New Home Sales Up 18% From Last Year

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New estimates released by the U.S. Census Bureau and the Department of Housing and Urban Development show sales of newly built single-family homes fell 6.8 percent in June compared to the month before. But, despite the drop, sales are still 18.1 percent above last year’s estimate. That – combined with recent data showing sales of existing homes rising and building …

Sales of Existing Homes At 8-Year High

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In June, sales of previously owned homes reached their fastest pace since February 2007, according to the National Association of Realtors. Sales rose 3.2 percent above the month before and are now 9.6 percent higher than they were at the same time last year. Lawrence Yun, NAR’s chief economist, said this year’s spring buying season has been the strongest since …

Size Of Average Home Loan Falls

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According to the Mortgage Bankers Association, the size of the average home loan has fallen and is now at its lowest level since February. The drop is good news for the real estate market because it indicates that there are more first-time home buyers buying homes this year. “Given the overall increase in purchase volume, we view this as a …

When Will The Boomerang Buyers Return?

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Boomerang buyers, as defined by a recent RealtyTrac report, include the millions of former homeowners who lost their homes during the financial crisis. RealtyTrac estimates that there could be as many as 7.3 million of these potential buyers out there and only about 1 million of them have since bought a house. That means, there are 6 million former homeowners …

Homes Get Bigger As Average Household Shrinks

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Recent research shows the average American home is getting bigger at the same time the size of the typical household is shrinking. In short, that means Americans today have more square feet of living space, per person, than ever before. According to an analysis of the Census Bureau’s Characteristics of New Housing done by the American Enterprise Institute, the average …

Construction Boom Bodes Well For Housing

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New estimates from the U.S. Census Bureau and the Department of Housing and Urban Development show new residential construction rose 9.8 percent in June and is now 26.6 percent above last year’s level. The improvement, though largely due to a spike in multi-family housing, is good news for the overall market and a reflection of how much demand has increased …

Builder Confidence Hits Highest Level Since 2005

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Because of their unique perspective on the market for newly built homes, builders are a good gauge of the strength or weakness of the housing market. That’s why, for the past 30 years, the National Association of Home Builders has been conducting a monthly survey asking builders for their opinion on current home buyer traffic, sales conditions, and the outlook …

Mortgage Rates On The Move In Latest Survey

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According to the Mortgage Bankers Association’s Weekly Applications Survey, mortgage rates were on the move last week. In fact, though most loan types ended up slightly higher than the week before, rates had been falling for most of the week before a last minute surge. By the end of the week, mortgage rates were unchanged from the previous week for …

Orlando Market Pulse – June 2015

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Highlights from the Orlando Regional Realtor Association’s most recent Market Pulse. Median Price * The median price of all existing homes combined sold in June 2015 — $181,500 — is a 7.73 percent increase from the $168,483 median price recorded in June 2014, and a 0.28 percent increase compared to May 2015. * The median price for “normal” existing homes …

The Dramatic Return Of Homeowner Equity

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Equity refers to the value of a property minus the amount still owed on the mortgage. In other words, it’s a reflection of how much of your house’s worth is actually yours. As a homeowner, your equity increases each month as you pay your monthly mortgage payment. It also goes up if your home’s value rises. Similarly, when home prices …