No doubt you’ve heard that mortgage rates are low. They’re lower than they’ve ever been in history. The news is everywhere. But the low rate environment looks like it’s ending.
For the second consecutive month, U.S. consumer confidence is plunging. July’s official reading is its lowest since July of last year and the figures run in stark contrast to just two months ago, when the index touched a multi-year high.
Standard & Poors released its Case-Shiller Index Tuesday. On a seasonally-adjusted basis, between April and May 2010, home prices rose in 19 of Case-Shiller’s 20 tracked markets. It’s the second straight month of strong Case-Shiller findings.
June’s New Home Sales data is a major improvement over May, but gains are relative. It’s possible that the true “new home market” may be softer than the statistics suggest.
Mortgage rates rose last week, but only slightly. Rate are still hovering near their lowest levels of all-time.
Consistent with most post-home buyer tax credit housing news, Existing Home Sales eased lower last month. The 5 percent drop in sales was expected, but a closer look at the month’s data reveals some interesting trends.
The New York Times ran an important story this week concerning pregnancy and mortgage approvals. Titled “Need a Mortgage? Don’t Get Pregnant”, the article discussed the difficulties that expecting and recently-expanded families are having with their mortgage financing.
Single-family Housing Starts eased lower last month, falling by 0.7 percent from May, or 3,000 units nationwide.
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