REALTORS® Confidence Index December Highlights

8/13/2019 REALTORS Confidence Index December Highlights

1/22

Page | 1

REALTORS CONFIDENCE INDEXReport and Market Outlook

December 2013 Edition

NATIONAL ASSOCIATION OF REALTORS

Research Department

Lawrence Yun, Senior Vice President and Chief Economist

Based on Data Gathered January 610, 2014


2/22

Page | 2

Table of Contents

SUMMARY .................................................................................................................................................. 3

I. Market Conditions .................................................................................................................................... 4

REALTORS Confidence Remains Tempered in December................................................................ 4

Buyer and Seller Traffic Indexes Are Unchanged in December.............................................................. 5

Median Days on the Market Increased to 72 Days ................................................................................... 7

Home Prices Still Rising ........................................................................................................................... 8

REALTORS Expect Prices to Increase Modestly in the Next 12 Months............................................ 9

II. Buyer and Seller Characteristics ............................................................................................................ 10

Cash Sales: 32 Percent of Residential Sales .......................................................................................... 10

Mortgages With Down Payment of 20 Percent or More: 38 Percent of Mortgages............................... 11

Distressed Sales: 14 Percent of Sales...................................................................................................... 12

First Time Buyers: 27 Percent of Residential Buyers............................................................................ 14

Investors, Second-home Buyers, and Relocation Buyers ....................................................................... 14

International Transactions: About 2.5 Percent of Residential Market.................................................... 16

Rising Rents for Residential Properties .................................................................................................. 16

III. Current Issues........................................................................................................................................ 18

Tight Credit Conditions and Slow Lending Process............................................................................... 18

Reason For Not Closing A Sale .............................................................................................................. 18

IV. Commentaries by NAR Research ......................................................................................................... 19

Latest on Employmnet Conditions .......................................................................................................... 19

Latest on Housing Affordability ............................................................................................................. 21

Mortgage Purchase Applications ............................................................................................................ 22


3/22


4/22

Page | 4

I. Market Conditions

REALTORS Confidence Remains Tempered in December

Confidence about current market conditions was essentially unchanged from Novemberto December . The index for single family sales registered at 59 (same as in November) . Theindexes for townhouses/duplexes was at 43 (42 in November) while the index for condominiums

was at 37 (38 in November). An index of 50 marks moderate conditions.2

Confidence about the next 6 months saw a slight improvement in December. The 6-month outlook index for single family rose to 66 (64 in November). The index for townhouses

slightly rose to 48 (46 in November ) while the index for condominiums registered at 44 (43 in

November). REALTORS expressed concern about a variety of factors that can impact themarket such as the new regulations pertaining to the Ability to Pay Rule for Qualifying

Mortgage, the reduction in FHA loan limits, uncertainty regarding flood insurance rates, and the

state of the economy.

2 An index of 50 delineates moderate conditions and indicates a balance of respondents having

weak(index=0) and strong (index=100) expectations. The index is calculated as a weighted average using theshare of respondents for each index as weights. The index is not adjusted for seasonality effects.

010

20

30

40

50

60

70

80

200801

200804

200807

200810

200901

200904

200907

200910

201001

201004

201007

201010

201101

201104

201107

201110

201201

201204

201207

201210

201301

201304

201307

201310

REALTORS Confidence Index - Current Conditions

SF Townhouse Condo

Dec 2013: SF: 59 TH: 43 Condo: 37


5/22


6/22

Page | 6

SOME COMMENTS FROM REALTORS - December RCI Survey

Slowing Market

oAlways slow this time of year, but extra slow this December. (CA)oThe extreme weather conditions and fluctuating interest rates have slowed the buyer market a bit. Seems

more like a regular winter market for the first time in 3 years. (ND)

oMarket has fallen flat over the last 4-5 months. (NE)oMortgage rates have increased and inventory is down. (NV)oVery low inventory, shorter period on the market. (WA)oLow inventory. Sellers are afraid to list because they can't find what they want to purchase. Multibidding in

first time home buyer price range and prices under $300,000. (CO)

oInventory is low here, mainly due to sellers who are still not able to sell until their property value increases.(NC)

oAgents starting raising pricing too fast, homes are now sitting on the market longer.(CA)oThe biggest issue that I am facing right now is that the buyers have credit issues that need to be fixed...some

