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APRIL 2018
-6.6%
-9.0%
-8.4%
-7.1%
-9.0%
-6.7%
-6.4%
-10.4%
-9.7%
-11.1%
-9.5%
-8.1%
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Housing Supply Year-Over-Year
NAR 4/2018
0
10
20
30
40
50
60
70
80
90
100
110
120
130
140
150
May 2017 February 2018
Showing Time
Buyer Traffic
7.3%
4.5%
3.7%
-11.1%
-9.5%
-8.1%
Demand - Buyers Supply - Listings
December
2017
January
2018
February
2018
Year-over-Year Differences
Simply a Matter of Supply & Demand
11% 11%
12%
15%
18% 18%
17% 17%
18%
21%
22% 22%
21%
22%
23% 23%
16%
12%
10%
12%
11%
12%
17%
21%
19%
21%
23%
26%
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
The Z Report
% of Existing Inventory Sold per Month on Average
“Buyers thought they could wait
forever because rates were going to
stay low forever. They’re starting to
realize that if they’re going to buy,
they should probably buy now.”
Rick Palacios Jr.
Director of Research, John Burns Real Estate Consulting
CoreLogic
Actual Year-Over-Year % Change in Price
By State
CoreLogic
Forecasted Year-Over-Year % Change in
PriceBy State
Eli Beracha Ph.D.
Co-Creator of the BH&J Index & Associate Professor
in the Hollo School of Real Estate at FIU
“Rather than a crash, I anticipate slower
growth in prices accompanied by longer
marketing times for sellers and
increasing inventories, which should
bring prices back in conjunction with
their 40-year trend.”
5.6
4.2
3.4
3.1 3.0 3.1
2017 2018 2019 2020 2021 2022
PROJECTED
Mean Percentage Appreciation
Home Price Expectation Survey 2017 4Q
Average Equity Gained Year-Over-Year
By State
CoreLogic
Equity Share
By State
CoreLogic
Significant Equity
By State
CoreLogic
Dr. Frank Nothaft
CoreLogic’s Chief Economist
“Entry-level homes have been in particularly short supply,
leading to more rapid home-price growth compared with
more expensive homes. Homes with a purchase price less
than 75% of the local area median had price growth of 9%
during the year ending January 2018. Homes that sold for
more than 125% of median appreciated 5.3% over the
same 12-month period. Thus, first-time buyers are facing
acute affordability challenges in some high-cost areas.”
Diane Hartley
GM, Institute for Luxury Home Marketing
“The luxury real estate market led the general
housing market out of the global recession, and
during that explosive upswing, we saw some of
the largest year-over-year price gains ever; now
we are simply seeing a return to a more typical
pricing and sales paradigm - especially for single-
family-detached properties.”
Luxury Home Market is in a
Buyer’s Market
New Single-Family Luxury Home Listings are
from January (8,599) to February (8,734)
UP 1.6%
* Luxury Market Threshold is $1M
Luxury Homes
are selling for an average of
of list price
53
46
38 40
49
52
56 57
51
58
61 60
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Average Days on the Luxury Market
Institute for Luxury Home Marketing
Last 12 Months
Home Price Expectation Survey 2017 4Q
21.6%
43.2%
28.4%
5.7%
1.1%
6% or more
Appreciation
4.5 - 5.9%
Appreciation
3 - 4.4%
Appreciation
0 - 2.99%
Appreciation
Depreciation
Experts’ belief on where home
prices are headed in 2018…
Home Price Expectation Survey 2017 4Q
93.2%
5.7%
1.1%
Greater than 3%
Appreciation
Up to 2.99%
Appreciation
Depreciation
Experts’ belief on where home
prices are headed in 2018…
3.95
3.99
4.04
4.15
4.22
4.32
4.38 4.4
4.43
4.46 4.44 4.45 4.44
1/4 1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15 3/22 3/29
Freddie Mac
Mortgage Rates
Freddie Mac 30 Year Fixed Rate
Interest
Rate
Monthly
Payment
Total Interest
Paid
4.0% $764 $114,991
4.5% $811 $131,851
5.0% $859 $149,209
5.5% $908 $167,046
6.0% $959 $185,341
6.5% $1,011 $204,071
Mortgage payments are principal and interest only, based on a $200,000 fully
amortizing mortgage. All terms are assumed to be 30 years.
Freddie Mac
“Low home inventory continues to be a drag on
the housing market. As the economy grows and
more consumers are in the right place financially
to purchase a home, the high demand is driving
prices up. As we move into the spring selling
season, all eyes will be on whether today’s strong
economy can support the higher prices.”
Bill Banfield
VP of Capital Markets at Quicken Loans
“Given today’s strong
economy, our housing market
is well positioned to adapt to
rising mortgage rates.”
Mark Fleming
Chief Economist for First American
21%
15.7%
18.3%
20.5%
22.7%
Historic
Mortgage
Affordability
Mortgage
Affordability
2017 4Q
Forecasted at
5% Rates
Forecasted at
6% Rates
Forecasted at
7% Rates
Zillow
Mortgage Affordability
Buyer with median income buying a median priced home
HOUSING
Affordability
“Only counties with sufficient home price and wage data
quarterly back to Q1 2005 were used in the analysis.”
“…assuming a 3 percent down payment and a 28
percent maximum ‘front-end’ debt-to-income ratio.”
First American
“Using our Potential Home Sales model, we
doubled the mortgage rate from its current
value of about 4.4% to approximately 9% and
the market potential for home sales declined
from the current value of 6.1 to 5.8 million.
So, if mortgage rates doubled overnight, our
model indicates a mere 5% decrease.”
First American
“Let’s be clear. Mortgage rates increasing to
nearly 9 percent is extremely unlikely.
There is no expectation of a mortgage rate
increase of this magnitude. However, this
scenario helps to put modest mortgage rate
increases into perspective – they are unlikely to
materially impact the housing market.”
108
110
122
131
128
125 126 127
133
131
122
128
126
131
124
113
108
115
138
169
172
186
197
176
163.5
165.7
167
158
163
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TODAY
Housing Affordability Index
1990 to Today
NAR
Years when
distressed
properties
dominated
the market
60
80
100
120
140
160
180
1975 1980 1985 1990 1995 2000 2005 2010 2016
*The maximum affordable price is calculated using median household income assuming a 20% down payment and a 30-
year fixed mortgage at the annual average rate, incorporating the cost of property taxes and insurance. The affordability
score was calculated by dividing the maximum affordable price by actual home prices, and multiplying by 100.
