Real estate market recap, Sept. 8-11, 2015

Here’s what happened this week in the real estate market.

Check Inman every day for the daily version of this market roundup.

Weekly mortgage rates:

Thursday, Sept. 10:

Zillow’s Housing Confidence Index:

Poor-performing housing markets — in terms of year-to-year price appreciation — are likely to see the highest volume of renters who plan to buy.
Despite better-than-average home value increases, a number of renters in select metros plan to buy.
Millennials will comprise a significant portion of buyers in poor-performing markets moving forward.

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Mortgage applications for new-home purchases decreased by 6 percent month over month in August.
Conventional loans comprised 68.5 percent of loan applications; FHA loans comprised 19 percent.
New single-family homes were estimated at a seasonally adjusted annual rate of 524,000 units in August, down 1.9 percent from July.

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30-year fixed-rate mortgages averaged 3.9 percent with an average 0.6 point for the week ending Sept. 10, 2015. This is up from last week’s 3.89 percent average.
15-year fixed-rate mortgages averaged 3.1 percent this week with an average 0.7 point. This is up from last week’s 3.09 percent average.
5-year Treasury-indexed hybrid adjustable-rate mortgages averaged 2.91 percent with an average 0.5 point, down from last week’s 2.93 percent average.

Freddie Mac PMMS

The best month to close on a home purchase is October — and the best day of the year to close is Oct. 8.
The best weekday to close on a home purchase is Monday.
The worst month of the year to close on a home is April.

Distressed sales comprised 9.4 percent of total home sales nationally in June 2015, down 2.4 percentage points year over year.
Real estate owned (REO) sales accounted for 6 percent and short sales accounted for 3.4 percent of total home sales in June.
Florida had the largest share of distressed sales of any state: 21 percent.

Wednesday, Sept. 9:

Mortgage applications decreased 6.2 percent from one week earlier.
Refinance activity decreased to 56.9 percent of total applications from 58.7 percent one week earlier.
The average interest rate for 30-year fixed-rate mortgages increased to 4.1 percent from 4.08 percent one week earlier.

Although some analysts have noted that job market growth is fueling a strong housing market and low foreclosure rates, NAR is concerned that it is also contributing to declines in new home construction.
The association released a study today that shows the volume of new home construction is underperforming in 146 metropolitan areas that have seen big employment gains.
Housing shortages and unhealthy price growth exist in many key real estate markets — and low inventory has already been a persistent problem in recent years, NAR said.

Tuesday, Sept. 8:

CoreLogic’s July 2015 National Foreclosure Report:

Foreclosure inventory declined by 27.9 percent year over year in July 2015.
Completed foreclosures declined by 24.4 percent year over year in July 2014.
The number of foreclosures nationwide decreased year over year from 50,000 in July 2014 to 38,000 in July 2015.

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Total home equity in the U.S. increased by almost $1 trillion to its highest level since 2007.
Total net equity is $7.6 trillion, almost 2.5 times more than it was at the end of 2011.
The average American homeowner with a mortgage has about $19,000 more equity in the home than a year ago.

black-knight-mortgage-monitor

In July 2015, appraiser opinions of home values were 2.33 percent lower than homeowner estimates.
This is nearly double the gap between homeowner estimates and appraiser opinions that Quicken noted in May 2015.
National housing values dropped by 0.27 percent.

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Email market updates to press@inman.com.

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