are at least a year from purchasing. The second issue is the income level versus the prices of homes are

becoming out of reach for most first time home buyers. (CA)

oMortgage issues this past year - last minute fall out in underwriting - loans harder to obtain - buyers don'thave money saved. (VA)

oMore than 50% of our condos have lost their FHA approval; therefore there is no financing available inthose developments. This decimates our affordable housing stock. (MD)

o[Im] seeing a decrease of distressed sales, both foreclosures and short sales. (FL)oA significant number of foreign buyers are purchasing commercial real estate for investment purposes. (ID)oReturn to resale sellers and low inventory in general is driving sales prices to or above asking price. (TX)o70% of the transaction I closed in 2013 were cash buyers. (FL)oWith the appraisal still based on the past sales with no dollar consideration for the supply and demand

factor or the true value of the subject property, it makes it very difficult to sell in a good market based on

yesterday's depressed values. (AZ)

oWill be interesting to see how the FHA loan limits being reduced will effect the market. (CO)oAs interest rates rise, it is becoming more challenging for first time home buyers. (NC)oAs they interest rates creep up, this will affect the first time buyers. (DE)oBank ratios are getting tougher. (MA)oBanks are slowing the process down with needless requirements,even with very qualified buyers. (NY)oBuyers are very skittish regarding changes in FHA criteria and mortgage rates going forward. Could

negatively impact momentum this year. (VA)

oQM regulations are already making a difference in our market as the lenders scramble to be compliant. (UT)oMore appraisal issues in 2013 than seen in previous 2-3 years. New mortgage debt ratios will put some first

time buyers on hold - student loans, car loans, etc. Good condition, multi's are drawing multiple offers. (CT)

oThe economy, especially the job market is still a challenge in the areas that I work in. (IL)oWe have 2 major stumbling blocks to sales in this area - over pricing to buy listings and FEMA flood

insurance raises. (OR)

oBuyers are being super cautious since no one seems to have job security. (IL)oBuyers are staying away from flood zone areas (MS)o2014 should be even better than 2013 in all markets. (TX)oA lot of the multibidding frenzy that happened last year is likely not going to happen as frequently this

year.(WA)

oAlthough we are seeing an upswing of buyers, they seem to be a bit timid not knowing how new rules(Obama Care) will affect their finances. (AZ)

oBased on discussion with regard to multiple dwelling construction, I feel that will be the strongest market.(AZ)

oBased on what is happening in our area it would appear that rentals will be much more prevalent thanhome purchases. (KY)


7/22

Page | 7

Median Days on the Market Increased to 72 Days

Properties stayed longer on the market , possibly due to bad weather conditions in

December. The median days on the market reported by REALTOR respondents who had a

sale was 72 days (56 days in November). Days on market have generally been on the uptrend

when they hit their lowest level of 35 days in June 2013. Short sales were on the market for thelongest, at 122 days (120 days in November), and foreclosed properties were on market at 67

days (59 days in November) . Non-distressed properties had a median stay of of 70 days (55 days

in November). Conditions varied across areas.

Approximately 28 percent of respondents reported that properties were on the market

for less than a month (35 percent in November ) .

0

20

40

60

80

100

120

140

160

180

201105

201107

201109

201111

201201

201203

201205

201207

201209

201211

201301

201303

201305

201307

201309

201311

Median Days on Market by Type of Sale

All Foreclosed Short Sales Not distressed

Source: NAR, RCI Survey

Dec 2013: All: 72; Foreclosed: 67; Shortsale: 122 ; Not distressed: 70;

28%

16% 15%11%

7% 6% 7% 5% 6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

=12

mo

Distribution of Reported Sales by Time On Market

201212 201311 201312


8/22

Page | 8

Home Prices Still Rising

Most REALTORS continued to report rising home prices. About 89 percent of

respondents reporting constant or rising prices (87 percent in November). Approximately 11

percent of reported sales were of properties that sold at a net premium to the original listingprice. In mid-2013, about 20 percent of REALTORS reported selling properties at a premium.

