A wish for all the back to schoolers 😁

The school bus is rumbling down your street, your lunch is packed with something sweet. The teachers are ready for class to begin, so enjoy your first day and wear a big grin.

Be safe everyone!!

Fannie Mae survey confirms: It’s a seller’s market

First-time homebuyers face particular obstacles

August 7, 2020, 3:29 pm By Alex Roha

After two consecutive months of advances, Fannie Mae’s Home Purchase Sentiment Index, a composite index designed to track consumers’ housing-related attitudes, intentions and perceptions, fell 2.3 points in July to 74.2. Year over year, the HPSI is down 19.5 points but still sits above April’s near-record low.

According to the report, 53% of Americans now believe it is a good time to buy a home – an 8% decrease from June’s 61%. On the flip side, the percentage of people who believe it is a good time to sell increased 4% last month to 45% as July reports reflected a seller’s market.

RUSS'S CORNER

“Supply constraints appear to be applying upward pressure to consumers’ home price expectations, which in turn has contributed to both a sharp reversal in optimism about whether it is a good time to buy a home and further improvement in home-selling sentiment,” said Doug Duncan, senior vice president and chief economist at Fannie Mae.

Fannie Mae.

Pent-up demand coupled with low inventory created the perfect storm for median home prices to reach record highs in July – and homebuyers took notice. The net share of Americans who said home prices will go up in the next 12 months continued to rise another 3% past June’s survey record increase. The net share of respondents who said those same prices will go down fell 4%.

Last week, Freddie Mac reported the average rate for a 30-year fixed mortgage was 2.88% – the lowest in the series history. The number of HPSI respondents who said mortgage rates will go down in the next 12 months decreased slightly in July from 17% to 16%, while the number of people who expect mortgage rates to go up increased from 32% to 35%.