Shelter Six:  Low Housing Inventory Being Aided by Strong New Construction

April 19, 2021 by · Leave a Comment

Nationally, March Housing Starts jumped a stronger-than-expected 19% from February to the fastest pace since 2006. Building Permits increased nearly 3% to 1.77M units, reflecting a quick snapback from the weather-induced downturn in February. With such strong housing metrics, it is not surprising that Homebuilder Confidence continues to hover around all-time highs. Consumers, armed with […]

Shelter Six:  Economy Hitting on All Cylinders Right Now

April 12, 2021 by · Leave a Comment

A deeper dive into the massive 916K new jobs added in March indicates that 110K of them were in construction, which could really help with the home inventory shortage. Also promising is a Fannie Mae survey showed the number of homeowners indicating that it is a “good time to sell” surged to the highest level […]

Shelter Six:  Job Growth, Manufacturing, and Consumer Confidence Surge

April 5, 2021 by · Leave a Comment

In March, the economy added 916K news jobs, significantly greater than expected, and the national Unemployment Rate dropped from 6.2% to 6%. March was also a huge month for manufacturing as they key sector index surged to the highest level since 1983. U.S. Consumer Confidence jumped to the strongest level since before the pandemic thanks […]

Shelter Six:  Home Sales Down in February

March 29, 2021 by · Leave a Comment

Existing-Home Sales fell 7% from January but still were 9% higher than a year ago. The drop was attributed to severe weather throughout the country and rising interest rates. New-Home sales dropped 18% from January but were still up 8% over last year. The median existing-home price was 16% higher than last year and up […]

Shelter Six: Fed Forecasts Strongest Growth in Decades

March 22, 2021 by · Leave a Comment

As expected, the Federal Reserve made no changes to short-term rates last week and its statement contained no significant surprises. The Fed also did not give any indication that it will adjust its current pace of bond purchases anytime soon. This is important because rates will rise when it does. The Fed’s is also forecasting […]

Shelter Six: Rates Higher on 2nd Homes and Investment Properties

March 15, 2021 by · Leave a Comment

Last week, to reduce portfolio risk, Fannie Mae announced a new 7% limit on the total amount of loans they will purchase secured by 2nd Homes and Investment Properties. To limit volume and avoid getting too close to the 7% limit, lenders reacted by increasing Conforming rates on these types of loans by approximately .125% […]

Shelter Six: FHA/VA Credit Scores Down to 680

March 8, 2021 by · Leave a Comment

Shelter’s minimum credit score on FHA, VA, and USDA loans has dropped to 580. The economy gained 379K jobs in February, much stronger than the 175K jobs that had been expected. The Unemployment Rate dropped from 6.3% to 6.2%. Average Hourly Earnings increased 5.3% over the last year. Key economic reports showed that both the […]

Shelter Six: Mortgage Rates Surge to Highest Level Since June

March 1, 2021 by · Leave a Comment

Mortgage rates have gone up about .25% each of the last two weeks. The surge is mostly due to optimism around the pandemic and concerns that inflation is taking off. January New Home Sales were up 4.3% from December and 19.3% from a year ago. January Pending Home Sales, although down 2.8% from December, were […]

Shelter Six: Strong Economic Data Putting Pressure on Mortgage Rates

February 22, 2021 by · Leave a Comment

January Existing-Home Sales increased for the seventh time in eight months and were a whopping 24% higher than a year ago. The Median National Existing-Home price was $303,900, 14% higher than last January. Inventory levels, however, remained at a 1.9-month supply nationally, down 26% from a year ago. Retail Sales jumped a shocking 5.3% from […]

Shelter Six:  Potentially More Homeowners Willing to List

February 15, 2021 by · Leave a Comment

Fannie Mae’s monthly consumer survey indicated that 57% of people contacted said they felt it was a good time to sell a home, up from 7% in December. The median price of a single-family home climbed 14.9% to $315K over the 4th Quarter, the fastest pace since the data first started being kept in 1990. […]

Next Page »