Home prices rise nationally in June

Houston real estate market likely saw prices rise.Homeowners in the Houston real estate market likely saw the value of their?properties rise in June, with prices jumping markedly across the country.?CoreLogic's June Home Price Index revealed a 1.9 percent bump from the previous month and an 11.9 percent year-over-year increase, marking the 16th consecutive month of gains.?”The U.S. housing market experienced robust price appreciation during the first half of 2013 and our forecast calls for double-digit growth through July,” said Anand Nallathambi, president and CEO of CoreLogic. “Despite their rebound of late, home prices remain reasonable in a historical context, with most states near peak affordability levels.”Moving forward, prices are projected to rise 1.3 percent on a monthly basis in July and 12.5 percent when compared to the same time a year ago.?Part of the reason prices are on the rise is the fact that there is a limited number of homes available for sale. According to the National Association of Realtors, inventory was 7.6 percent below the same time a year ago in June.?With few homes available for sale, bidding wars can occur, which pushes sales prices higher.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

Fewer serious delinquencies benefits housing market

Delinquencies drop in June.More homeowners in the Houston real estate market likely made on-time mortgage payments in June, with the serious delinquency rate of first-time home loans dropping to a five-year low.?The balance of mortgages that are 90 days past due or in foreclosure fell to?$325 billion in June, down more than 27 percent from the same time a year ago when the balance stood at $450 billion, the latest Equifax National Consumer Credit Trends Report revealed.?”Rising home values are reducing the incentives for homeowners to default on their mortgage loans, resulting in more and more homeowners transitioning into positive or near-positive equity territory,” said Equifax chief economist Amy Crews Cutts.Another factor that probably contributed to fewer delinquencies is the improving employment situation. July proved to be another strong?month, with the private sector adding 200,000 new jobs, up from 198,000 positions in the previous month, according to the ADP National Employment Report.?As consumer conditions continue to get better, delinquencies are likely going to decline further.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

Affordable borrowing costs could boost home sales in Houston

Houston housing could improve further in the near future.Following two weeks of declines, fixed mortgage rates edged higher to end July, but still remained low enough to potentially boost home sales in the Houston real estate market.?The average 30-year fixed-rate mortgage was up to 4.39 percent in the week ending August 1, while 15-year FRMs hit 3.43 percent, according to Freddie Mac's latest Primary Mortgage Market Survey.?”With mortgage rates still relatively low, the housing recovery continues to support the overall economy,” said Frank Nothaft, vice president and chief economist at Freddie Mac. “May's S&P/Case Shiller?20-city composite index was up 12.2 percent from last May and represented the largest annual increase since March 2006. In addition, pending home sales in June hovered near a six-and-a-half year high.”Houston already has a strong housing market, and affordable borrowing costs could help it improve further. June was a good month for sales in the Texas city, rising 13.4 percent year-over-year, the Houston Association of Realtors noted.?HAR chairman Danny Frank said inventory is on the rise, which could help push sales levels even higher.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

Houston area home prices likely increased in May

Rising home prices could benefit Houston homeowners.Homeowners in the Houston real estate market likely saw the value of their homes rise in May, with prices rising by the most since 2006.The Standard & Poor's/Case-Shiller Home Price Indices revealed increases for the 10- and 20-city composites of 2.5 percent and 2.4 percent, respectively. Dallas and Denver?surpassed?pre-recession highs.?”Home prices continue to strengthen,” said David Blitzer, chairman of the index committee at?S&P Dow Jones Indices. “Two cities set new highs, surpassing their pre-crisis levels and five cities -?Atlanta, Chicago, San Diego, San Francisco and Seattle – posted monthly gains of over three percent,?also a first time event.”Price gains aren't expected to stop in May. Anika Khan, senior economist at Wells Fargo Securities, told Bloomberg upward momentum should continue with historically low inventory levels.?Home price appreciation could help solve the inventory problem, as higher home values could push more homeowners to list their properties as they regain equity lost during and after the financial crisis.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

Rising mortgage rates hurt pending home sales in June

Pending sales dropped in June.The near two months of mortgage rate increases finally caught up to the housing market in June, as pending home sales dipped slightly.?The Pending Home Sales Index dropped 0.4 percent to 110.9 from 111.3?the previous month, according to the National Association of Realtors. When compared to a year ago, the PHSI was up 10.9 percent.?Lawrence Yun, NAR chief economist, said rising mortgage rates and the lack of inventory impacted sales levels.?”Mortgage interest rates began to rise in May, taking some of the momentum out of contract activity in June,” he said. “The persistent lack of inventory also is contributing to lower contract signings.”With the Midwest experiencing a 1 percent drop in pending sales, the Houston real estate market was likely impacted. The West was the only region with growth in June, posting a 3.3 percent improvement.?However, July could prove to be a different story, with mortgage rates falling. Freddie Mac reported fixed rates dropped for the second consecutive week in the seven-day period ending July 25.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

