IMI

259 U.S. Markets Qualified As Improving In February 2013

February 14, 2013 by · Leave a Comment 

Improving Market IndexThe National Association of Homebuilders recently released its Improving Markets Index for the month of February.

The homebuilders index attempts to identify U.S. metropolitan areas in which the economy is improving, demonstrating “measurable and sustained growth”.

259 U.S. markets are qualified as “improving” this month, a 17-market jump from the month prior and includes participants from all 50 states as well as the District of Columbia.

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Experts point to improving market conditions in at least one market in all 50 states as a strong indication that the housing recovery is gaining substantial momentum.

This increasing momentum may suggest that now may be a very good time to purchase a home.

Compared to September 2011, when there were just 12 improving metro market areas, the widespread positive movement indicates how conditions are steadily improving nationwide.

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So what qualifies a market as “improving”? The NAHB uses strict criteria.

First, the group gathers data from the three separate, independent sources:

  1. Employment growth from the Bureau of Labor Statistics
  2. Housing price appreciation from Freddie Mac
  3. Single-family housing permits growth from the U.S. Census Bureau.

Click here to apply for your FREE home loan approval.

Next, for each of the above data sets, the National Association of Homebuilders separates for local data in each U.S. major metropolitan area.

And, lastly, armed with data, the NAHB looks for areas in which growth has occurred for all three data points for six consecutive months; and for which the most recent “bottom” is at least six months in the past.

In this way, the Improving Market Index doesn’t just measure housing market strength — it measures general economic strength.

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Of the 22 markets added to the Improving Market Index in November, the following cities were included: Fort Wayne, Indiana; South Bend Indiana; and Rockford, Illinois.

Several markets dropped off the list, too, including Champaign, Illinois.

The complete list of 259 metropolitan areas on February’s IMI, plus breakouts of the metropolitan areas newly added and dropped is available online at http://www.nahb.org/imi.

Click here to apply for your FREE home loan approval.

WelcomeHomeNWI

WelcomeHomeNWI.com was created to demystify the national real estate headlines and to provide unbiased real estate trends and statistics relevant to Northwest Indiana. Our mission is facilitated through a collaboration of professionals who are dedicated to the Northwest Indiana real estate industry. Welcome Home NW Indiana! Welcome Home! WelcomeHomeNWI.com is Your Home for Real Estate and Mortgage News for the Best Communities in Northwest Indiana.

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IMI

The Week Ahead for Mortgage Rates: December 17, 2012

December 17, 2012 by · Leave a Comment 

Mortgage rates drop, according to Freddie MacMortgage bonds worsened last week, moving mortgage rates higher in Northwest Indiana and nationwide.

Economic news was mostly positive and the Federal Open Market Committee (FOMC) changed some of Wall Street expectations for future monetary policy.

Freddie Mac reported the average 30-year fixed rate mortgage rate at 3.32 percent nationwide for borrowers willing to pay 0.7 discount points plus closing costs.

Click here to see today’s mortgage rates.

The average 15-year fixed rate mortgage rate was listed at 2.66 percent nationwide with an accompanying 0.6 discount points plus closing costs.

Both mortgage rates had climbed by week’s end, however. Mortgage rates made their best levels Monday afternoon. Between Tuesday and Friday, mortgage rates in Crown Point climbed.

Also last week, the National Association of Homebuilders/First American Improving Markets Index (IMI) reported 201 improving metropolitan economies nationwide. This index uses data including local employment statistics and home values to determine whether an area’s economy is “improving”.

Click here to see today’s mortgage rates.

76 new areas were added to the IMI list in December as compared to November. The geographic diversity the newly-added markets suggests an overall improvement in the national economy.

Last week’s major event, however, was the 2-day Federal Reserve meeting, which adjourned Wednesday.

The post-meeting press release after included the Fed’s commitment to hold the Fed Funds Rate near zero percent where it’s been since December 2008. However, the Fed announced a change to in its plans to raise the Fed Funds Rate from near-zero at a future date.

