Shelter Six:  Homeownership Rate Surges to 70.8% in the South

November 2, 2020 by · Leave a Comment 

GDP surged at an annualized rate of 33.1% in the 3rd Quarter. This was a magnificent rebound after declining 31.4% in the previous 2nd Quarter.

September New Home Sales dropped 4% from August but remained near the best levels in the last 14 years and were 32% higher than a year ago.

After four months of gains, Pending Home Sales were down a tad but still at the second highest level on record.

The number of serious mortgage delinquencies dropped by 43K in September, which was the first improvement since the start of the pandemic, according to Black Knight.

The U.S. Homeownership Rate was 67.4% nationally (70.8% in the South) in the 3rd Quarter, up 2.6% from a year earlier, according to the U.S. Census Bureau.

The FHFA Home Price Index indicates that Conforming loan amounts will most likely increase around $40K at the end of November.

Rate Update

It is election week, so expect volatility. Despite significant economic and pandemic news over the last week, mortgage rates continue to hold steady and near record low levels.

This Week

Tuesday’s election will be the focal point. The Fed also meets on Thursday and Employment figures are due out on Friday.