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US Housing Affordability: 2Q 2016
According to the National Association of Home Builders / Wells Fargo Housing Opportunity Index, solid home price appreciation more than offset a modest reduction in mortgage interest rates to push housing affordability lower in 2Q 2016. The national median home price increased from US$223,000 in 1Q 2016 to US$240,000 in 2Q. Meanwhile, average mortgage rates…
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US Real Estate Market, Housing Affordability
Homeownership rates in the US have collapsed to 63.1 per cent, down from 2004 highs of about 69 per cent, according to the US Census Bureau Wednesday. As homeownership rates come full circle from the early 1990s levels, the Median Asking Price for Vacant Units has steadily risen. Meanwhile, according to the National Association of…
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REO Inventory, US: 2Q 2016
Freddie Mac reported this week the amount of Real Estate Owned s (REO) inventory declined to 13,284 at the end of 2Q 2106 compared to 19,484 at the end of Q2 2015. For Freddie, this is down 82 per cent from the 74,897 peak number of REOs in 3Q 2010. For Freddie, this is the…
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US Private Residential Construction Spending: June 2016
The National Association of Home Builders analysis of Census Construction Spending data released Monday shows that total private residential construction spending for June registered a seasonally adjusted rate of US$445.8 billion, virtually unchanged from the May downwardly revised estimate. Private nonresidential construction spending fell for a third consecutive month in June, down by 1.3 per…
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US New Home Sales, June 2016
The US Census Bureau and Department of Housing and Urban Development in a joint release Tuesday reported that newly constructed single family homes sold at a seasonally adjusted annual pace of 592 thousand in June and revised May sales up to 572 thousand. This pace represents steady progress from housing bust lows below 300 thousand…
