2.4 months a year ago.
☆ How Freddie Mac is helping renters use their on-time rent payments to build credit and achieve homeownership
  + stars: | 2022-10-12 | by ( Sponsor Post | Created Insider Studios With Freddie Mac | ) www.businessinsider.com   time to read: +6 min
In this challenging economic environment, Freddie Mac has implemented two new initiatives that can help strengthen renters' ability to build credit and achieve homeownership using their history of on-time rent payments. Yet, unlike homeowners who make regular mortgage payments, renters generally do not see their on-time rent payments reflected in their credit scores. Worse yet, the most common way rent payments impact credit scores are when missed rental payments go into collection. After enrollment, the renter's on-time rent payments are reported to the credit bureaus each month. Since Freddie Mac began this initiative last year, 86,000 households across more than 900 multifamily properties have enrolled.
☆ Beware, Florida homeowners. The worst is yet to come.
  + stars: | 2022-10-06 | by ( Dan Latu | James Rodriguez | ) www.businessinsider.com   time to read: +10 min
They were paying $750 a month for the lot in a mobile-home park and couldn't fathom paying $7,200 a year for homeowners insurance, let alone additional protections for floods. (Flood insurance costs an average of more than $600 a year in Florida and can stretch even higher in high-risk areas.) But just 57% of those homes are covered by flood insurance, a Bank of America analysis of data from CoreLogic and the National Flood Insurance Program found. Some owners may not even know that they need a separate insurance policy for flooding, assuming it's covered by their homeowners insurance. Roughly a dozen firms that provide homeowners insurance in Florida have gone under in the past two years, The Washington Post reported.
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