Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Jan. 27, 2023

The Most Stable Mortgage Rates Since 2021

The Most Stable Mortgage Rates Since 2021

 

 

The Most Stable Mortgage Rates Since 2021

 

The Most Stable Mortgage Rate Trend Since 2021 There are those who always try to portray the glass as being half full when it comes to the housing market. Before proceeding, a disclaimer is in order.   Outright measurements of housing market health are still not that great. As we've discussed at length in the past few weeks, rates are indeed much improved from 3-4 months ago. But the level of improvement is perhaps not even the most welcome change. Rather, it's the STABILITY. With a range of just over half a percent for more than 3 months, rates haven't seen a narrower, more stable range since late 2021. Interestingly enough, this combination of lower and more stable rates PERFECTLY coincides with a noticeable shift in purchase mortgage applications.

Posted in Mortgage News
Jan. 26, 2023

New Home Sales Look Like They Want to Bounce

New Home Sale Look Like They Want To Bounce

 

 

New Home Sales Look Like They Want to Bounce

 

New Home Sales Look Like They Want to Bounce The Census Bureau's regularly scheduled monthly report on New Home Sales was released this morning. The annual pace of 616k was right in line with the median forecast of 617k. This is technically an improvement, but only because the previous month was revised down to 602k from 640k. It's unequivocally better than it was on several occasions in the middle of 2022 when the annual pace was closer to 550k. Here too, the chart looks like it wants to bounce (but against a ceiling for inventory as opposed to a floor for sales numbers). It's a bit too soon to declare victory.

Jan. 25, 2023

Recession Ahead? Leading Economic Indicators Are Saying Yes

Recession Ahead?

 

Recession Ahead?  Leading Economic Indicators Are Saying Yes

 

Recession ahead? The Conference Board Leading Economic Index® (LEI) for the U.S. Declined Sharply Again in December The LEI is now down 4.2 percent over the six-month period between June and December 2022—a much steeper rate of decline than its 1.9 percent contraction over the previous six-month period. "The US LEI fell sharply again in December—continuing to signal recession for the US economy in the near term," said Ataman Ozyildirim, Senior Director, Economics, at The Conference Board. "There was widespread weakness among leading indicators in December, indicating deteriorating conditions for labor markets, manufacturing, housing construction, and financial markets in the months ahead.  Industrial production— also a component of the CEI—fell for the third straight month as well. Overall economic activity is likely to turn negative in the coming quarters before picking up again in the final quarter of 2023."

Posted in Topic Of Interest
Jan. 21, 2023

KB Homes contract cancellations hit 68%

KB Homes Contract Cancellations Hit 68%

 

 

KB Homes contract cancellations hit 68%

 

KB Homes contract cancellations hits 68%  Speaking to reporters in September, Fed Chair Jerome Powell was asked to clarify what he meant when he said spiking mortgage rates would cause a housing "reset." Look no further than the latest earnings report by KB Home, one of the nation’s largest publicly traded homebuilders. On Wednesday, KB Home announced that its buyer cancellation rate in the fourth quarter of 2022 spiked to 68%. That’s up from 35% in the third quarter of 2022, and up from 13% in the fourth quarter of 2021. Even during the darkest days of the 2008 era crash, the average builder cancellation rate only reached 47%. What's going on? Pressurized affordability—a 3 percentage point mortgage rate jump following a +40% run-up in U.S. home prices—has sent a shock wave through the U.S. housing market.

Jan. 18, 2023

Orlando Housing Market December 2022 Report

Orlando Housing Market December 2022

 

 

Orlando Housing Market December 2022 Report

 

During the month of December 2022, the Orlando Housing Market Inventory experienced a significant increase compared to the same month last year. In addition, the median price increased while sales decreased, a total of 2230 homes sold during the month. A tally that is 42% less than the 3820 sales in the same month. During 2021, The median price of an Orlando home sold in December 2022 was $353,200, which is a 4% increase compared to the same month. Last year, the limited number of homes available for sale in Orlando is still a challenge for buyers. Compared to the same month. In 2021, the number of homes on the market increased by 146%, compared to the last month. There is 12% less properties available. There are currently 6,351 homes listed for sale.

