Pending home sales in the US increased in September, but have decreased on an annual basis for nine consecutive months, said the National Association of Home Builders Friday. The Pending Home Sales Index increased 0.5% in September, but remains down 1.0% year-over-year. The Pending Home Sales Index (PHSI) is a forward-looking indicator based on signed contracts reported by the National Association of Realtors (NAR). The PHSI increased to 104.6 in September, from 104.1 in August.
Existing sales and new home sales declined in September, and affordability continues to erode as mortgage rates rise. However, builder confidence increased in October, as builders continue to see solid housing demand fueled by a growing economy, suggesting new residential construction will continue to grow.
Elsewhere, Freddie Mac reported Friday that the US Single-Family serious delinquency rate in September was 0.73%, unchanged from 0.73% in August, according to Calculated Risk. Freddie’s rate is down from 0.86% in September 2017. Freddie’s serious delinquency rate peaked in February 2010 at 4.20%.
This ties the lowest serious delinquency rate for Freddie Mac since January 2008.
These are mortgage loans that are “three monthly payments or more past due or in foreclosure”.
Read more at https://www.calculatedriskblog.com/2018/10/freddie-mac-mortgage-serious.html#ewh81ksQ8427WgeJ.99