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. […]

Shelter Six:  Strong Data Points to Economic Recovery

February 8, 2021 by · Leave a Comment

There was lots of positive economic data last week that hints toward further economic recovery and growing home sales. The Unemployment Rate surprisingly dropped to 6.3% in January from 6.7% a month earlier. The economy gained 49K jobs in January, not a huge number but not bad for January when job gains are traditionally lower. […]

Shelter Six:  15% of Those Surveyed Plan to Buy a Home This Year

February 1, 2021 by · Leave a Comment

Last week’s Federal Reserve meeting produced no surprises and the reaction was minor. Most importantly, the Fed made no changes to its bond purchase program. Good news for rates. A key inflation report showed December inflation 1.5% higher than a year ago, but still well below the Fed’s 2% target. The NAHB reports that the […]

Shelter Six: Fabulous Housing Stats from December

January 25, 2021 by · Leave a Comment

After falling in November, December Existing-Home Sales unexpectedly increased slightly and were 22% higher than last December. The December National Median Existing-Home Price ($314,300) was 13.5% higher than a year ago, the 106th straight month of year-over-year appreciation. Inventory levels were down 23% from a year ago with the number of homes for sale at a […]

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