Todd Beal

Continued Gains For Existing Home Sales In January

February 22, 2012 By Todd Beal Leave a Comment

The National Association of Realtors reports that existing-home sales rose again in January, the third improvement in the past four months. Sales of previously owned homes, including single-family, townhomes, condominiums, and co-ops, increased 4.3 percent to an seasonally adjusted annual rate of 4.57 million. Lawrence Yun, NAR’s chief economist, said the trend upward is in line with the underlying fundamentals including pent-up household formation, record-low mortgage rate, low prices, sustained job creation, and rising rent. The national median existing-home price was $154,700. More here.

Housing Market, Mortgage, Todd Beal, Trident Mortgage, Devon, Pennsylvania

Filed Under: Housing Market Tagged With: Association Of Realtors, Chief Economist, Co Ops, Condominiums, Devon, Existing Home Sales, Four Months, Household Formation, Housing Market, Job Creation, Low Mortgage, Mortgage, Mortgage Rate, Nar, National Association Of Realtors, Pennsylvania, Rose, Single Family, Todd Beal, Trend Line, Trident Mortgage

Inventory Levels Continue To Fall, Market Stabilizing

February 21, 2012 By Todd Beal Leave a Comment

The number of homes for sale nationwide fell for the eighth-straight month in January and is now 23.2 percent below last year’s levels. According to data from Realtor.com, inventory dropped 6.59 percent from the month before which, along with stabilizing prices, is a positive sign for the housing market. Inventory fell in 145 of 146 markets tracked and the average age of the for-sale housing stock has also fallen. Median list prices, though down month-over-month, are still nearly 4.0 percent above year ago levels and recent dips could be due to seasonal factors. Decreasing inventory levels and stabilizing prices, along with gains in the labor market and low mortgage rates, are positive indicators that housing will continue to improve and recover this year, according to the report. More here.

Filed Under: Housing Market Tagged With: Devon, Dips, Homes For Sale, Housing Market, Inventory Levels, Labor Market, Low Mortgage, Mortgage, Mortgage Rates, Pennsylvania, Realtor, Seasonal Factors, Stock, Todd Beal, Trident Mortgage

Housing Starts, Permits Increase In January

February 17, 2012 By Todd Beal Leave a Comment

The U.S. Census Bureau and the Department of Housing and Urban Development’s new residential construction statistics for January show privately-owned housing starts rose to a seasonally adjusted annual rate of 699,000, exceeding economists’ expectations. The increase put starts 1.5 percent above December and 9.9 percent above the year before, when the annual rate was 636,000. Permits to build rose 0.7 percent over December and are 19.0 percent above January 2011. More here.

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Filed Under: Housing Market Tagged With: Census Bureau, Construction Statistics, Department Of Housing, Department Of Housing And Urban Development, Devon, Economists, Flickr, Housing And Urban Development, Housing Development, Housing Market, Housing Starts, Mortgage, New Residential Construction, Pennsylvania, Rose, Todd Beal, Trident Mortgage, U S Census, U S Census Bureau

Mortgage Loan Volume Holds After Last Week’s Gains

February 15, 2012 By Todd Beal Leave a Comment

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for home loans was flat last week, with the Market Composite Index dipping just 1.0 percent after surging 7.5 percent the week before. The drop was caused by declines in the Purchase Index, while the Refinance Index increased 0.8 percent. The refinance share of all mortgage activity was 81.1 percent. The average loan size in January was $226,000, up from $225,000 in December 2011 and $207,000 a year ago. Also, average mortgage rates rose, with the interest rate for 30-year fixed-rate mortgages increasing to 4.08 percent from 4.05 percent the week before. The average 30-year rate for jumbo loans was 4.30 percent. More here.

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Filed Under: Housing Market Tagged With: 30 Year Fixed Rate Mortgages, Average Mortgage, Composite Index, Declines, Devon, Fixed Rate Mortgages, Home Loans, Housing Market, Interest Rate, Jumbo Loans, Loan Size, Loan Volume, Mortgage, Mortgage Activity, Mortgage Applications, Mortgage Bankers Association, Mortgage Loan, Mortgage Rates, Pennsylvania, Purchase Index, Rose, Survey, Todd Beal, Trident Mortgage, Year Fixed Rate Mortgages

Americans Increasingly Optimistic, Confident In Economy

February 13, 2012 By Todd Beal Leave a Comment

According to Gallup, Americans’ economic confidence and sense of well being both rose in January. Gallup’s Life Evaluation Index, which asks Americans to rate their current and future lives on a scale from 0 to 10, climbed to its highest level in 11 months, increasing to 50.1 from 48.4 in December. The number of respondents classified as thriving as opposed to struggling or suffering increased to 53.4 percent from 51.9 percent the month before. Americans’ improving sense of well being is tied to gains in economic confidence. According to Gallup’s Economic Confidence Index, which has been rising since August of last year, the country’s confidence in the economy is at its highest level since May 2011, though it isn’t as high as it was a year ago. More here and here.

Filed Under: Housing Market Tagged With: Confidence Index, Devon, Economic Confidence, Economy, Evaluation Index, Future Lives, Gallup, Housing Market, Life Evaluation, Mortgage, Pennsylvania, Respondents, Rose, Todd Beal, Trident Mortgage

Housing Affordability Index Reaches Record High

February 10, 2012 By Todd Beal Leave a Comment

The National Association of Realtors Housing Affordability Index reached a record high in 2011. The index, which began in 1970, measures the relationship between median home price, median family income, and average mortgage interest rate. The index defines 100 as the point where a median-income household has exactly enough income to qualify to purchase a median-priced home. In 2011, the index reached 184.5. Lawrence Yun, NAR’s chief economist, said the Midwest and South have the greatest concentration of areas where home buyers have the strongest purchasing power. According to Yun, the West Coast and Northeastern Seaboard have higher-priced homes which accounts for lower affordability ratings. More here.

Filed Under: Housing Market Tagged With: Association Of Realtors, Average Mortgage Interest Rate, Chief Economist, Concentration, Devon, Home Buyers, Housing Affordability Index, Housing Market, Income Household, Measures, Median Family Income, Median Home Price, Median Income, Midwest, Mortgage, Mortgage Interest Rate, Nar, National Association Of Realtors, Northeastern Seaboard, Pennsylvania, Purchasing Power, Relationship, Todd Beal, Trident Mortgage, West Coast

Mortgage Demand Spikes As Rates Hit New Low

February 8, 2012 By Todd Beal Leave a Comment

According to the Mortgage Bankers Association’s Weekly Applications Survey, demand for mortgage loans surged last week. The Market Composite Index, which measures total loan application volume, was up 7.5 percent over the previous week due to a 9.4 percent spike in the Refinance Index. The Purchase Index gained 0.1 percent from the previous week. Refinance activity represented 80.5 percent of all loan applications largely because of another dip in average mortgage rates. The average contract interest rate on 30-year fixed-rate mortgages fell to 4.05 percent from 4.09 percent the previous week. The drop brought rates to their lowest level in the history of the survey. The average mortgage rate for 30-year jumbo loans also hit a record low, dropping to 4.29 percent from 4.33 percent the week before. More here.

Filed Under: Housing Market Tagged With: 30 Year Fixed Rate Mortgages, Application Volume, Average Mortgage, Composite Index, Devon, Fixed Rate Mortgages, Housing Market, Interest Rate, Jumbo Loans, Loan Application, Loan Applications, Mortgage, Mortgage Bankers Association, Mortgage Loans, Mortgage Rate, Mortgage Rates, Pennsylvania, Purchase Index, Spike, Spikes, Survey, Todd Beal, Trident Mortgage, Year Fixed Rate Mortgages

Refinancing Homeowners Reduced Debt In Fourth Quarter

February 6, 2012 By Todd Beal Leave a Comment

Freddie Mac recently released their fourth-quarter refinance analysis and it shows that 85 percent of homeowners who refinanced their mortgages during the fourth quarter of 2011 maintained or reduced their principal balance by paying-in additional money at the closing table. Frank Nothaft, Freddie Mac’s vice president and chief economist, said savvy homeowners are taking advantage of some of the lowest fixed-rates in more than 60 years to lock in interest savings. According to Nothaft, the typical borrower who refinanced during the fourth quarter reduced their interest rate by approximately 1.4 percentage points. During the fourth quarter, 37 percent of homeowners who refinanced their mortgage maintained about the same loan amount and 49 percent reduced their principal balance. The percentage of cash-in borrowers was the highest in the 26-year history of the analysis. More here.

Filed Under: Housing Market Tagged With: Advantage, Borrowers, Chief Economist, Devon, Fourth Quarter, Freddie Mac, Housing Market, Interest Rate, Interest Savings, Money, Mortgage, Mortgages, Pennsylvania, Percentage Points, Principal Balance, Refinance, Refinancing, Todd Beal, Trident Mortgage, Vice President

Unemployment Rate Falls Again, Hits 3-Year Low

February 3, 2012 By Todd Beal Leave a Comment

Data from the U.S. Bureau of Labor Statistics shows total nonfarm payroll employment rose by 243,000 in January, bringing the unemployment rate down to 8.3 percent from 8.5 percent the month before. The improvement continues a trend which has seen the unemployment rate fall 0.8 percent since August. January’s gains were better-than-expected and the rate is now at its lowest level in three years. An improving job market is vital to housing’s recovery, as it will boost Americans’ confidence in their personal financial situation and make them more likely to considering buying a home. The number of unemployed persons declined to 12.8 million in January. More here.

Filed Under: Housing Market Tagged With: Bureau Of Labor, Bureau Of Labor Statistics, Buying A Home, Confidence, Devon, Housing Market, Job, Mortgage, Nonfarm Payroll Employment, Pennsylvania, Personal Financial Situation, Todd Beal, Total Nonfarm Payroll, Trident Mortgage, Unemployed Persons, Unemployment Rate

Demand For Mortgage Loans Up Over Past Four Weeks

February 1, 2012 By Todd Beal Leave a Comment

According to the Mortgage Bankers Association’s Weekly Applications Survey, the Market Composite Index, which measures total mortgage loan application volume, dipped 2.9 percent last week. The Market Index’s four-week moving average, however, is up 4.11 percent due to improvements in both the Purchase and Refinance Index. Michael Fratantoni, MBA’s vice president of research and economics, said refinance volume remains high, despite the drop in total applications last week. Every state in the country saw an increase in refinance volume in December and only 12 states had a decrease in home purchase activity. The average contract interest rate for 30-year fixed-rate mortgages fell to 4.09 percent last week from 4.11 percent the week before. The average 30-year rate for jumbo loans also declined, dropping to 4.33 percent from 4.39 percent. More here.