Jan. 18, 2023

Orlando Foreclosures Are Up 99%

Orlando Foreclosures Are Up 99%

 

 

Orlando Foreclosures Are Up 99%

 

 

Orlando foreclosures nearly doubled in 2022 Orlando-area foreclosures shot up 99% in 2022 after the end of a federal moratorium in 2021. In Central Florida, foreclosure proceedings were filed against 3,917 properties last year, up from 1,968 filings in 2021. Despite the dramatic increase in foreclosure filings, local foreclosure activity is 37% below its level in 2019, before the Covid-19 pandemic. The U.S. Census Bureau's latest weekly Household Pulse Survey found that 47% of Florida households surveyed from Dec. 9-Dec. 19 said foreclosure or eviction in the next two months was "very likely" or "somewhat likely."

Jan. 17, 2023

7 Housing Market Predictions for 2023

7 Housing Market Predictions For 2023

 

 

7 Housing Market Predictions for 2023

 

7 Housing Market Predictions for 2023. When the weather cools for winter, the housing market often does too. We asked real estate experts and economists to share their predictions. Prediction 1: Home price cooling will continue until the spring selling season picks up. Prediction 2: Seller concessions are making a comeback — and sellers are now far more willing now to lower their prices Prediction 3: Buyers will have more choices and more time to make decisions Prediction 4: But overall, low inventory issues still remain Prediction 5: The housing market doesn’t appear at serious risk of total meltdown Prediction 6: Home price appreciation could be close to zero — and there is a ‘small chance’ mortgage rates could go lower Prediction 7: Barring an unexpected event, don’t expect much change in the next month.

Jan. 13, 2023

Lowest Mortgage Rates in 4 Months

Lowest Mortgage Rates In 4 Months

 

 

Lowest Mortgage Rates in 4 Months

 

Lowest Mortgage Rates in 4 Months After Inflation Data Today brought the scheduled monthly release of the Consumer Price Index (CPI). Of all the monthly economic reports, this one has had the biggest impact on the bond market and mortgage rates for roughly an entire year now. October's CPI (reported November 10th) was the biggest revelation as it was viewed by many as a sign of a shift away from the hyperinflation of 2022. Even if it's merely heading back in the right direction, it's a big win for rates. That winning process has played out over the course of these three CPI reports albeit with some back and forth along the way. The average lender brought rates roughly 0.125% lower today versus yesterday. This makes for conventional 30yr fixed rates in the low 6% range.

 

Posted in Mortgage News
Jan. 4, 2023

Home Prices No Longer Increasing By Double Digits

Home Prices No Longer Increasing By Double Digits

 

 

Home Prices No Longer Increasing By Double Digits

 

Home Prices No Longer Increasing by Double Digits. For over two years, monthly stats on home-price increases have reported something over 10%, but in Oct., Case-Shiller found 9.2%. Meanwhile the Federal Housing Finance Agency (FHFA), said annual home price growth slowed to 9.8% in October from 11.1% in September, marking that index’s first non-double-digit gain since September 2020. In December, the Fed raised rates again by half a percentage point, capping a year that saw its benchmark rate shoot from near zero in March to between 4.25% and 4.5% now – the swiftest rates have risen since the early 1980s. New single-family housing starts and permit issuance skidded to a two-and-a-half-year low last month as well. ‘As the Fed tightens financial conditions, the housing market will likely slow further in the coming year,’ LPL Financial Chief Economist Jeffrey Roach said.

Jan. 1, 2023

Pending Home Sales Fell More Than Expected

Pending Home Sales Fell More Than Expected

 

 

Pending Home Sales Fell More Than Expected

 

Pending Home Sales Fell More Than Expected in November, But Some See a Bounce on The Horizon Stop me if you've heard this one before: home sales numbers continue to suffer due to a perfect storm of higher rates, lofty prices, and tighter purse strings driven by inflation. In that sense, Pending Home Sales are no different than any of the other recent home sales data. They were very high and are now back in line with the lowest levels since the pandemic-related shutdowns in 2020. Unlike other recent home sales reports, Pending Sales is a bit more forward looking. That's bad because today's release of November's sales numbers showed a 4.0% decline versus a consensus forecast of -0.8%. Long story short, this could suggest a similar dip is in store for the next Existing Home Sales report. But at this point, does an additional dose of weakness change the bigger picture?   Not really.

Posted in Topic Of Interest