Trulia
Affordability IndexOver 100 is more affordable. Under 100 is less affordable
Mortgage
Rates
Soar to
16.6%
Housing
BOOM
as Prices
Climb
Housing
BUST
as Prices
Tumble
WELL
above
100
“Nationally, homes are just about the most
affordable they have been in the last 40 years.
In 2016, the median household could afford a
home 1.5 times more expensive than the median
home price. In 1980, the median household could
only afford about 3/4 of the median home price.”
Trulia
Year Mortgage Rate Affordability Score*
1980 13.7% 82
1990 10.1% 110
2000 8.1% 126
2010 4.7% 143
2016 3.7% 161
Trulia
Mortgage Rates vs. Affordability
*An affordability score above 100 means housing is affordable.
Home Affordability
Today compared to late 1990’s
Black Knight
More Affordable Today
Less Affordable Today
Black Knight
“Affordability remains much better than at the
prerecession peak, even though today’s home
prices have surpassed 2006 levels.
Assuming all else remains equal, to return to 2006
affordability levels, interest rates would have to
climb north of 8.0 percent or the median
home price increase to $420K.”
“We are certainly not complacent when
it comes to entry level affordability risk,
but as we weigh the outstanding
variables, we believe the ability to still
qualify is still healthy versus historic
norms and better than many assume.”
The “Z” Report
Average Days on the Market
By State
NAR
Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018
Since January 2014
EXISTING
Home Sales
NAR 4/2018
1.1%
-7.2%
0.0%
3.4%
2.4%
U.S. Northeast Midwest South West
Y-O-Y by region
EXISTIN
G
Home Sales
NAR 4/2018
Northeast
Existing Home Sales
in thousands
Census & NAR
January February March April May June July August September October November December
2017 2018
Census & NAR
January February March April May June July August September October November December
2017 2018
New Home Sales in thousands
Jun-14 Jan-15 Jan-16 Jan-17 Jan-18
Census
New Home Sales
annualized in thousands
4%
9%
30%
28%
12%
11%
6%
Under $150K $150-$199K $200-299K $300-$399K $400-$499K $500-$749K Over $750K
Census
New Home
Sales
% of sales by price range
3.7
4.0
4.1
3.8
4.0
3.6
3.2
3.0
3.1
3.2
3.3
3.2
3.4
3.6
3.7
3.1
2.9
2.8
3.1
3.2 3.2
3.4
3.3
3.4
3.6
Census
New Homes Selling Fast
(median months from completion to sold)
Census & NAR
364 366
516
503
612
656
561
580
512 507
475 473
360 370
January February March April May June July August September October November December
2017 2018
Total Home Sales in thousands
January 2014 January 2015 January 2016 January 2017 January 2018
100 = Historically Healthy Level
PENDING Home Sales
since 2014
NAR 4/2018
-4.1%
-5.1%
-9.5%
-1.5%
-2.2%
U.S. Northeast Midwest South West
PENDING
Home Sales
Year-Over-Year By Region
West
NAR 4/2018
Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018
Percentage of
Distressed
Property
Sales
35%
January 2012 - Today
4%
7%
NAR 4/2018
Home Prices
5.9%
3.6%
4.5%
5.4%
9.6%
U.S. Northeast Midwest South West
Y-O-Y by region
EXISTING
Home Prices
NAR 4/2018
-16.5%
-0.6%
11.2% 11.9%
18.9%
21.1%
$0-100K $100-250K $250-500K $500-750K $750K-1M $1M+
% -16.5% -0.6% 11.2% 11.9% 18.9% 21.1%
% Change in
Sales
from last year by Price Range
NAR 4/2018
June 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017
Year-Over-
Year
PRIC
E
CHANGE
S
Case
Shiller
S&P Case Shiller 4/2018
Jan
2014
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2015
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2016
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2017
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan
2018
Year-Over-Year PRICE CHANGES
20 City Composite
S&P Case Shiller 4/2018
Case Shiller
5.9% 5.9%
5.8%
5.7%
5.6%
5.8% 5.8%
6.2%
6.3%
6.4%
6.3%
6.4%
Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2018
Year-Over-Year PRICE CHANGES
20 City Composite
Case Shiller
S&P Case Shiller 4/2018
CoreLogic
Forecasted Year-Over-Year % Change in
PriceBy State
-1.77
-1.90 -1.93
-1.70
-1.55
-1.35
-1.14
-0.99
-0.67
-0.50
-0.60
-0.53
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
% -1.77 -1.90 -1.93 -1.70 -1.55 -1.35 -1.14 -0.99 -0.67 -0.5 -0.6 -0.53
Quicken Loans
Appraiser Home Value Opinions
Compared to Homeowner Estimates
Last 12 Months
HOUSING
INVENTORY
NAR
Seller
TrafficBy
State
January
2011
January
2012
January
2013
January
2014
January
2015
January
2016
January
2017
January
2018
Months Inventory
of
HOMES FOR
SALE
2011 - Today
NAR 4/2018
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-18 Feb
Months Inventory of
HOMES FOR SALE
last 2 years
NAR 4/2018
3.8
4.1
4.2 4.2 4.2 4.2 4.2
3.9
3.5
3.2
3.4 3.4
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Months Inventory of HOMES FOR
SALE Last 12 Months
NAR 4/2018
January 2014 January 2015 January 2016 January 2017 January 2018
% 7.3 5.3 3.2 6.5 6.0 5.5 5.8 4.5 6.0 5.2 5.0 -0. -0. -0. 2.0 -0. 1.8 0.4 -4. -1. -3. -4. -1. -3. -2. -1. -1. -3. -9. -5. -5. -10 -6. -10 -9. -6. -7. -6. -6. -9. -8. -7. -9. -6. -6. -10 -9. -11 -9. -8.