0%10%20%30%40%

50%60%70%80%90%

100%

201203

201204

201205

201206

201207

201208

201209

201210

201211

201212

201301

201302

201303

201304

201305

201306

201307

201308

201309

201310

201311

201312

Percentage of Respondents Reporting Constant or

Higher Prices Today Compared to a Year Ago

Dec 2013: 89%

12% 13%

16% 16%

19% 19% 19%18% 17%

14%13% 12% 11%

0%

5%

10%

15%

20%

25%

Percent of Resported Sales Where Property Sold at a Net

Premium Compared to the Original Listing Price


9/22

Page | 9

REALTORS Expect Prices to Increase Modestly in the Next 12 Months

Prices are still expected to generally increase, although at a slower pace. About 92 percent of

REALTOR respondents expect constant or higher prices in the next 12 months (90 percent in

November). The median expected price increase is 3.7 percent3.

3 The median expected price change is the value such that 50 percent of respondents expect prices to changeabove this value and 50 percent of respondents expect prices to change below this value.

40%

50%

60%

70%

80%

90%

100%

200810

200901

200904

200907

200910

201001

201004

201007

201010

201101

201104

201107

201110

201201

201204

201207

201210

201301

201304

201307

201310

REALTORS' Price Expectations for Next 12 Months

Dec 2013: 92% expect constant/higher prices in next 12 months

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2

01011

2

01101

2

01103

2

01105

2

01107

2

01109

2

01111

2

01201

2

01203

2

01205

2

01207

2

01209

2

01211

2

01301

2

01303

2

01305

2

01307

2

01309

2

01311

REALTORSMedian Expected Price Change for Next 12Months, in Percent

Dec 2013: 3.7%


10/22

Page | 10

The graph below shows the median expected price change across the states for the next 12

months based on data gathered from October-December 20134. The expected price growth

varies by localities. The median expected price growth is above 5% in California, Florida, and

Hawaii (red). Most states in the South have a median expected price change of 3 to 5 percent

(ornage) while the rest of the states have a median expected price change of less than 3 percent

(white).

State Median Price Expectation for Next 12 Months (in%)

Based on REALTORS Confidence Index Survey, Oct-Dec 2013 Surveys

II. Buyer and Seller Characteristics

Cash Sales: 32 Percent of Residential Sales

Approximately 32 percent of respondents reported cash sales 5. About 11 percent of

reported sales made by a first-time buyer were cash sales compared to above 70 percent forinvestors and international buyers.

4 The median expected price increase at the state level is based on the last 3 surveys to increase the sample

size for each state.5 The RCI Survey asks about the most recent sale for the month.


11/22

Page | 11

Mortgages With Down Payment of 20 Percent or More: 38 Percent of Mortgages

About 38 percent of respondents who reported a mortgage financing reported a down

payment of 20 percent or more. REALTORS have reported that buyers who pay cash or put

down large downpayments generally win against those offering lower downpayments.

0%

5%

10%

15%

20%

25%

30%

35%

40%

200810

200901

200904

200907

200910

201001

201004

201007

201010

201101

201104

201107

201110

201201

201204

201207

201210

201301

201304

201307

201310

Cash Sales as Percent of Market

Dec 2013: 32%

11%

72%

57%

21%

77%

49%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

FTHBuyer Investor Second home Relocation International Distressed Sale

Percent of Sales That are All-Cash, by Type of Buyer-- Dec 2013


12/22

Page | 12

Distressed Sales: 14 Percent of Sales

Approximately 14 percent of respondents reported a sale of a distressed property,substantially down from levels a few years ago but the same as in November. This trend is in

line with the broad decline in foreclosure inventory.

29%

30%

31%

32%

33%

34%

35%36%

37%

38%

39%

201104

201106

201108

201110

201112

201202

201204

201206

201208

201210

201212

201302

201304

201306

201308

201310

201312

Percent of Mortgage Sales With Downpayment of

At Least 20 Percent

Dec 2013: 38%

0%

10%

20%

30%

40%

50%

60%

200810

200901

200904

200907

200910

201001

201004

201007

201010

201101

201104

201107

201110

201201

201204

201207

201210

201301

201304

201307

201310

Distressed Sales, As Percent of Sales Reported by REALTORS

Foreclosed Short Sale

Dec 2013: Foreclosed: 10% Shortsale: 4%


13/22

Page | 13

Foreclosed property sold at a 18 percent average discount to market , while short sales

sold at a 13 percent average discount.6 The discount varied by house condition. For the past 12

months, properties in above average condition have been discounted by an average of 9-12

percent, while properties in below average condition were discounted at an average of 16-20

percent.

