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  • CoreLogic42.68+0.72 +1.72%
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Home | News | Market Studies (page 5)

Seattle Reigns as Most Affordable Tech Hub

According to a recent analysis of West Coast software havens, Seattle is the clear-cut winner in terms of housing affordability, With more affordable condos and detached homes, it far outweighs nearby San Francisco—even with income and other costs of living considered. The median detached home price in Seattle is $610,000 compared to San Francisco’s $1.2 million.

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Fannie Mae Sees Decreases in Monthly Summary

Fannie Mae recently released its Monthly Summary for February 2017. Fannie Mae’s gross mortgage portfolio decreased for at a compound annualized rate of 16.9 percent for the month, while the GSEs Conventional Single Family Delinquency Rate stayed much the same month-over-month.

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The Nation’s Hottest Markets

The majority of the fastest moving market areas can be found in California. The No. 1 hottest market for both March and February was Vallejo-Fairfield, California; followed by San Francisco-Oakland-Hayward, California. The median age of inventory for these two areas were 33 days and 26 days, respectively, well below the nationwide median. Areas in California make up nine of the Realtor.com’s top 20 hottest markets.

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Gauging the American Dream

Upticks in construction have boosted the economy in some states. States such as Tennessee and Colorado rank highly on Forbes' American Dream Index due to high amounts of building permits, as well as declines in unemployment. similarly influenced by high building permits and low unemployment. Meanwhile, states such as Alabama are hindered by high rates of bankruptcy.

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Homebuyers Hindered by Affordability

The national affordability index noted that consumers would need to spend 33.6 percent of wages to buy a median-priced home nationally. Though this is below the historic average of 34.6 percent, it is still the highest amount since Q4 2008. However, 25 percent of counties covered by the index noted that the share of average wages necessary to buy a median-priced home is above the historic average.

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Freddie Mac Predicts Drop in Sales Over 2016

According to a recent outlook report from Freddie Mac, total U.S. home sales will come in slightly under 2016’s numbers. This is due to a drop in refinancing activity, rising interest rates, and declining affordability. The outlook predicts originations will drop more than 25 percent in 2017.

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OCC Rates Wells Fargo, While the Bank Settles Suit

Wells Fargo announced an agreement in principal to settle a class action lawsuit, regarding claims that Wells Fargo opened accounts without the consent of its customers. This comes on the heels of the announcement of the bank's Community Reinvestment Act Rating (CRA), in which it received high scores, despite an overall score of "needs improvement."

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Home Price Index Hits 31-Month High

According to the latest S&P CoreLogic Case-Shiller Home Price NSA Index released Tuesday, home prices hit a 31-month high in January. The Index was up 5.9 percent for the year and 5.7 percent for the month. Seattle, Portland, and Denver saw the biggest price increases.

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Affordability Dips Year-Over-Year

Real house prices have jumped significantly over the past year, rising more than 8 percent since January 2016. According to First American, these pricing jumps coupled with low inventory spell a seller’s market for spring. “Despite the monthly increase in affordability and continued strong wage growth, homes are less affordable across the country compared to a year ago,” said First American Chief Economist Mark Fleming.

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