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Refinances May Nosedive as Purchase Market Booms

first_imgHome / Daily Dose / Refinances May Nosedive as Purchase Market Booms  Print This Post The Best Markets For Residential Property Investors 2 days ago in Daily Dose, Featured, Headlines, Journal, Market Studies, News November 20, 2017 1,612 Views Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Tagged with: Construction Freddie Mac freddie mac monthly outlook Home Prices housing sales Housing Starts inventory shortage Data Provider Black Knight to Acquire Top of Mind 2 days ago Refinances May Nosedive as Purchase Market Booms Although there are still problem areas, Freddie Mac’s latest monthly outlook shows many reasons for optimism, with “housing markets on track for their best year in a decade by a variety of measures.”In Freddie Mac’s November 2017 Outlook, released today, Freddie predicts 1.2 million housing starts for 2017, and 6.13 million home sales. Both starts and sales are anticipated to increase across 2018 and 2019 as construction helps relieve the inventory shortages.Sean Becketti, Chief Economist, Freddie Mac, said:It’s unlikely the economic environment will be much more favorable for housing and mortgage markets in 2018 and 2019. We forecast that interest rates will remain low by historical standards, but gradually creep higher over the next two years. We also forecast that housing construction will gradually pick up, helping to supply more homes to inventory-starved markets. More housing supply and modestly higher rates will lead to a moderation in house price growth. Refinance activity will drop to very low levels and the mortgage market will be dominated by purchase activity.The second half of 2017 has seen inventory shortages holding back a housing market that is otherwise doing well thanks to modest economic growth, job gains, and low interest rates. The inventory issue has been combining with low mortgage rates and a large number of interested potential homebuyers to drive price increases throughout the summer and fall.According to Freddie, “Nationally, home prices increased at a 6.4 percent annualized rate over the quarter ending September 2017.” Home price growth is over 10 percent for the year in some markets, including Washington (12.8 percent) and Nevada (11.3 percent).Freddie’s November Outlook also points out that tax reform could seriously affect their predictions for 2018 and 2019. According to the Outlook:Considering the current level of uncertainty surrounding tax reform, we have not factored in the potential effects of recent tax plans unveiled by both the Senate and House of Representatives into our latest Outlook forecast. Estimates from different analysts show a large variation in estimated impact, based on assumptions about which provisions will be enacted and how the economy will respond. Given the uncertainty around the tax proposals and their impact on the economy, we present a baseline forecast assuming no tax changes.You can read all the details in Freddie’s November Outlook by clicking here. Sign up for DS News Daily About Author: David Wharton Construction Freddie Mac freddie mac monthly outlook Home Prices housing sales Housing Starts inventory shortage 2017-11-20 David Whartoncenter_img Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe Demand Propels Home Prices Upward 2 days ago David Wharton, Managing Editor at the Five Star Institute, is a graduate of the University of Texas at Arlington, where he received his B.A. in English and minored in Journalism. Wharton has over 16 years’ experience in journalism and previously worked at Thomson Reuters, a multinational mass media and information firm, as Associate Content Editor, focusing on producing media content related to tax and accounting principles and government rules and regulations for accounting professionals. Wharton has an extensive and diversified portfolio of freelance material, with published contributions in both online and print media publications. Wharton and his family currently reside in Arlington, Texas. He can be reached at [email protected] Demand Propels Home Prices Upward 2 days ago Related Articles The Best Markets For Residential Property Investors 2 days ago Previous: Housing Market Still Not Meeting Potential Next: Delving into Delinquency Data: Hurricanes Continue to Impact The Week Ahead: Nearing the Forbearance Exit 2 days agolast_img

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