6 The estimation of the level of discount is based on an estimate of what the property would have sold for if ithad not been distressed (possibly in better condition, absent any taint of being distressed).

5

10

15

20

25

30

Mean Percentage Price Discount of

Distressed Sales Reported by REALTORS(in %)

Foreclosed Shortsale

Dec 2013: Foreclosed: 18%; Shortsale: 13%

%

12 12

20

9 10

16

0

5

10

15

20

25

Above average Average Below average

Mean Percent Price Discount by Property Condition

of Reported Distressed Sales (in percent)

Unweighted Average for Jan 2013 to Dec 2013

Foreclosed Short sale


14/22

Page | 14

First Time Buyers: 27 Percent of Residential Buyers

Approximately 27 percent of respondents reported a sale to a first time home buyer7(28

percent in November). REALTORS continue to report that first time buyers who generally use

mortgage financing are finding it hard to compete against investors who typically pay cash.

Investors, Second-home Buyers, and Relocation Buyers

About 21 percent of respondents reported a sale to an investor, 10 percent reported a sale

to a second-home buyer, and 13 percent reported a sale to a relocation buyer. There has been

feedback from REALTORS that many baby boomers would like to downsize, but there arenot enough buyers for larger homes.

7 First timebuyers account for about 40 percent of all homebuyers based on data from NARs Profile ofHome Buyers and Sellers.

0%

10%

20%

30%

40%

50%

60%

200810

200901

200904

200907

200910

201001

201004

201007

201010

201101

201104

201107

201110

201201

201204

201207

201210

201301

201304

201307

201310

First Time Buyers as Percent of Market

Dec 2013: 27%


15/22

Page | 15

0%

5%

10%

15%

20%

25%

30%

200810

200901

200904

200907

200910

201001

201004

201007

201010

201101

201104

201107

201110

201201

201204

201207

201210

201301

201304

201307

201310

Sales to Investors as Percent of Market

Dec 2013: 21%

0%

2%

4%

6%

8%

10%

12%

14%

16%

201009

201011

201101

201103

201105

201107

201109

201111

201201

201203

201205

201207

201209

201211

201301

201303

201305

201307

201309

201311

Second-Home Buyers as Percent of Market

Dec 2013: 10%

0%

2%

4%

6%8%

10%

12%

14%

16%

18%

201104

201106

201108

201110

201112

201202

201204

201206

201208

201210

201212

201302

201304

201306

201308

201310

201312

Relocation Buyers as Percent of Market

Dec 2013: 13%


16/22

Page | 16

International Transactions: About 2.5 Percent of Residential Market

Approximately 2.5percent of REALTOR respondents had a sale to foreigners notresiding in the U.S. International buyers typically pay cash . InNARs 2013 Profile of

International Homebuying Activity, the major buyers were reported as being from Canada,China, Mexico, India, and the United Kingdom.

Rising Rents for Residential Properties

Among those REALTORS involved in a rental, 46 percent reported higher residential

rents compared to 12 months ago. About 20 percent of REALTORS reported conducting anapartment rental and about 4 percent reported a commercial rental transaction.

0.0%

0.5%

1.0%1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

201003

201005

201007

201009

201011

201101

201103

201105

201107

201109

201111

201201

201203

201205

201207

201209

201211

201301

201303

201305

201307

201309

201311

Sales to International Clients as Percent of Market

Dec 2013: 2.5%

0%

10%

20%

30%

40%

50%

60%

70%

80%

201012

201102

201104

201106

201108

201110

201112

201202

201204

201206

201208

201210

201212

201302

201304

201306

201308

201310

201312

Percent of Respondents Reporting Rising Rent Levels as

Compared to 12 Months Ago

Dec 2013: 46%


17/22

Page | 17

0%

5%

10%

15%

20%

25%

30%

35%

201012

201102

201104

201106

201108

201110

201112

201202

201204

201206

201208

201210

201212

201302

201304

201306

201308

201310

201312

Percent of Respondents Conducting

An Apartment Rental

Dec 2013: 19%

3%4%

3%4% 4%

4%

3%

4%4%

3%3%

3%3%

3%

4%

4% 4% 4%

0.0%0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

3.5%

4.0%

4.5%

201207

201208

201209

201210

201211

201212

201301

201302

201303

201304

201305

201306

201307

201308

201309

201310

201311

201312

Percent of Respondents Conducting

A Commercial Rental


18/22

Page | 18

III. Current Issues

Tight Credit Conditions and Slow Lending Process

REALTORS continued to express concern over unreasonably tight credit conditions.

