Each week, Santa Clarita home loan lender American Family Funding shares the latest housing market update for your hometown.
For more information on this housing market update, please visit affloans.com.
Sponsored Articles
The Economy
In July, retail sales recorded their biggest increase in seven months. Consumer spending rose at a 2.8% annualized rate in the second quarter.
Regardless of the strong data, inflation continues to be soft, which is a concern to Fed members. Weak inflation supports low rates, including mortgage rates.
Minutes released from the Fed’s last FOMC meeting show members are concerned about the lack of inflation, making a near-term rate increase unlikely.
Housing News
Rising demand for new homes drives builder confidence. Homebuilder sentiment rose 4 points to 68 in August, its highest level since May.
Although demand was higher, construction of new homes fell 4.8% in July. Building permit numbers were also down, as labor and material prices increase.
Home prices keep rising. Median prices in the 2nd quarter eclipsed a record high set in 2016. Prices for single family homes rose in 87% of national markets.
More Housing News
There continues to be commentary that the fall real estate market may be stronger than normal due to the pent-up demand from a consistent lack of available inventory.
The one thing to watch is what happens both domestically with President Trump policies, as well as any geo-political events, such as Thursday’s act of terrorism in Barcelona.
Surprising facts on Homeownership
Among Western industrialized nations, Singapore’s homeownership rate is top at 90.8%, then other countries follow: Norway at 82.8%; Iceland at 77.8%; Italy at 72.9%; Finland at 72.7%; Luxembourg at 72.5%; Belgium at 71.3%; Sweden at 70.6%; Ireland at 68.6%; Netherlands at 67.8%; Canada at 67.6%; Israel at 67.3%; Australia at 67%; France at 65%; New Zealand at 64.8%; and the USA in 16th spot at 64.5%, according to Domicile Dominion From Elliot F. Eisenberg, Ph.D. Including all nations, the US rates 41st.
Next week’s potential market moving reports are:
- Tuesday, August 22 FHFA House Price Index
- Wednesday, August 23 MBA Mortgage Applications, New Home Sales
- Thursday, August 24 First Time Jobless Claims, Existing Home Sales
- Friday, August 25 Durable Goods Orders
Stay tuned each week for a housing market update from American Family Funding.
Santa Clarita home loan lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgage lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. Friendly mortgage brokers make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.
American Family Funding
28368 Constellation Road
Suite 398
Valencia, CA 91355
(661) 284-1150
info@affloans.comDo you have a news tip? Call us at (661) 298-1220, or drop us a line at community@hometownstation.com.