Click here to see today’s mortgage rates.

Previously, the Fed had said it would raise the Fed Funds Rate beginning in mid-2015. Now, the Fed says it will start to raise rates when the national unemployment rate reaches 6.5 percent.

This week, mortgage rates have a lot to move on including Housing Starts (Wednesday) and Existing Home Sales (Thursday) from the housing sector; Jobless Claims (Thursday) from the Labor Department; and a key inflation reading from the Department of Commerce. Each has the capability to move mortgage rates.

Markets will respond to Fiscal Cliff discussions, too.

This is The Week Ahead for Mortgage Rates: December 17, 2012.

Click here to see today’s mortgage rates.

Quick general rule of thumb when keeping an eye on mortgage rates.

Strong Economic News: $$$ from Bonds —> Stocks = Home Loan Rates Go Up

Weak Economic News: $$$ from Stocks —> Bonds = Home Loan Rates Go Down

If you or someone you know is thinking about buying a home, the combination of low home loan rates and affordable home prices make this an ideal time to buy a home. Want to know if you can afford a new home? Call or text me at 512-522-7284 to discuss your personal situation and your home loan options!

James K Barath, CMPS®

James K Barath is a Certified Mortgage Planning Specialist®, Certified FICO® Professional, Certified Military Housing Specialist® and your FHA Home Loan Expert. He is also a graduate of Purdue University, The CMPS Institute, Dale Carnegie Human Relations Course & Napoleon Hill Foundation's PMA Science of Success Class. It's your home and your future. It's his profession and his passion. He is ready to work for your best interest. Contact James for your FREE Home Loan Approval !  His Motto: I Facilitate the American Dream Through Responsible Mortgage Lending and Financial Literacy!

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IMI

76 Cities Added to Improving Market Index – December 2012

December 14, 2012 by · Leave a Comment 

December IMI includes 201 citiesLast week’s National Association of Home Builders/First American Improving Markets Index (IMI) brought positive news about U.S. housing markets and the broader U.S. economy, in general.

According to the NAHB IMI, there are now 201 U.S. markets which can be considered “improving”.

For a city to be deemed improving the local area economy must exhibit at least six consecutive months of improvement in terms of local employment, single-family housing permits and area home prices. Also, at least six months must have passed since each of these readings were at their respective low points, called troughs.

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The Improving Market Index added 76 metropolitan areas in December as compared to the month prior. 45 states are now represented on the list, in addition to the District of Columbia.

The cities deemed “improving” aren’t limited to recent, high-profile hot spots such as Detroit, Michigan and Phoenix, Arizona, either. Several of the newly-included areas for December were:

  • Atlanta, Georgia
  • Bloomfield, Illinois
  • Ithaca, New York
  • Riverside, California
  • Seattle, Washington

The geographic diversity of this month’s Improving Market Index suggests a nationwide economic recovery in progress. More jobs, a steady supply of available homes, plus rising home prices helps communities thrive.

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Unfortunately, it may also mean less opportunity to buy homes at rock-bottom prices.

As sellers and home builders gain confidence in the economy, it may be more challenging for today’s Northwest Indiana home buyers to get a “great deal”.  An improving, post-recession economy will likely lead to higher mortgage rates and will diminish home buyers of their purchasing power.

Freddie Mac says that the average 30-year fixed rate mortgage rate is 3.32% nationwide. In a fully-recovered economy, that rate could be 5 percent or higher. The impact on monthly housing payments would be intense.

The National Association of Homebuilders expects more markets to join the Improving Market Index list through 2013. Today’s home buyers may want to lock in today’s low rates before economic improvement leads mortgage rates higher.

Click here to apply for your FREE home loan approval.

WelcomeHomeNWI

WelcomeHomeNWI.com was created to demystify the national real estate headlines and to provide unbiased real estate trends and statistics relevant to Northwest Indiana. Our mission is facilitated through a collaboration of professionals who are dedicated to the Northwest Indiana real estate industry. