This Week in Real Estate
Good Morning! The Census Bureau and the Department of Housing and Urban Administration reported This Week in Real Estate that both housing starts and permits declined 4.2% and 2.4% in October from September, respectively. They are 8.8% and 10.1% lower than a year ago, respectively. The 30-year fixed-rate mortgage averaged 6.6% in the week ending November 17, down 47 basis points the week before, marking the largest weekly drop since 1981. Mortgage applications increased for the first time in seven weeks, according to the Mortgage Bankers Association. For the third report in a row the National Association of Realtors reported total inventory has decreased. NAR lists the current inventory at 1.22 million, while historical norms are between 2 million and 2.5 million. Below are a few newsworthy events from the third week of November that influence our business: * Homebuilding Continued its Slump in October as Both New Starts and Building Permits Fell. The pace of new construction