ATTOM: Though still at historical highs, profit margins on median-priced single-family home sales fell to 47.2% in 1Q 2022; it was 51.6% in 4Q 2021. IRVINE, Calif. – Home prices are still rising, but sellers’ profits may be slowing from their recent highs. However, most sellers continue to see huge gains and profits still remain at historical highs. The profit margins on median-priced single-family home sales across the U.S. fell to 47.2% in the first quarter. It was the first quarterly decline since late 2019 and the largest in a decade, according to a new report released by ATTOM Data
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By Paul Davidson The nation’s GPD shrank at a seasonally adjusted annual rate of 1.4% in 1Q 2022. But U.S. consumers and businesses – the economy’s core – remain healthy. McLEAN, Va. – After a blockbuster 2021, the U.S. economy decidedly came back to earth early this year, contracting for the first time since the second quarter of 2020. The trade deficit widened and companies pulled back stockpiling, more than offsetting solid consumer spending and business investment. The nation’s gross domestic product, the value of all goods and services produced in the U.S., shrank at a seasonally adjusted annual rate of
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Lower intro rates from adjustable-rate mortgages may entice more buyers now. The increase coincides with a 1.5 percentage point rise in the 30-year fixed rate. WASHINGTON – The share of mortgage applications with adjustable-rate mortgages doubled last week when compared to three months ago, the Mortgage Bankers Association reported Wednesday. ARMs, which start at one rate and then fluctuate after a set period, comprised more than 9% of loans and 17% of the dollar volume. ARMs were blamed for contributing to the housing bubble of the mid-2000s, offering teaser low rates to borrowers that, once they reset, led to some
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By Matt Ott After 7 weeks of increases, the average rate on a 30-year mortgage dipped to 5.1%; a year ago, it was 2.98%. Last week, it was 5.11% – highest since April 2010. WASHINGTON (AP) — The average long-term U.S. mortgage rate edged down for the first time in two months following a swift ascent to levels that have not been seen in more than a decade. After seven weeks of increases, the average rate on a 30-year mortgage inched down to 5.1% from 5.11% last week, mortgage buyer Freddie Mac reported Thursday. Last week’s average rate was the
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New-home sales down 8.6% in March; sales are down nearly 13% from a year ago. Only 14% of March’s new-home sales were below $300K; a year ago, it was 34%. WASHINGTON – As mortgage rates and home prices soar higher, sales of newly built single-family homes are dropping in response. Builders say affordability issues are to blame. New-home sales fell 8.6% in March to a seasonally adjusted annual rate of 763,000 units, the Commerce Department reported on Tuesday. Sales fell in all four major regions of the U.S. last month. Overall, sales are down nearly 13% compared to a year
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The index has dropped for 5 straight months; it fell 8.2% year-over-year. Chief Economist Yun: It may signal “calmer and normalized market conditions” soon. WASHINGTON – Pending home sales dropped in March, signifying five straight months that contract activity has declined, according to the National Association of Realtors®. Month-over-month, only the Northeast saw an increase in contract signings, while the three other major U.S. regions experienced declines in transactions. All four regions reported decreases in year-over-year contract activity. The Pending Home Sales Index (PHSI), a forward-looking indicator of home sales based on contract signings, fell 1.2% to 103.7 in March.
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20-city price index: A 20.2% year-over-year gain in Feb; up from 18.9% in Jan. Tampa and Miami were in top 3 cities for highest rate of home-price growth. NEW YORK – The S&P CoreLogic Case-Shiller 20-city price index posted a 20.2% year-over-year gain in February, up from 18.9% the previous month. Meanwhile, the Case-Shiller national home price index increased 19.8% between February 2021 and February 2022. This represented the third-largest pace of home-price appreciation in the Case-Shiller report’s history. As in previous months, Phoenix recorded the highest rate of home-price growth in February, with a 32.9% year-over-year increase, followed by
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By Jim Turner Reinsurance, the Office of Insurance Regulation and changes to Fla.’s Building Code to improve insurance affordability are among topics for the May 23-27 session. TALLAHASSEE, Fla. – Florida lawmakers will return to the Capitol the week of May 23 to address problems in the property-insurance system that have led to homeowners losing coverage and facing soaring premiums. Gov. Ron DeSantis on Tuesday called a special session from May 23 to May 27 and listed general topics such as reinsurance, the Office of Insurance Regulation and changes to the Florida Building Code to improve the affordability of property
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Index: North Port and Naples are in top 5 of 1Q 2022 emerging housing markets as Fla. continues to attract migration from other states. They were top 2 in 4Q 2021. NEW YORK – In the first quarter of 2022, less expensive cities with strong local economies climbed The Wall Street Journal/Realtor.com Emerging Housing Markets Index, which could be another sign that many home buyers are giving priority to affordability. In recent years, fast-rising housing prices have pushed buyers from expensive coastal cities into cheaper housing markets, as remote-work opportunities have expanded and people search for different lifestyles during the
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By Janie Har Rising rents, not enough student housing being built and other increasing college costs are causing “a perfect storm” for students in Fla. and other states. BERKELEY, Calif. (AP) – UC Berkeley sophomore Terrell Thompson slept in his car for nearly two weeks at the start of the school year last fall, living out of a suitcase stashed in the trunk and texting dozens of landlords a day in a desperate search for a place to live. The high-achieving student from a low-income household in Sacramento, California, was majoring in business administration at one of the most prestigious universities in the world.
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