A rise in permits and housing starts will indicate that home builders committed to servicing current demand.
Chicago, IL (PRWEB) November 17, 2014
Lenders like Peoples Home Equity are awaiting numerous housing announcements this week. The NAHB will release its Housing Market Index, the MBA will release their weekly mortgage application survey report, the U.S. Census Bureau will release their Housing Starts report, and the NAR will release Existing home sales data.
The National Association of Home Builders (NAHB) will release their November housing market index on Tuesday, November 18th. Previously the index fell for the first time in October. This was the first decline in the index after rising for 4 consecutive months. Peoples Home Equity expects and unchanged reading at 54, another month-over-month decline would be negative, but unlikely.
The Mortgage Bankers Association (MBA) will release their weekly mortgage applications on Wednesday, November 19th . Applications have been negative for the past 3 weeks. However, the market is expecting to see a modest rise of 2.64% and a continued outperformed of purchase activity versus refinancing requests.
Also on Wednesday, the U.S. Census Bureau will housing starts & building permits data for the month of October. Previously, both housing starts and building permits respectively increased by 6.26% and 2.79% from August to September. Peoples Home Equity thinks expects another month over month rise for both data points. The market is experiencing a shortage of housing supply. A rise in permits and housing starts will indicate that home builders committed to servicing current demand.
The National Association of Realtors will release their October existing home sales data on Thursday November 20th. Previously, existing home sales reached an annual pace of 5.17 million in September. While all lenders like Peoples Home Equity would be excited to see sales remain at least unchanged in October, the reality is that sales are 99% likely to post a decline. The question is, how far sales will fall. The market is hoping to see a continued annual pace of 5 million homes. Peoples Home Equity expects this winter show relatively stronger home sales than in 2013.
If interested in purchasing a property, know that now is the time, mortgage rates are near historic lows, and home prices remain below peak levels. Consider using Peoples Home Equity as the lender. Contact a Peoples Home Equity loan officer today at: 262-563-4026