High consumer confidence levels could boost housing activity in Houston

Home sales may rise with confidence levels high.The Houston real estate market has been strong for the past couple of years, and higher levels of consumer confidence could help boost home sales activity in the area.?The Thomson Reuters/University of Michigan final index on consumer sentiment hit 85.1 in July, from 84.1 in the previous month. This level was higher than expected as economists surveyed by Bloomberg called for a reading of 84.?”The labor market's better, you're seeing home prices rise, you're seeing equity prices rise, so there are a lot of things out there to be positive about,” Brian Jones, senior U.S. economist at Societe Generale, told Bloomberg. “If you think about the things that drive consumer confidence, they should be rising as well through the end of the year.”June was a strong month for the Houston real estate market, and July could end up being even better with confidence levels high. According to the Houston Association of Realtors, home sales jumped 13.4 percent year-over-year in June, which is the third highest one-month volume of all-time.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

New homes purchased at a higher rate in June

New homes sales increased significantly in June.With limited existing inventory, new home sales might have picked up in the Houston real estate market during June.Nationally, sales levels reached a seasonally adjusted annual rate of 497,000, an 8.3 percent bump from the previous month and 38.1 percent year-over-year increase, according to the U.S. Department of Housing and Urban Development. New sales came in higher than expected, as economists surveyed by Bloomberg called for a gain to 484,000.”It's a builders market,” Stuart Hoffman, chief economist at PNC Financial Services Group, told Bloomberg. “The housing market is poised for further gains and is a key component of the U.S. recovery overall.”With mortgage rates on the rise for much of the past couple of months, it wouldn't have been a surprise to see sales fall slightly, but that wasn't the case. In fact, higher interest rates actually pushed sales up, as buyers attempted to enter the market before affordability takes a major hit.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

Rising prices could aid homeowners in Houston real estate market

Home prices continued to rise in May.With home prices on the rise, property owners in the Houston real estate market might be regaining positive equity.?U.S. home price appreciation showed no signs of slowing down in May, with a 0.7 percent bump from the previous month and 7.3 percent year-over-year increase, according to the Federal Housing Finance Agency's House Price Index.?In addition to allowing homeowners to regain equity?on their mortgages, rising home prices could lead to more properties?going on the market. In fact, total housing inventory in June increased 1.9 percent to 2.9 million existing homes, the National Association of Realtors reported.?However, inventory levels were still well below that seen a year ago. Current levels represent a 5.2-month supply, while June 2012 had a 6.4-month supply.?”Inventory conditions will continue to broadly favor sellers and contribute to above-normal price growth,” said Lawrence Yun, NAR vice president and chief economist.?Despite the fact that inventory remains below that seen a year ago, Houston's real estate market could benefit greatly from rising prices and more homes available for sale.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

Houston home sales surge in June

Houston continues to see a housing recovery.June proved to be another strong month for the Houston real estate market, with home sales increasing markedly.?A total of 7,220 single-family homes were sold in June, a 13.4 percent year-over-year improvement and the third highest one month volume of all-time, according to the Houston Association of Realtors.?However, inventory levels didn't improve?as they were unchanged from the previous month at a 3.3-months supply, down from 5.5-months a year ago and 3.6-months at the beginning of the year.?”The Houston housing market plowed full-steam ahead through another month and most Realtors I know have never been busier,” said HAR chairman Danny Frank with Prudential Anderson Properties. “The fact that inventory has leveled off month-over-month suggests that we may finally be starting to see enough homes listed for sale to keep up with demand.”More new homes could penetrate the Houston real estate market in the near future, and help boost inventory levels and sales, as builder confidence jumped six points in July, the National Association of Home Builders noted.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

Mortgage rates edge higher once again, potentially impacting the Houston real estate market

Mortgage rates could hurt Houston real estate.After months of hitting all-time lows, fixed mortgage rates have been soaring higher, and that trend continued in early July, which could have an impact on activity in the Houston real estate market.?The average 15- and 30-year fixed-rate mortgages increased in the week ending July 11 as a result of market speculation that the Federal Reserve will reduce future bond purchases, according to Freddie Mac's latest Primary Mortgage Market Survey.?Frank Nothaft, Freddie Mac's vice president and chief economist, said June's strong employment report had a major impact on the Fed's decision.?”June's strong employment led to more market speculation that the Federal Reserve will reduce future bond purchases causing bond yields to rise and mortgage rates followed,” Nothaft said. “The economy gained 195,000 jobs in June, above the market consensus forecast, while revisions to the prior two months added 70,000 on top of that.”With fixed rates moving higher, applications for new home purchases dropped in June, the Mortgage Bankers Association Builder Application Survey revealed. Should rates continue to rise, buyer activity in Houston could decline.?Real Estate News brought to you by 2M Realty, a true expert in the online real estate market.

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