Shelter Six:  Stellar Housing Rebound Continues

The spectacular housing rebound continued in August with both Existing-Home and New-Home Sales hitting the highest levels since 2006.

Existing-Home Sales were up 2% from July and 11% from last year, while New-Home Sales were up 5% from July and 43% from last year.

Extremely limited inventory remains the primary trouble spot as levels were down 19% from a year ago to a 3-month supply nationally, which was the lowest level since 2004.

Lack of inventory and surging lumber prices continue to drive up home prices, which were up 11% nationally in August from a year ago.

Mortgage forbearance figures continue to dwindle and are down to a five-month low of 6.8% of all mortgages, per Black Knight as of Sept 22.

Starting Oct 1, there will be potential temporary lapses with both the USDA Rural Housing Program and the National Flood Insurance Program.

Rate Update

Mortgage Rates were flat last week near record lows and will most likely hold steady until good news regarding the pandemic emerges.

This Week

Employment figures are the most highly anticipated economic data of the month and are due out on Friday.

September 28, 2020 by · Leave a Comment

About James

James A. Williamson is currently the Sr VP of Sales Development for Shelter Lending Services (formerly Fairfield Mortgage). James joined Shelter in 1994 and was the company's top Loan Officer in GA for 20 straight years helping over 2500 families finance their homes. James now oversees an incredible group of Loan Officers in Atlanta while further building Shelter's Atlanta business.

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