Mortgage lenders were reported as continuing to display an unnecessarily high level of riskaversion. In the 2001-04 time frame approximately, only 40 percent of residential loans

acquired by the Government Enterprises (Fannie Mae and Freddie Mac) went to applicants withcredit scores above 740. In the FHFA 2013 Second Quarter report, Fannie Maes average FICO

score fore new business was 756 and Freddie Mac was 7518.

Approximately slightly more than half of NARs survey respondents who provided

credit score information reported FICO credit scores of 740 and above. Estimates by NAR

economists have indicated that a significant number of additional salespossibly as high as

500,000--could be made if credit conditions returned to normal.

Reason For Not Closing A Sale

Access to credit is often cited as a deterrent to home buying. About 11 percent of

REALTORS who did not close a sale in December and who had transactions in that month

reported having buyers who could not obtain financing. About 6 percent reported that the buyergave up while 5 percent reported that the buyer continued to seek new/other financing. Lack of

agreement on price accounted for 7 percent. Appraisal issues were reported as accounting for 3percent of failures to close a sale.

8FHFA Quarterly Performance Report of the Housing GSEs, Second Quarter 2013.http://www.fhfa.gov/webfiles/25515/2Q2013QuarterlyPerformanceReport091913.pdf

2%

9% 13%

26%

50%

0%

10%

20%

30%

40%

50%

60%

70%

lt 620 620 - 659 660-699 700-739 740+

Distribution of Reported FICO Scores-- RCI Surveys

RCI-Dec'12 RCI_Nov'13 RCI_Dec'13
http://www.fhfa.gov/webfiles/25515/2Q2013QuarterlyPerformanceReport091913.pdfhttp://www.fhfa.gov/webfiles/25515/2Q2013QuarterlyPerformanceReport091913.pdfhttp://www.fhfa.gov/webfiles/25515/2Q2013QuarterlyPerformanceReport091913.pdf


19/22

Page | 19

IV. Commentaries by NAR Research

Latest on Employmnet ConditionsLawrence Yun, Chief Economist

The unemployment rate plunged in December to the lowest level in five years. The latest 6.7percent jobless rate is almost back to normal. The mystery, however, is that very few jobswere created over the month.

The all-important payroll jobs grew by only 74,000 in December. That is much less than the200,000 or so that are needed each month to move the job market into a noticeably improved

state.

The principal reason for the deep fall in the unemployment rate is due to nearly millionpeople leaving the labor force in the past three months. When people are not looking for

work, even though they are without a job, they are no longer officially classified as being

unemployed. The opposite side of the cointhe employment rate, measuring what

proportion of the adult population has a jobremains stuck at recession levels. Only 58.6

percent of adults have jobs compared to 63 percent prior to the Great Recession. In this

sense the job market has only been treading water over the past five years with no

meaningful progress.

As to job creation over a longer period, from the low point in 2010 a total of 7.5 million netnew jobs have been added to the economy. Note that 8 million jobs were lost during the

Great Recession, so we have not yet fully recovered all the jobs that were shed several years

50%

6%

5%

3%

7%

4%

26%

Still working to close a sale.

Buyer could not obtain financing and gave up

Buyer could not obtain financing, but is still trying

Appraisal issues/problems.

Buyer/seller could not agree on price.

House did not pass inspection.

Other (please specify)

Among REALTORS Who Had An Ongoing Transaction,

Percent Distribution of Responses For Not Closing A Sale in December

2013


20/22

Page | 20

ago. Moreover, every year there are fresh high-school and college graduates looking for

jobs.

Improvements in the housing sector led to about 100,000 net new jobs over the past 12months in residential construction and for general contractors. In the more sluggish

commercial real estate arena, only 20,000 jobs have been added.

In other sectors, rental leasing jobs have increased solidly by 46,000. The low apartmentvacancy rates naturally require more workers for property management. Federal government

jobs have fallen by 80,000. Given that the defense spending has been taking the biggest

blow over the past year, many military and defense related jobs may have been

shed. Finally, Hollywood is hemorrhaging as there are 23,000 fewer jobs (a big 6 percent

plunge) in the motion pictures and sound recording industries. Smiles at Oscars could be of

the sad kind.

