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Daily Dose

House Payments Rise; Should Homebuyers Consider Renting?

RealtyTrac released a housing affordability analysis, noting an average 21 percent increase in monthly house payments from a year ago. The report showed that house payments in all counties purchased in the fourth quarter of 2013 rose to $865, based on a 30-year fixed rate mortgage with an interest rate of 4.46 percent and a 20 percent down payment.

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Increased Inventory Slows Home Value Growth

In a report released by Zillow, national home values rose just .2 percent in January from December. Inventory rose in 22 of the nation’s 35 largest metros, and home values are expected to rise another 3.4 percent in the next 12 months. The Zillow Home Value Index notes that January's figure of $169,600 is the smallest monthly increase since May, 2012.

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January Storms Push Home Sales Down

Short Sales

According to the RE/MAX National Housing Report for January, freezing weather mixed with winter storms helped depress home sales, down 26.9 percent over the month. The weather caused delays in appraisals and closings. Year-to-year figures from 2013 also showed a downward yearly trend continuing through January, 2014.

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Credit Default Rates Decrease in January

2015 HUD

In a report released Tuesday by S&P Dow Jones Indices and Experian, data from the S&P/Experian Consumer Credit Default Indices revealed a decline in default rates during the month of January. The Indices are a comprehensive measure of changes in consumer credit defaults. The Indices are calculated based on data extracted from Experian's consumer credit database.

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Zillow Marks Upward Trend in Mortgage Rates

Zilllow Mortgage Marketplace, a lending service operated by the home listing website Zillow, announced new mortgage rates Tuesday. Currently, the mortgage rate for a 30-year fixed mortgage is 4.18 percent, according to the release. The rate hovered between 4.17 and 4.21 percent before spiking on Wednesday to 4.27 percent. Mortgage rates eventually came down, dropping to the reported 4.18 percent on Thursday.

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Cold Weather Shakes Builder Confidence

Cold weather across the nation caused more than long commutes and cancelled school. How did the frigid temperatures affect homebuilder confidence? A new report from the National Association of Home Builders noted a few key metrics about new home construction this month.

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Debt Rises, but Who’s Borrowing?

2015 HUD

In a report released Tuesday, the Federal Reserve Bank of New York noted that aggregate consumer debt rose from last quarter, noting an increase of $241 billion dollars in the fourth quarter of 2013. The figure represents the largest quarter-to-quarter increase since 2007.

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LRES Implements New REO System of Operations

LRES, a national provider of residential and commercial valuations and asset management for the mortgage, banking, credit union, and real estate industries, announced a new real estate owned (REO) operating model. The model is expected to increase efficiency and accommodate new clients.

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