Market Studies

According to the MiMi, current mortgages and employment are the major contributors pushing the MiMi into the stable range. Current mortgages reached 82.7 points in June, up 0.82 percent from May. Meanwhile, employment landed at 101.7 points, up 0.64 points from May.

At a press conference following a speech on the regional economic outlook in Buffalo on Wednesday morning, New York Fed president and CEO William C. Dudley expressed the idea that a rate hike at September's Federal Open Market Committee meeting seemed "less compelling" than it was a few weeks ago following the turbulent stock market activity earlier in the week.

The August forecast predicts that prices will rise 2.2 percent and sales to increase 4.6 percent compared to this time last year. In September, prices are expected to increase 5.3 percent from last year and sales to rise by 10 percent.

The June data determined that new single-family home sales were at a seasonally adjusted annual rate of 481,000, 6.8 percent below the revised May rate of 517,000 and is 18.1 percent above the June 2014 estimate of 408,000.

Freddie Mac's latest survey, conducted in June, found that overall, about 55 percent of renters in both single- and multifamily properties intend to continue renting in the next three years. When dividing up the two categories, however, the data indicated that 53 percent of renters in SFR properties intend to buy a house in the next three years compared to just 36 percent of multifamily renters who plan to buy in that period.

Debt-holding patterns reported by borrowers and those reported by lenders seem to agree more than one would expect, according to a study released by the Federal Reserve Bank of New York on Monday.

For many, the Dow Jones' steep decline on Monday removed any doubt as to whether the Federal Reserve will raise interest rates, which have been at or near zero for seven years. Prior to Monday, many pundits predicted that the country's economy had experienced the growth needed for the Fed to raise the rates; now, they're not so sure.

Housing data was mixed in June, but all main indicators increased during the first six months of the year compared to the same period last year. This supports Fannie Mae's expectation of a broad-based improvement in the housing market.

According to Fannie Mae's recent National Housing Survey (NHS) data, millennial renters (ages 25-34) today have as much desire to own a home as the general population of renters.

Total existing-home sales rose 2.0 percent to a seasonally adjusted annual rate of 5.59 million in July from a downwardly-revised 5.48 million in June.