Despite the mixed news on employment, the direction is clearly for the better. The net 2.2million new jobs and the likely 2 million or so in the current year will provide support for

home sales and increased leasing of commercial buildings.
http://economistsoutlook.blogs.realtor.org/files/2014/01/011014d.pnghttp://economistsoutlook.blogs.realtor.org/files/2014/01/011014c.pnghttp://economistsoutlook.blogs.realtor.org/files/2014/01/011014b.png


21/22

Page | 21

Latest on Housing Affordability

Michael Hyman, Research Assistant

At the national level, housing affordability is up for the month due to a break in mortgage rates

and home prices gains but affordability will be down for the year. What is affordability like in

your market?

Housing affordability is up for the month of November as mortgage rates and the medianprice for a single family home in the US decreased slightly from October. In spite of the

decrease, the median single-family home price is up 9.4 % from last year keeping prices

moving at a high year-over-year pace.

As a result of higher home prices and mortgage rates that are up 25.1%, nationally,affordability is down from 203 in November 2012 to 170.3 in November 2013.

Home prices are expected to slow down while inventory figures improve. Income levels areup and should help consumer confidence before rates begin to rise for the coming year.

By region, affordability is up from one month ago in all regions. The Midwest had thebiggest gain in affordability at 3.4%. From one year ago, affordability is down in all regions.

The West saw the biggest decline in affordability as a result of having the largest price gain

at 15.9 %.

Mortgage rates are expected to increase as the Fed reduces bond purchases and eventuallybegins to tighten monetary policy. For a look at how the housing market might respond to a

change in rates, I recommend thisStress Test by Chief Economist Lawrence Yun.

What does housing affordability look like in your market? View the full data release here. The Housing Affordability Index calculation assumes a 20 percent down payment and a 25

percent qualifying ratio (principle and interest payment to income). See further details on the

methodology and assumptions behind the calculation here.
http://economistsoutlook.blogs.realtor.org/2013/10/09/housing-affordability-stress-test/http://economistsoutlook.blogs.realtor.org/2013/10/09/housing-affordability-stress-test/http://economistsoutlook.blogs.realtor.org/2013/10/09/housing-affordability-stress-test/http://www.realtor.org/topics/housing-affordability-index/datahttp://www.realtor.org/topics/housing-affordability-index/datahttp://www.realtor.org/topics/housing-affordability-indexhttp://www.realtor.org/topics/housing-affordability-indexhttp://www.realtor.org/topics/housing-affordability-indexhttp://www.realtor.org/topics/housing-affordability-indexhttp://economistsoutlook.blogs.realtor.org/files/2014/01/011014e.pnghttp://www.realtor.org/topics/housing-affordability-indexhttp://www.realtor.org/topics/housing-affordability-indexhttp://www.realtor.org/topics/housing-affordability-index/datahttp://economistsoutlook.blogs.realtor.org/2013/10/09/housing-affordability-stress-test/


22/22

Page | 22

Mortgage Purchase Applications

Ken Fears, Director, Regional Economics and Housing Finance Policy

Applications to purchase homes slipped 0.5% from last week on a seasonally adjusted basis,according to data released this morning by the Mortgage Bankers Association. The average

rate for a 30-year fixed rate mortgage climbed nearly 40 basis points, from 4.1% to 4.53%,

from the beginning of November through the first week in January. The steady climb has

weighed on consumer sentiment and affordability.

In a bit of a surprise, conventional purchase mortgage applications ticked upward by 0.1%while applications for government financed loans fell 1.9%.

Yesterday the MBA announced that its index of mortgage credit availability improved by amodest 0.6% for the month. Credit availability has had a small improvement since its low in

2012 with more lenders offering lower down payment loans to highly qualified borrows, but

credit access remains well below levels seen in 2007.

Mortgage applications fell in four of the last six weeks following the steady rise in mortgagerates. Rates are roughly at the same level as in August. Rates are likely to rise through the

spring as the Federal Reserve tappers its purchases of mortgage backed securities and

Treasuries. This action will press up on mortgage rates, eroding affordability in an

environment of tight credit.
http://economistsoutlook.blogs.realtor.org/files/2014/01/Capture3.png

Date post:	04-Jun-2018
Category:	Documents
Upload:	national-association-of-realtors
View:	220 times
Download:	0 times

REALTORS® Confidence Index December Highlights

Documents