Year-over-Year
Inventory Levels
NAR 4/2018
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
% -24 -20 -16 -14 -13 -7. -5% -6. 1.8 0.9 5.0 1.6 7.3 5.3 3.2 6.5 6% 5.5 5.8 4.5 6% 5.2 5% -0. -0. -0. 2.0 -0. 1.8 0.4 -4. -1. -3. -4. -1. -3. -2. -1. -1. -3. -9. -5. -5. -10 -6. -10 -9. -6. -7. -6. -6. -9. -8. -7. -9. -6. -6. -10 -9. -11 -9. -8.
Year-over-Year
Inventory Levels
NAR 4/2018
-6.6%
-9.0%
-8.4%
-7.1%
-9.0%
-6.7%
-6.4%
-10.4%
-9.7%
-11.1%
-9.5%
-8.1%
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
HOUSING SUPPLY Year-
Over-Year
Last 12 Months
NAR 4/2018
5.2
5.1
5.0
5.4 5.4
5.3
5.9
6.0
5.3
5.6
4.8
5.4
5.8
5.9
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
2017 2018 Census
New Home Inventory
months supply
5.0
5.4 5.4
5.3
5.9
6.0
5.3
5.6
4.8
5.4
5.8
5.9
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-18 Feb
Census
New Home Inventory
months supply
Last 12 Months
BUYER
DEMAND
NAR
Buyer
Traffic
By
State
Jul 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018
Foot Trafficindicator of future sales
NAR 4/2018
Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb
Foot
Trafficindicator of future sales
Last 12 Months
NAR 4/2018
January February March April May June July August September October November December
2017
2018
Foot Trafficindicator of future sales
NAR 4/2018
INTEREST
RATES
3.95
3.99
4.04
4.15
4.22
4.32
4.38 4.4
4.43
4.46 4.44 4.45 4.44
1/4 1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15 3/22 3/29
Freddie Mac
Mortgage Rates
Freddie Mac 30 Year Fixed Rate
30 Year Fixed
Rate Mortgages
from Freddie Mac
4.44
3.97
Freddie Mac 4/2018
Mortgage Rate Projections
4/2018
Quarter Fannie Mae MBA NAR
Average
of All Three
2018 2Q 4.4 4.6 4.4 4.47
2018 3Q 4.5 4.7 4.5 4.57
2018 4Q 4.5 4.9 4.6 4.67
2019 1Q 4.5 5.0 x.x x.xx
2015
Q1
2015
Q2
2015
Q3
2015
Q4
2016
Q1
2016
Q2
2016
Q3
2016
Q4
2017
Q1
2017
Q2
2017
Q3
2017
Q4
2018
Q1
2018
Q2
2018
Q3
2018
Q4
Rate 3.7 3.8 4.0 3.9 3.7 3.6 3.5 3.8 4.2 4.0 3.9 3.9 4.3 4.5 4.6 4.9
Freddie Mac
Mortgage Rates
Freddie Mac
30 Year Fixed Rate
- Actual
- Projected
2015 2016 2017 2018
Mortgage Rates
Freddie Mac
30 Year Fixed Rate
4.5
4.6
4.9
2018 Q2
2018 Q3
2018 Q4
Where Are They
Going This Year?
2017 – Today
Actual
Interest Rates
Freddie Mac
Mortgage Credit Availability
YES NO MAYBE
Apr 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018
MBA
Mortgage Credit Availability Index (MCAI), a
report from the Mortgage Bankers Association
Mortgage Credit
Availability
0
100
200
300
400
500
600
700
800
900
June 2004 June 2005 June 2006 June 2007 June 2008 June 2009 June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 June 2016 June 2017 Feb 2018
Historic Data for the
MORTGAGE CREDIT
AVAILABILITY INDEX
(a report from the Mortgage Bankers Association)
MBA
43
42 42
43 43 43
44 44
45
46
47
45
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
Average Days To Close A Loan
All Closed Loans as per Ellie Mae
Last 12 Months
721
722
723
724 724 724 724 724
722 722
721 721
Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb
FICO® Score Requirements
Last 12 months
All Closed Loans as per Ellie Mae
0.07% 0.7%
9.1%
19.8%
24.4%
33.8%
12.2%
500-549 550-599 600-649 650-699 700-749 750-799 800+
FICO® Score
Distribution
53.5% All Closed Loans as per Ellie Mae
Average FICO® Score
for Closed Purchase Loans
by Loan Type
All Closed Loans as per Ellie Mae
721
751
679
707
All Loans Conventional FHA VA
40
37
44 42
All Loans* Conventional FHA VA
Average Back End DTI
for Closed Purchase Loans by Loan Type
All Closed Loans as per Ellie Mae
Resources
KEEPINGCURRENTMATTERS.COM
Slide Slide Title Link
5 Inventory YOY https://www.nar.realtor/topics/existing-home-sales
6 Buyer Traffic May 2017 vs. Feb 2018 http://showingtime.com/showingtime-showing-index
7 Supply vs. Demand
http://showingtime.com/showingtime-showing-index
https://www.nar.realtor/topics/existing-home-sales
8 Rick Palacios Jr. Quote http://realtybiznews.com/why-buyers-need-to-act-now-before-interest-rates-increase/98747463/?sthash.GzZ8kdKv.mjjo
9, 10, 16,
59
CoreLogic Actual YOY & Forecasted,
Dr. Frank Nothaft Quote
http://www.corelogic.com/about-us/researchtrends/corelogic-home-price-insights.aspx
11 Eli Beracha Quote https://business.fau.edu/departments/finance/real-estate-initiative/bhj-buy-vs-rent-index/bhj-summary/
12, 21, 22 Price Growth, Experts’ Belief https://pulsenomics.com/Q4_2017_HPE_Survey.php
13-15 Equity Gained, Positive & Significant http://www.corelogic.com/about-us/researchtrends/homeowner-equity-report.aspx#
17 - 20 Luxury Market Report http://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica_MAR2018.pdf
23,77,78,
80,81
Freddie Mac Mortgage Rates http://www.freddiemac.com/pmms
24
Monthly Mortgage Payment – impact
on interest paid
http://www.freddiemac.com/blog/homeownership/20180319_how_rising_rates_affect_bottom_line.html
25, 60
Bill Banfield Quote, Appraisal
Challenge
https://www.quickenloans.com/press-room/2018/03/13/owner-appraiser-opinions-home-values-inch-closer-equilibrium/
26, 30-31 Mark Fleming Quote http://blog.firstam.com/economics/how-high-is-too-high-for-mortgage-rates
27 Mortgage Affordability https://www.zillow.com/research/q4-2017-affordability-rising-rates-18978/
Resources
KEEPINGCURRENTMATTERS.COM
Slide Slide Title Link
29 ATTOM Data Solutions https://www.attomdata.com/news/market-trends/home-sales-prices/home-affordability-report-q1-2018/
32 Housing Affordability Index http://nar.realtor
33 - 35 Affordability https://www.trulia.com/blog/trends/not-father-market/
36 - 37 Black Knight Affordability http://www.bkfs.com/Data/DataReports/BKFS_MM_Jan2018_Report.pdf
38 Z Report Quote
https://www.zelmanassociates.com/member-portal/z-report-member-site/is-the-entry-level-affordability-crunch-real
(subscription required)
41, 62, 72
Average Days on Market,
Buyer & Seller Traffic Maps
https://www.nar.realtor/reports/realtors-confidence-index
42-44, 49, 52,
54-55, 63-68
Existing Home Sales Report http://nar.realtor/
