05-17-2019

GOOD GAINS?

There’s good news for homeowners and potential home buyers according to the latest Existing Home Sales data released by the National Association of Realtors (NAR). The median sales price nationwide was up 3.8% year-over-year in March with more homes for sale. There was 3.9 months’ worth of inventory on the market in March, compared to 3.6 months’ worth at the same time last year. The increase is welcome even though NAR considers six months of inventory to be a balanced market.

STRUGGLING SOUTH

The number of seriously underwater homes rose 25% year-over-year in the first quarter, totaling 5.2 million according to ATTOM Data Solutions. ATTOM defines “underwater homes” as those where “the combined balance of loans secured by the property are at least 25 percent higher than the property’s estimated market value.” The highest numbers of underwater homes are in the south: Louisiana, Mississippi, Arkansas and West Virginia. Illinois rounds out the top five.

BOLSTERED BONDS

Tariff jitters diverted investors to the bond market last week, decreasing the 10-year treasury yields and triggering mortgage interest rates to trend slightly downward according to Freddie Mac’s Primary Mortgage Market Survey (PMMS). The PMMS for the week ending May 9 also showed interest rates are down almost one-half percent year-over-year.

REMODEL REGRETS

Remorse runs high among U.S. do-it-yourselfers according to improvenet.com. In a survey of 2000 Americans, the online project resource site found that 63% of respondents regretted at least one project, while one in three called in professionals to redo their work.

*The views, articles, postings and other information listed on this website are personal and do not necessarily represent the opinion or the position of American Pacific Mortgage Corporation.

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