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American Family Funding: Housing Market Update 08/21/17

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.


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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.com

Do you have a news tip? Call us at (661) 298-1220, or drop us a line at community@hometownstation.com.

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American Family Funding: Housing Market Update 08/21/17

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About Kirsten Quinn

A multimedia journalist and editor, Kirsten Quinn has been working in news media for six years, concentrating on coverage of the Santa Clarita Valley. She maintains a passion for quality content, whether she is producing web or print stories, video, social media content or marketing materials. Kirsten currently works as multimedia journalist for KHTS AM-1220 while also running WordSmith, a content marketing side business that serves the Santa Clarita Valley and beyond. Her previous positions include: Special Sections Editor for The Signal newspaper, Features Editor for The Signal, and Editor for The Magazine of Santa Clarita and élite Magazine. In any role, Kirsten strives to create synergy in the workplace, meaning on the page/screen, and connection in a world of fast-paced, ever-evolving communication.