45-49, 69, 70 New Home Sales, Inventory http://www.census.gov/construction/nrs/pdf/newressales.pdf
50, 51 Pending Home Sales Report http://nar.realtor/
56-58 Case Shiller Price Index http://us.spindices.com/indices/real-estate/sp-case-shiller-20-city-composite-home-price-index
73-75 Foot Traffic http://nar.realtor/
79 Mortgage Rate Projections
http://www.freddiemac.com/research/pdf/201803-Outlook.pdf
http://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_031918.pdf
https://www.mba.org/Downloads/Mtg%20Fin%20Forecast%20Mar%202018.pdf
https://www.nar.realtor/sites/default/files/documents/forecast-02-2018-us-economic-outlook-02-13-2018.pdf
83-84 Mortgage Credit Availability https://www.mba.org/news-research-and-resources/research-and-economics/single-family-research/mortgage-credit-availability-index
85-89 Ellie Mae Report https://static.elliemae.com/pdf/origination-insight-reports/Ellie_Mae_OIR_FEBRUARY2018.pdf
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agreed that they found
a brand “helpful”
immediately after they
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Monthly Market Report - April 2018 from Physicians Agent™ Network

  • 2.
  • 3.
  • 4. -6.6% -9.0% -8.4% -7.1% -9.0% -6.7% -6.4% -10.4% -9.7% -11.1% -9.5% -8.1% Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Housing Supply Year-Over-Year NAR 4/2018
  • 6. 7.3% 4.5% 3.7% -11.1% -9.5% -8.1% Demand - Buyers Supply - Listings December 2017 January 2018 February 2018 Year-over-Year Differences Simply a Matter of Supply & Demand
  • 7. 11% 11% 12% 15% 18% 18% 17% 17% 18% 21% 22% 22% 21% 22% 23% 23% 16% 12% 10% 12% 11% 12% 17% 21% 19% 21% 23% 26% 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 The Z Report % of Existing Inventory Sold per Month on Average
  • 8. “Buyers thought they could wait forever because rates were going to stay low forever. They’re starting to realize that if they’re going to buy, they should probably buy now.” Rick Palacios Jr. Director of Research, John Burns Real Estate Consulting
  • 9. CoreLogic Actual Year-Over-Year % Change in Price By State
  • 10. CoreLogic Forecasted Year-Over-Year % Change in PriceBy State
  • 11. Eli Beracha Ph.D. Co-Creator of the BH&J Index & Associate Professor in the Hollo School of Real Estate at FIU “Rather than a crash, I anticipate slower growth in prices accompanied by longer marketing times for sellers and increasing inventories, which should bring prices back in conjunction with their 40-year trend.”
  • 12. 5.6 4.2 3.4 3.1 3.0 3.1 2017 2018 2019 2020 2021 2022 PROJECTED Mean Percentage Appreciation Home Price Expectation Survey 2017 4Q
  • 13. Average Equity Gained Year-Over-Year By State CoreLogic
  • 16. Dr. Frank Nothaft CoreLogic’s Chief Economist “Entry-level homes have been in particularly short supply, leading to more rapid home-price growth compared with more expensive homes. Homes with a purchase price less than 75% of the local area median had price growth of 9% during the year ending January 2018. Homes that sold for more than 125% of median appreciated 5.3% over the same 12-month period. Thus, first-time buyers are facing acute affordability challenges in some high-cost areas.”
  • 17. Diane Hartley GM, Institute for Luxury Home Marketing “The luxury real estate market led the general housing market out of the global recession, and during that explosive upswing, we saw some of the largest year-over-year price gains ever; now we are simply seeing a return to a more typical pricing and sales paradigm - especially for single- family-detached properties.”
  • 18. Luxury Home Market is in a Buyer’s Market New Single-Family Luxury Home Listings are from January (8,599) to February (8,734) UP 1.6% * Luxury Market Threshold is $1M
  • 19. Luxury Homes are selling for an average of of list price
  • 20. 53 46 38 40 49 52 56 57 51 58 61 60 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Average Days on the Luxury Market Institute for Luxury Home Marketing Last 12 Months
  • 21. Home Price Expectation Survey 2017 4Q 21.6% 43.2% 28.4% 5.7% 1.1% 6% or more Appreciation 4.5 - 5.9% Appreciation 3 - 4.4% Appreciation 0 - 2.99% Appreciation Depreciation Experts’ belief on where home prices are headed in 2018…
  • 22. Home Price Expectation Survey 2017 4Q 93.2% 5.7% 1.1% Greater than 3% Appreciation Up to 2.99% Appreciation Depreciation Experts’ belief on where home prices are headed in 2018…
  • 23. 3.95 3.99 4.04 4.15 4.22 4.32 4.38 4.4 4.43 4.46 4.44 4.45 4.44 1/4 1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15 3/22 3/29 Freddie Mac Mortgage Rates Freddie Mac 30 Year Fixed Rate
  • 24. Interest Rate Monthly Payment Total Interest Paid 4.0% $764 $114,991 4.5% $811 $131,851 5.0% $859 $149,209 5.5% $908 $167,046 6.0% $959 $185,341 6.5% $1,011 $204,071 Mortgage payments are principal and interest only, based on a $200,000 fully amortizing mortgage. All terms are assumed to be 30 years. Freddie Mac
  • 25. “Low home inventory continues to be a drag on the housing market. As the economy grows and more consumers are in the right place financially to purchase a home, the high demand is driving prices up. As we move into the spring selling season, all eyes will be on whether today’s strong economy can support the higher prices.” Bill Banfield VP of Capital Markets at Quicken Loans
  • 26. “Given today’s strong economy, our housing market is well positioned to adapt to rising mortgage rates.” Mark Fleming Chief Economist for First American
  • 27. 21% 15.7% 18.3% 20.5% 22.7% Historic Mortgage Affordability Mortgage Affordability 2017 4Q Forecasted at 5% Rates Forecasted at 6% Rates Forecasted at 7% Rates Zillow Mortgage Affordability Buyer with median income buying a median priced home
  • 29. “Only counties with sufficient home price and wage data quarterly back to Q1 2005 were used in the analysis.” “…assuming a 3 percent down payment and a 28 percent maximum ‘front-end’ debt-to-income ratio.”
