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October 3, 2012

Last week in review (September 24 - 28, 2012)

Last week’s final reading of GDP for the second quarter was unfavorable. Read on to learn why this matters and how home loan rates are faring.


Table source: Mortgage Success Source

Last week, the final reading of the GDP for the second quarter was reported at 1.3%.  This was after a sizable downward revision to previous estimates and this is significant because GDP is the broadest measure of economic activity.  In addition, durable goods orders (i.e. orders for products like furniture and computers that are designed to last for an extended period of time) came in low. Figures like these speak to the improvement needed in our economy, and are a big reason why the Fed announced its…

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We summarize three key housing market indicators: construction starts (Census), existing-home sales (NAR) and the delinquency-plus-foreclosure rate (LPS First Look). For each indicator, we compare this month’s data to (1) how bad the numbers got at their worst and (2) their pre-bubble “normal” levels.

In August 2012, construction starts held their new high plateau, while home sales rose and the delinquency + foreclosure rate fell:

  • Construction starts held roughly steady. Starts in August were at a 750,000 annualized rate, up 2.3% month over month and up 29.1% year over year. Construction activity in August was at its second-highest level since October 2008. Nationally, construction starts are 27% of the way back to normal.
  • Existing home sales…

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Here is the current Market Snapshot for Sammamish, WA 98075.

Over the last 90 Days the Average Days on Market to sell a home have been 100 Days. Selling price compared to Asking price has been -2%. The average home has sold for $650,000 and inventory over this time has dropped by 50%.

If you would like to create a Free Market Snapshot for your zip code simply click the link below. You can also choose to see an even closer view and put in your home address as a Seller and see the trends within 2 miles of your home.

The "School Info" tab at the top of the page also allows your to see and compare local schools side by side. You can even compare Public and Private schools and see information such as: Student Teacher Ratio, Test Scores, and more.

…

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September 26, 2012

Last week in review (September 17 - 24, 2012)

Last week, we saw a lot of action in the volatile financial markets duein large part to the Fed’s announcement of another round of bond buying (known as Quantitative Easing or QE3). Here's what you need to know and what happened to home loan rates.


Table source: Mortgage Success Source

Quantitative Easing is the concept of the Fed becoming a buyer of treasuries and bonds aimed at stimulating the economy. The Fed announced QE3 because our economy is still struggling (especially our housing and labor markets) and inflation has appeared tame.

Evidence that our economy is still struggling was especially noticeable in the manufacturing sector last week. The New York State…

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September 19, 2012

Last week in review (September 10 - 14, 2012)

Last week, the Fed announced another round of Quantitative Easing (QE3). Read on to learn what QE is, why the Fed announced QE3,and what this means for home loan rates.


Table source: Mortgage Success Source

What is Quantitative Easing? Quantitative Easing is the concept of the Fed becoming a buyer of treasuries and bonds to try to stimulate the economy. Oftentimes, the Fed does Quantitative Easing when they are hoping to (1) create inflation and avoid a deflationary economy, (2) lower the unemployment rate, and (3) boost stock prices.

Why did the Fed announce QE3? With our economy still struggling (especially our housing and labor markets) and inflation appearing tame, QE3 was…

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September 12, 2012

Last week in review (September 3 - 7, 2012)

The Labor Department released its Jobs Report for August. Read on for the details, and what they mean for home loan rates.


Table source: Mortgage Success Source

On Friday, the Labor Department revealed that 96,000 jobs were created in August. This was below the elevated expectations after the surprisingly good ADP report for August. Only 103,000 private sector jobs were created, well below expectations, while government job losses were in line with expectations. Downward revisions to June’s and July’s job numbers, which erased an additional 41,000 jobs from what was previously reported, added to the negative tone of the report.

The unemployment rate, also a major headline,…

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September housing statistics around Washington indicate

recovery is continuing, strengthening sellers’ positions

KIRKLAND, Wash. (Sept. 5, 2012) – Pending sales, closed sales and prices all increased in August compared to a year ago, according to the latest figures from Northwest Multiple Listing Service. Those key indicators, coupled with the persistent shortage of inventory, prompted one industry leader to declare the market has flipped.

Brokers reported 8,338 pending sales of single family homes and condominiums last month for a year-over-year increase of 9.3 percent. Fourteen of the 21 counties in the Northwest MLS service area reported double-digit gains in the number of mutually accepted offers.

Last month’s pending transactions…

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August 29, 2012

Last week in review (August 20 - 24, 2012)

The minutes from the July 31-August 1 meeting for the Federal Open Market Committee revealed that the Fed is moving closer towards some kind of Quantitative Easing (QE3) at their next meeting. Remember that rumors of QE3 can help bonds (and therefore home loan rates, which are tied to mortgage bonds). We saw evidence of that last week, as bonds and home loan rates rallied on QE3 rumors.

The Fed minutes also revealed that economic activity has decelerated in recent months, with a notable slowing in consumer spending. The minutes went on to say that the housing market remains depressed. There was some good housing news last week, as both Existing Home Sales and New Home Sales rose in…

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There are currently 369  single family residential Carlsbad homes for sale at a median price of $710,000, with an average of 117 days on market; up 10 days from the last report.  Days on market has begun to lengthen over the last few weeks, with 33% of all listed properties had a price decrease in the last seven days, and only 5% of the homes in Carlsbad had a price increase.  Inventory levels have been relatively consistent given the current sell through rate, and overall days on market are currently trending down.  Recently, the seven day moving price average made a healthy move back towards the 90 day moving average, which would suggest that short term price movement is stalling. 

Home inventory has been increasing lately, and the market appears to…

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