March Market News Bites

• Existing home sales for February will fall between a seasonally adjusted annual rate of 5.23 and 5.58 million sales.

• This sales number is down 1.3 percent month-over-month. • However, it is up 10.4 percent year-over-year.

• The Market Composite Index, which measures loan application volume, decreased 4.8 percent on a seasonally adjusted basis week-over-week.

• On an unadjusted basis, the Index increased 7 percent week-over-week.

• The Refinance Index decreased 7 percent week-over-week, and the refinance share of mortgage activity decreased to its lowest level since January 2016 — 58.6 percent of total applications — from 61.0 percent the previous week.

• 30-Year Fixed Rate Mortgage Rates for the Past 6 Months bounced like Tigger between 3.9% to todays 3.67%, the high was 4.01% on Dec 31, 2015.

• Spending on private construction was at a seasonally adjusted rate of $831.4 billion.

• This is 0.5 percent above the revised December estimate of $827.3 billion.

• Residential construction was $433.2 billion in January, the same month-over-month as December.

• Home prices rose 1.3 percent month-over-month.

• Home prices rose 6.9 percent year-over-year.

• This is the 47th month of consecutive year-over-year increase, but the returns are no longer double-digit.

• Only two states are still showing decreasing home values, Louisiana and Mississippi.

• Default mortgages are still growing in many areas, like Florida, and are still a concern.

Thanks to Corelogic, US Census, BankRate and other news outlets.

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 Paul Antonelli

REALTOR Professional
Broker / Owner of NextHome Antonelli Realty
The Future Of Real Estate is HERE !
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