  • 30. First American “Using our Potential Home Sales model, we doubled the mortgage rate from its current value of about 4.4% to approximately 9% and the market potential for home sales declined from the current value of 6.1 to 5.8 million. So, if mortgage rates doubled overnight, our model indicates a mere 5% decrease.”
  • 31. First American “Let’s be clear. Mortgage rates increasing to nearly 9 percent is extremely unlikely. There is no expectation of a mortgage rate increase of this magnitude. However, this scenario helps to put modest mortgage rate increases into perspective – they are unlikely to materially impact the housing market.”
  • 32. 108 110 122 131 128 125 126 127 133 131 122 128 126 131 124 113 108 115 138 169 172 186 197 176 163.5 165.7 167 158 163 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 TODAY Housing Affordability Index 1990 to Today NAR Years when distressed properties dominated the market
  • 33. 60 80 100 120 140 160 180 1975 1980 1985 1990 1995 2000 2005 2010 2016 *The maximum affordable price is calculated using median household income assuming a 20% down payment and a 30- year fixed mortgage at the annual average rate, incorporating the cost of property taxes and insurance. The affordability score was calculated by dividing the maximum affordable price by actual home prices, and multiplying by 100. Trulia Affordability IndexOver 100 is more affordable. Under 100 is less affordable Mortgage Rates Soar to 16.6% Housing BOOM as Prices Climb Housing BUST as Prices Tumble WELL above 100
  • 34. “Nationally, homes are just about the most affordable they have been in the last 40 years. In 2016, the median household could afford a home 1.5 times more expensive than the median home price. In 1980, the median household could only afford about 3/4 of the median home price.” Trulia
  • 35. Year Mortgage Rate Affordability Score* 1980 13.7% 82 1990 10.1% 110 2000 8.1% 126 2010 4.7% 143 2016 3.7% 161 Trulia Mortgage Rates vs. Affordability *An affordability score above 100 means housing is affordable.
  • 36. Home Affordability Today compared to late 1990’s Black Knight More Affordable Today Less Affordable Today
  • 37. Black Knight “Affordability remains much better than at the prerecession peak, even though today’s home prices have surpassed 2006 levels. Assuming all else remains equal, to return to 2006 affordability levels, interest rates would have to climb north of 8.0 percent or the median home price increase to $420K.”
  • 38. “We are certainly not complacent when it comes to entry level affordability risk, but as we weigh the outstanding variables, we believe the ability to still qualify is still healthy versus historic norms and better than many assume.” The “Z” Report
  • 39.
  • 40.
  • 41. Average Days on the Market By State NAR
  • 42. Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Since January 2014 EXISTING Home Sales NAR 4/2018
  • 43. 1.1% -7.2% 0.0% 3.4% 2.4% U.S. Northeast Midwest South West Y-O-Y by region EXISTIN G Home Sales NAR 4/2018 Northeast
  • 44. Existing Home Sales in thousands Census & NAR January February March April May June July August September October November December 2017 2018
  • 45. Census & NAR January February March April May June July August September October November December 2017 2018 New Home Sales in thousands
  • 46. Jun-14 Jan-15 Jan-16 Jan-17 Jan-18 Census New Home Sales annualized in thousands
  • 47. 4% 9% 30% 28% 12% 11% 6% Under $150K $150-$199K $200-299K $300-$399K $400-$499K $500-$749K Over $750K Census New Home Sales % of sales by price range
  • 49. Census & NAR 364 366 516 503 612 656 561 580 512 507 475 473 360 370 January February March April May June July August September October November December 2017 2018 Total Home Sales in thousands
  • 50. January 2014 January 2015 January 2016 January 2017 January 2018 100 = Historically Healthy Level PENDING Home Sales since 2014 NAR 4/2018
  • 51. -4.1% -5.1% -9.5% -1.5% -2.2% U.S. Northeast Midwest South West PENDING Home Sales Year-Over-Year By Region West NAR 4/2018
  • 52. Jan 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Percentage of Distressed Property Sales 35% January 2012 - Today 4% 7% NAR 4/2018
  • 54. 5.9% 3.6% 4.5% 5.4% 9.6% U.S. Northeast Midwest South West Y-O-Y by region EXISTING Home Prices NAR 4/2018
  • 55. -16.5% -0.6% 11.2% 11.9% 18.9% 21.1% $0-100K $100-250K $250-500K $500-750K $750K-1M $1M+ % -16.5% -0.6% 11.2% 11.9% 18.9% 21.1% % Change in Sales from last year by Price Range NAR 4/2018
  • 56. June 2012 Jan 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Year-Over- Year PRIC E CHANGE S Case Shiller S&P Case Shiller 4/2018
  • 57. Jan 2014 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2015 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2016 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2017 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2018 Year-Over-Year PRICE CHANGES 20 City Composite S&P Case Shiller 4/2018 Case Shiller
  • 58. 5.9% 5.9% 5.8% 5.7% 5.6% 5.8% 5.8% 6.2% 6.3% 6.4% 6.3% 6.4% Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan 2018 Year-Over-Year PRICE CHANGES 20 City Composite Case Shiller S&P Case Shiller 4/2018
  • 59. CoreLogic Forecasted Year-Over-Year % Change in PriceBy State
  • 60. -1.77 -1.90 -1.93 -1.70 -1.55 -1.35 -1.14 -0.99 -0.67 -0.50 -0.60 -0.53 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar % -1.77 -1.90 -1.93 -1.70 -1.55 -1.35 -1.14 -0.99 -0.67 -0.5 -0.6 -0.53 Quicken Loans Appraiser Home Value Opinions Compared to Homeowner Estimates Last 12 Months
  • 64. Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-17 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-18 Feb Months Inventory of HOMES FOR SALE last 2 years NAR 4/2018
  • 65. 3.8 4.1 4.2 4.2 4.2 4.2 4.2 3.9 3.5 3.2 3.4 3.4 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Months Inventory of HOMES FOR SALE Last 12 Months NAR 4/2018
  • 66. January 2014 January 2015 January 2016 January 2017 January 2018 % 7.3 5.3 3.2 6.5 6.0 5.5 5.8 4.5 6.0 5.2 5.0 -0. -0. -0. 2.0 -0. 1.8 0.4 -4. -1. -3. -4. -1. -3. -2. -1. -1. -3. -9. -5. -5. -10 -6. -10 -9. -6. -7. -6. -6. -9. -8. -7. -9. -6. -6. -10 -9. -11 -9. -8. Year-over-Year Inventory Levels NAR 4/2018
  • 67. Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb % -24 -20 -16 -14 -13 -7. -5% -6. 1.8 0.9 5.0 1.6 7.3 5.3 3.2 6.5 6% 5.5 5.8 4.5 6% 5.2 5% -0. -0. -0. 2.0 -0. 1.8 0.4 -4. -1. -3. -4. -1. -3. -2. -1. -1. -3. -9. -5. -5. -10 -6. -10 -9. -6. -7. -6. -6. -9. -8. -7. -9. -6. -6. -10 -9. -11 -9. -8. Year-over-Year Inventory Levels NAR 4/2018
  • 68. -6.6% -9.0% -8.4% -7.1% -9.0% -6.7% -6.4% -10.4% -9.7% -11.1% -9.5% -8.1% Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb HOUSING SUPPLY Year- Over-Year Last 12 Months NAR 4/2018
  • 69. 5.2 5.1 5.0 5.4 5.4 5.3 5.9 6.0 5.3 5.6 4.8 5.4 5.8 5.9 Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec 2017 2018 Census New Home Inventory months supply
  • 70. 5.0 5.4 5.4 5.3 5.9 6.0 5.3 5.6 4.8 5.4 5.8 5.9 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan-18 Feb Census New Home Inventory months supply Last 12 Months
  • 73. Jul 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 Foot Trafficindicator of future sales NAR 4/2018
  • 74. Mar Apr May Jun Jul Aug Sept Oct Nov Dec Jan Feb Foot Trafficindicator of future sales Last 12 Months NAR 4/2018
  • 75. January February March April May June July August September October November December 2017 2018 Foot Trafficindicator of future sales NAR 4/2018
  • 77. 3.95 3.99 4.04 4.15 4.22 4.32 4.38 4.4 4.43 4.46 4.44 4.45 4.44 1/4 1/11 1/18 1/25 2/1 2/8 2/15 2/22 3/1 3/8 3/15 3/22 3/29 Freddie Mac Mortgage Rates Freddie Mac 30 Year Fixed Rate
  • 78. 30 Year Fixed Rate Mortgages from Freddie Mac 4.44 3.97 Freddie Mac 4/2018
  • 79. Mortgage Rate Projections 4/2018 Quarter Fannie Mae MBA NAR Average of All Three 2018 2Q 4.4 4.6 4.4 4.47 2018 3Q 4.5 4.7 4.5 4.57 2018 4Q 4.5 4.9 4.6 4.67 2019 1Q 4.5 5.0 x.x x.xx
  • 80. 2015 Q1 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 2016 Q3 2016 Q4 2017 Q1 2017 Q2 2017 Q3 2017 Q4 2018 Q1 2018 Q2 2018 Q3 2018 Q4 Rate 3.7 3.8 4.0 3.9 3.7 3.6 3.5 3.8 4.2 4.0 3.9 3.9 4.3 4.5 4.6 4.9 Freddie Mac Mortgage Rates Freddie Mac 30 Year Fixed Rate - Actual - Projected 2015 2016 2017 2018
  • 81. Mortgage Rates Freddie Mac 30 Year Fixed Rate 4.5 4.6 4.9 2018 Q2 2018 Q3 2018 Q4 Where Are They Going This Year? 2017 – Today Actual Interest Rates Freddie Mac
  • 83. Apr 2013 Jan 2014 Jan 2015 Jan 2016 Jan 2017 Jan 2018 MBA Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association Mortgage Credit Availability
  • 84. 0 100 200 300 400 500 600 700 800 900 June 2004 June 2005 June 2006 June 2007 June 2008 June 2009 June 2010 June 2011 June 2012 June 2013 June 2014 June 2015 June 2016 June 2017 Feb 2018 Historic Data for the MORTGAGE CREDIT AVAILABILITY INDEX (a report from the Mortgage Bankers Association) MBA
  • 85. 43 42 42 43 43 43 44 44 45 46 47 45 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Average Days To Close A Loan All Closed Loans as per Ellie Mae Last 12 Months
  • 86. 721 722 723 724 724 724 724 724 722 722 721 721 Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb FICO® Score Requirements Last 12 months All Closed Loans as per Ellie Mae
  • 87. 0.07% 0.7% 9.1% 19.8% 24.4% 33.8% 12.2% 500-549 550-599 600-649 650-699 700-749 750-799 800+ FICO® Score Distribution 53.5% All Closed Loans as per Ellie Mae
  • 88. Average FICO® Score for Closed Purchase Loans by Loan Type All Closed Loans as per Ellie Mae 721 751 679 707 All Loans Conventional FHA VA
  • 89. 40 37 44 42 All Loans* Conventional FHA VA Average Back End DTI for Closed Purchase Loans by Loan Type All Closed Loans as per Ellie Mae
  • 90. Resources KEEPINGCURRENTMATTERS.COM Slide Slide Title Link 5 Inventory YOY https://www.nar.realtor/topics/existing-home-sales 6 Buyer Traffic May 2017 vs. Feb 2018 http://showingtime.com/showingtime-showing-index 7 Supply vs. Demand http://showingtime.com/showingtime-showing-index https://www.nar.realtor/topics/existing-home-sales 8 Rick Palacios Jr. Quote http://realtybiznews.com/why-buyers-need-to-act-now-before-interest-rates-increase/98747463/?sthash.GzZ8kdKv.mjjo 9, 10, 16, 59 CoreLogic Actual YOY & Forecasted, Dr. Frank Nothaft Quote http://www.corelogic.com/about-us/researchtrends/corelogic-home-price-insights.aspx 11 Eli Beracha Quote https://business.fau.edu/departments/finance/real-estate-initiative/bhj-buy-vs-rent-index/bhj-summary/ 12, 21, 22 Price Growth, Experts’ Belief https://pulsenomics.com/Q4_2017_HPE_Survey.php 13-15 Equity Gained, Positive & Significant http://www.corelogic.com/about-us/researchtrends/homeowner-equity-report.aspx# 17 - 20 Luxury Market Report http://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica_MAR2018.pdf 23,77,78, 80,81 Freddie Mac Mortgage Rates http://www.freddiemac.com/pmms 24 Monthly Mortgage Payment – impact on interest paid http://www.freddiemac.com/blog/homeownership/20180319_how_rising_rates_affect_bottom_line.html 25, 60 Bill Banfield Quote, Appraisal Challenge https://www.quickenloans.com/press-room/2018/03/13/owner-appraiser-opinions-home-values-inch-closer-equilibrium/ 26, 30-31 Mark Fleming Quote http://blog.firstam.com/economics/how-high-is-too-high-for-mortgage-rates 27 Mortgage Affordability https://www.zillow.com/research/q4-2017-affordability-rising-rates-18978/
  • 91. Resources KEEPINGCURRENTMATTERS.COM Slide Slide Title Link 29 ATTOM Data Solutions https://www.attomdata.com/news/market-trends/home-sales-prices/home-affordability-report-q1-2018/ 32 Housing Affordability Index http://nar.realtor 33 - 35 Affordability https://www.trulia.com/blog/trends/not-father-market/ 36 - 37 Black Knight Affordability http://www.bkfs.com/Data/DataReports/BKFS_MM_Jan2018_Report.pdf 38 Z Report Quote https://www.zelmanassociates.com/member-portal/z-report-member-site/is-the-entry-level-affordability-crunch-real (subscription required) 41, 62, 72 Average Days on Market, Buyer & Seller Traffic Maps https://www.nar.realtor/reports/realtors-confidence-index 42-44, 49, 52, 54-55, 63-68 Existing Home Sales Report http://nar.realtor/ 45-49, 69, 70 New Home Sales, Inventory http://www.census.gov/construction/nrs/pdf/newressales.pdf 50, 51 Pending Home Sales Report http://nar.realtor/ 56-58 Case Shiller Price Index http://us.spindices.com/indices/real-estate/sp-case-shiller-20-city-composite-home-price-index 73-75 Foot Traffic http://nar.realtor/ 79 Mortgage Rate Projections http://www.freddiemac.com/research/pdf/201803-Outlook.pdf http://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_031918.pdf https://www.mba.org/Downloads/Mtg%20Fin%20Forecast%20Mar%202018.pdf https://www.nar.realtor/sites/default/files/documents/forecast-02-2018-us-economic-outlook-02-13-2018.pdf 83-84 Mortgage Credit Availability https://www.mba.org/news-research-and-resources/research-and-economics/single-family-research/mortgage-credit-availability-index 85-89 Ellie Mae Report https://static.elliemae.com/pdf/origination-insight-reports/Ellie_Mae_OIR_FEBRUARY2018.pdf
  • 92. agreed or strongly agreed that they found a brand “helpful” immediately after they read a piece of educational content from that brand. 78%

Editor's Notes

  1. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  2. http://showingtime.com/showingtime-showing-index
  3. http://showingtime.com/showingtime-showing-index https://www.nar.realtor/topics/existing-home-sales
  4. https://www.zelmanassociates.com/member-portal/z-report-member-site/is-it-time-to-start-worrying-about-higher-interest (subscription required)
  5. http://realtybiznews.com/why-buyers-need-to-act-now-before-interest-rates-increase/98747463/?sthash.GzZ8kdKv.mjjo
  6. http://www.corelogic.com/about-us/researchtrends/corelogic-home-price-insights.aspx
  7. http://www.corelogic.com/about-us/researchtrends/corelogic-home-price-insights.aspx
  8. https://business.fau.edu/departments/finance/real-estate-initiative/bhj-buy-vs-rent-index/bhj-summary/
  9. https://pulsenomics.com/Q4_2017_HPE_Survey.php
  10. http://www.corelogic.com/about-us/researchtrends/homeowner-equity-report.aspx#
  11. http://www.corelogic.com/about-us/researchtrends/homeowner-equity-report.aspx#
  12. http://www.corelogic.com/about-us/researchtrends/homeowner-equity-report.aspx#
  13. http://www.corelogic.com/about-us/researchtrends/corelogic-home-price-insights.aspx
  14. http://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica_MAR2018.pdf
  15. http://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica_MAR2018.pdf
  16. http://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica_MAR2018.pdf
  17. http://www.luxuryhomemarketing.com/assets/LMR_NorthAmerica_MAR2018.pdf
  18. https://pulsenomics.com/Q4_2017_HPE_Survey.php
  19. https://pulsenomics.com/Q4_2017_HPE_Survey.php
  20. http://www.freddiemac.com/pmms
  21. http://www.freddiemac.com/blog/homeownership/20180319_how_rising_rates_affect_bottom_line.html
  22. https://www.quickenloans.com/press-room/2018/03/13/owner-appraiser-opinions-home-values-inch-closer-equilibrium/
  23. http://blog.firstam.com/economics/how-high-is-too-high-for-mortgage-rates
  24. https://www.zillow.com/research/q4-2017-affordability-rising-rates-18978/
  25. http://nar.realtor
  26. https://www.attomdata.com/news/market-trends/home-sales-prices/home-affordability-report-q1-2018/
  27. http://blog.firstam.com/economics/how-high-is-too-high-for-mortgage-rates
  28. http://blog.firstam.com/economics/how-high-is-too-high-for-mortgage-rates
  29. http://nar.realtor
  30. https://www.trulia.com/blog/trends/not-father-market/ The maximum affordable price is calculated using median household income assuming a 20% down payment and a 30-year fixed mortgage at the annual average rate, incorporating the cost of property taxes and insurance. The affordability score was calculated by dividing the maximum affordable price by actual home prices, and multiplying by 100.
