Home sales are retaining momentum as we push into fall.
The NAR’s Pending Home Sales Index posted at a respectable 111.3 for July, a 1.3% increase over June’s reading of 109.9. The index posted at its highest level since February 2006 and was second only to the 115 posting this past April. What’s more, NAR data show the increase as broad-based, with only the Midwest failing to improve on its June numbers.
A recent uptick in mortgage purchase applications also leads us to believe that we should see decent sales numbers. Purchase activity has been flat for most of August, but we have seen an uptick in activity over the past two weeks. Confirming our anecdotal evidence, the MBA reported purchase activity increased 1% last week.
We’re further encouraged by the fact that we’re seeing an uptick in mortgage availability. The MBA’s Mortgage Credit Availability Index increased 1% in July to post at 165.3. This is near the highs set earlier this year.
Even more encouraging, the overall health of credit servicing among consumers continues to improve. Fannie Mae reports that the single-family serious delinquency rate continues to decline. Mortgage loans of three monthly payments or more past due or in foreclosure dropped to 1.3% in July from 1.32% in June. This is the lowest level since May 2008. Over the past year, the level has fallen by nearly 25%.
Housing and mortgage lending continue to serve as lead engines of economic growth. We expect that both will continue to serve in their respective capacity deep into 2017.
Author:Matt Pennington Phone: 480-251-0280 Dated: September 7th 2016 Views: 103 About Matt: Matt has been a licensed Real Estate Broker since 2003 and with American AllStar Realty since 2005. ...
View our latest blog posts in your RSS reader. Click here to access.
CLIENT SERVICE GUARANTEE: American Allstar Realty is committed to providing every customer with the highest level of service. As your agent, I promise to always remember that YOU are the most important person in the transaction. At American Allstar Realty, we believe that communication is the cornerstone to a successful transaction. Please feel free to communicate your wants and needs to me as frequently as possible. If I am ever unavailable to receive your call, I promise to return your call as soon as possible; normally in less than one hour.
Buying or selling a home is about much more than just the price you pay for a piece of land. Selecting a property to become your home or place of business is what it is really about, and that's why I enjoy helping my clients buy and sell real estate. My clients come to me because of my knowledge of the industry and my familiarity with the area. I can help you find that "dream" home. Call me today and let's get started!
To navigate the complex decisions involved in today's real estate market requires the guidance of a professional. I am committed to service with an emphasis on accountability, reliability, timeliness and enthusiasm. I provide my clients with all the information necessary to help them make real estate investment decisions throughout the changing market cycles.
A successful real estate transaction is built upon the strength of relationships and the experience of how to get things done. I am well respected by my peers, and have developed invaluable working relationships with other professionals in my industry such as title companies, attorneys, lenders and appraisers.
Quiet WeekOverview: The past week was relatively quiet for
"I was a first time home buyer new to the Phoenix area and my experience with Michael was great and I would highly recommend him to other buyers. Michael was very professional, punctual and relentlessness in our search in a competitive market. Michael was very knowledgeable and made me feel very confident through all the steps within the process. He is always available and ready and willing to work to get things done I was very pleased with my experience with him and my new home and look forward to doing business with Michael again in the future!"