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After barely dropping in the prior report, mortgage applications ticked back up and increased 2.3% from one week earlier. Most notably, the refinance share of mortgage applications fell to its lowest level since June 2009. …read more

From:: Real Estate Wire

By Beth McGuire

Americans are seeing a bright spot in their paychecks, and their housing prospects.

The share of those surveyed in Fannie Mae’s recent Home Purchase Sentiment Index® (HPSI) who reported “significantly higher household income” in 2016 increased five points to 15 percent in January, while the share of those who reported it is “a good time to sell” a house increased two points, also to 15 percent. The share of those who reported home prices will rise increased seven points to 42 percent. The Index overall increased two points to 82.7—a historical high.

“Three months after the presidential election, measures of consumer optimism regarding personal financial prospects and the economy are at or near the highest levels we’ve seen in the nearly seven-year history of the National Housing Survey,” says Doug Duncan, senior vice president and chief economist at Fannie Mae.

Is the feel-good outlook enough to overcome limited housing affordability? According to ATTOM Data Solutions, since 2012, the average median home price has grown 60 percent, while average weekly wages have grown 1 percent. The ATTOM Q4 2016 Home Affordability Index dropped to its lowest level since the onset of the recession, with the average homebuyer needing 36.9 percent of their income to afford a median-priced home.

Worsening the affordability situation are rising mortgage rates. The share of those surveyed by Fannie Mae who reported rates “will go down” in the next year was -55 percent—the share of those surveyed who reported it is “a good time to buy a house,” by extension, decreased three points to 29 percent.

“Any significant acceleration in housing activity will depend on whether consumers’ favorable expectations are realized in the form of income gains sufficient to offset constrained housing affordability,” Duncan says. “If consumers’ anticipation of further increases in home prices and mortgage rates materialize over the next 12 months, then we may see housing affordability tighten even more.”

Source: Fannie Mae

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The post A Feel-Good Outlook for Incomes—and Housing appeared first on RISMedia.

…read more

From:: Finance and Economy

By Beth McGuire

Americans are seeing a bright spot in their paychecks, and their housing prospects.

The share of those surveyed in Fannie Mae’s recent Home Purchase Sentiment Index® (HPSI) who reported “significantly higher household income” in 2016 increased five points to 15 percent in January, while the share of those who reported it is “a good time to sell” a house increased two points, also to 15 percent. The share of those who reported home prices will rise increased seven points to 42 percent. The Index overall increased two points to 82.7—a historical high.

“Three months after the presidential election, measures of consumer optimism regarding personal financial prospects and the economy are at or near the highest levels we’ve seen in the nearly seven-year history of the National Housing Survey,” says Doug Duncan, senior vice president and chief economist at Fannie Mae.

Is the feel-good outlook enough to overcome limited housing affordability? According to ATTOM Data Solutions, since 2012, the average median home price has grown 60 percent, while average weekly wages have grown 1 percent. The ATTOM Q4 2016 Home Affordability Index dropped to its lowest level since the onset of the recession, with the average homebuyer needing 36.9 percent of their income to afford a median-priced home.

Worsening the affordability situation are rising mortgage rates. The share of those surveyed by Fannie Mae who reported rates “will go down” in the next year was -55 percent—the share of those surveyed who reported it is “a good time to buy a house,” by extension, decreased three points to 29 percent.

“Any significant acceleration in housing activity will depend on whether consumers’ favorable expectations are realized in the form of income gains sufficient to offset constrained housing affordability,” Duncan says. “If consumers’ anticipation of further increases in home prices and mortgage rates materialize over the next 12 months, then we may see housing affordability tighten even more.”

Source: Fannie Mae

For the latest real estate news and trends, bookmark RISMedia.com.

The post A Feel-Good Outlook for Incomes—and Housing appeared first on RISMedia.

…read more

From:: Real Estate News

By Beth McGuire

NAR PULSE—If you cannot attend the Broker Summit in San Diego, meet us online! NAR members located in and outside of the U.S. will be able to view three business sessions from the Broker Summit for FREE via live stream, as a member benefit. The broadcast begins Tuesday, Feb. 14 starting at 2:00 p.m. PST. Learn more and register now!

Save on Products and Services You Already Use with NAR’s REALTOR Benefits® Program!

In just one year, over 800,000 REALTORS® saved a combined $59 million by taking advantage of at least one offering through NAR’s REALTOR Benefits® Program. Learn how you can save this year with industry-leading companies, including FCA US LLC (formerly Chrysler Group LLC), Placester, FedEx, DocuSign and more. Learn more.

NAR and Boys & Girls Clubs of America in 2017

NAR is proud to continue its relationship with BGCA in 2017 and beyond! More than 200 REALTOR® associations, members and firms have reported involvement with their local Club since the partnership began. Are you looking to get involved this year? Visit .

For the latest real estate news and trends, bookmark RISMedia.com.

The post Register to Stream Select Sessions of the 2017 REALTOR(R) Broker Summit LIVE appeared first on RISMedia.

…read more

From:: Real Estate News

Navy Federal Credit Union announced Tuesday that it is partnering with Freddie Mac to offer a 5/5 adjustable-rate mortgage to large institutional investors. According to Navy Federal, the 5/5 ARM has a “history of growth and stability” with the credit union, and plans to grow the product moving forward. …read more

From:: Real Estate Wire