  31. https://www.trulia.com/blog/trends/not-father-market/
  32. https://www.trulia.com/blog/trends/not-father-market/
  33. http://www.bkfs.com/Data/DataReports/BKFS_MM_Jan2018_Report.pdf
  34. http://www.bkfs.com/Data/DataReports/BKFS_MM_Jan2018_Report.pdf
  35. https://www.zelmanassociates.com/member-portal/z-report-member-site/is-the-entry-level-affordability-crunch-real (subscription required)
  36. https://www.nar.realtor/reports/realtors-confidence-index
  37. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  38. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  39. http://www.census.gov/construction/nrs/pdf/newressales.pdf http://nar.realtor
  40. http://www.census.gov/construction/nrs/pdf/newressales.pdf http://nar.realtor
  41. http://www.census.gov/newhomesales http://www.census.gov/construction/nrs/pdf/newressales.pdf
  42. http://www.census.gov/newhomesales http://www.census.gov/construction/nrs/pdf/newressales.pdf
  43. http://www.census.gov/newhomesales http://www.census.gov/construction/nrs/pdf/newressales.pdf
  44. http://www.census.gov/construction/nrs/pdf/newressales.pdf http://nar.realtor
  45. https://www.nar.realtor/sites/default/files/documents/phs-02-2018-pending-home-sales-03-28-2018.pdf
  46. https://www.nar.realtor/sites/default/files/documents/phs-02-2018-pending-home-sales-03-28-2018.pdf
  47. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  48. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  49. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  50. http://us.spindices.com/indices/real-estate/sp-case-shiller-20-city-composite-home-price-index
  51. http://us.spindices.com/indices/real-estate/sp-case-shiller-20-city-composite-home-price-index
  52. http://us.spindices.com/indices/real-estate/sp-case-shiller-20-city-composite-home-price-index
  53. http://www.corelogic.com/about-us/researchtrends/corelogic-home-price-insights.aspx
  54. https://www.quickenloans.com/press-room/2018/02/13/owner-perception-of-home-value-dips-after-seven-months-of-improvement/-two-years/
  55. https://www.nar.realtor/reports/realtors-confidence-index
  56. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  57. nar.realtor https://www.nar.realtor/topics/existing-home-salesealtor
  58. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  59. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  60. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  61. nar.realtor https://www.nar.realtor/topics/existing-home-sales
  62. http://www.census.gov/newhomesales http://www.census.gov/construction/nrs/pdf/newressales.pdf
  63. http://www.census.gov/newhomesales http://www.census.gov/construction/nrs/pdf/newressales.pdf
  64. https://www.nar.realtor/reports/realtors-confidence-index
  65. nar.realtor http://nar.realtor/infographics/foot-traffic "Every month SentriLock, LLC. provides NAR Research with data on the number of properties shown by a REALTOR®. Lockboxes made by SentriLock, LLC. are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future."
  66. nar.realtor http://nar.realtor/infographics/foot-traffic "Every month SentriLock, LLC. provides NAR Research with data on the number of properties shown by a REALTOR®. Lockboxes made by SentriLock, LLC. are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future."
  67. nar.realtor http://nar.realtor/infographics/foot-traffic "Every month SentriLock, LLC. provides NAR Research with data on the number of properties shown by a REALTOR®. Lockboxes made by SentriLock, LLC. are used in roughly a third of home showings across the nation. Foot traffic has a strong correlation with future contracts and home sales, so it can be viewed as a peek ahead at sales trends two to three months into the future."
  68. http://www.freddiemac.com/pmms
  69. http://www.freddiemac.com/pmms http://www.freddiemac.com/pmms/pmms_archives.html
  70. http://www.freddiemac.com/research/pdf/201803-Outlook.pdf http://www.fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_031918.pdf https://www.mba.org/Downloads/Mtg%20Fin%20Forecast%20Mar%202018.pdf https://www.nar.realtor/sites/default/files/documents/forecast-02-2018-us-economic-outlook-02-13-2018.pdf
  71. http://www.freddiemac.com/research/pdf/201803-Outlook.pdf
  72. http://www.freddiemac.com/research/pdf/201803-Outlook.pdf
  73. https://www.mba.org/news-research-and-resources/newsroom https://www.mba.org/news-research-and-resources/research-and-economics/single-family-research/mortgage-credit-availability-index
  74. https://www.mba.org/news-research-and-resources/newsroom https://www.mba.org/news-research-and-resources/research-and-economics/single-family-research/mortgage-credit-availability-index
  75. http://www.elliemae.com/resources/origination-insight-reports https://static.elliemae.com/pdf/origination-insight-reports/Ellie_Mae_OIR_FEBRUARY2018.pdf
  76. http://www.elliemae.com/resources/origination-insight-reports https://static.elliemae.com/pdf/origination-insight-reports/Ellie_Mae_OIR_FEBRUARY2018.pdf
  77. http://www.elliemae.com/resources/origination-insight-reports https://static.elliemae.com/pdf/origination-insight-reports/Ellie_Mae_OIR_FEBRUARY2018.pdf
  78. http://www.elliemae.com/resources/origination-insight-reports https://static.elliemae.com/pdf/origination-insight-reports/Ellie_Mae_OIR_FEBRUARY2018.pdf
  79. http://www.elliemae.com/resources/origination-insight-reports https://static.elliemae.com/pdf/origination-insight-reports/Ellie_Mae_OIR_FEBRUARY2018.pdf
  80. http://ww2.conductor.com/rs/149-ZMU-763/images/Power_of_Content_Conductor_Research.pdf