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Market Studies

Report: Sellers Returning as Investors Pull Out

In Capital Economics' latest edition of US Housing Market Analyst, property economist Paul Diggle notes investor activity has fallen off nearly one-fifth over the last four months, with investor sales dropping to 18 percent as inventory of distressed homes declines. On the other hand, the ongoing rise in prices has encouraged more sellers to enter the market, which should temper further gains. ""With sellers motivated by the earlier rise in house prices, we expect the loosening in supply conditions to go much further over the next year,"" Diggle said.

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List of Improving Markets Hits New Record

The National Association of Home Builders' Improving Markets Index--a list of areas showing sustained improvement in employment, home prices, and housing permits--reached a record high of 291 in September, according to release. ""While there is still plenty of room for growth, this is an excellent indication of how the housing recovery has begun to take hold across more geographical areas,"" ""said Rick Judson, chairman of the NAHB and a home builder from Charlotte, North Carolina.

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Commercial/Multifamily Delinquency Rates Down in Q2

Commercial and multifamily mortgage delinquency rates fell across all major investor groups in the second quarter, the Mortgage Bankers Association (MBA) reported. The 60+ day delinquency rate for multifamily loans held or insured by Freddie Mac fell 0.07 percentage points to 0.09 percent, while the delinquency rate for Fannie Mae-held loans fell 0.11 percentage points to 0.28 percent. FDIC-insured banks and thrifts reported a 2.16 percent 90+ day delinquency rate for their commercial/multifamily loans, a drop of 0.26 percentage points.

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Mortgage Rates, Low Inventory Greatest Obstacles for Homebuyers

For its most recent quarterly report, Redfin surveyed 1,772 active homebuyers across the 22 markets it covers. Respondents hailed from all over the country. Out of those polled, 56 percent said rising rates have impacted their ability to buy a home ""somewhat,"" while an additional 7 percent said rates are impacting them ""a lot."" In addition, more homebuyers pointed to rising mortgage rates as one of their major concerns with buying a home right now.

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Commentary: Truth… and Consequences

While August's employment situation report was less than robust (with a staggering reduction in July's revised payrolls), it wasn't the first set of data to suggest trouble on the horizon for the housing recovery. The Case-Shiller home price index for June--the most recent--showed continuing, albeit slower, house price gains, pushing affordable homeownership still further from low paid workers. That is, until the numbers change again.

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Refinances Decline, HARP Refis Still Higher Than Last Year in Q2

As mortgage rates climb, refinances are on the decline. However, refinances through the government's Home Affordable Refinance Program (HARP) remain elevated compared to last year's volumes, according to the Federal Housing Finance Agency's (FHFA) Refinance Report for the second quarter of 2013. HARP refinances totaled about 280,000 for the quarter, down slightly from about 290,000 in the first quarter of this year, FHFA reported.

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Unemployment Rate Dips to 7.3% in August

The nation's economy added 169,000 jobs in August as the unemployment rate fell to 7.3 percent, the lowest level since December 2008, the Bureau of Labor Statistics reported Friday. Economists had forecast payrolls would grow by 180,000 and the unemployment rate would remain at July's 7.4 percent. Payroll growth for July, originally reported at 162,000 was revised down 58,000 to 104,000. June payroll growth was also revised downward from 188,000 to 172,000.

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Report: Recovery Influencers Betting on Different Markets

When looking at the housing recovery through the lens of prices, we appear to be well on our way. However, according to economists with Trulia, prices are only half of the picture. A full housing recovery requires rebounds in both prices and new construction, Trulia stated Thursday with the release of its monthly price and rent analysis. While home prices are making double-digit annual gains in many markets, Trulia stresses construction activity is severely lagging.

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More than Half of Homeowners Planning Fall Projects

A new survey from Zillow shows more than half of homeowners are planning to improve or add on to their homes this fall. Cost-wise, homeowners plan to spend around $1,000, which is $200 less than during the summer. Most of the attention will be focused on home office or playroom remodels, Zillow reported.

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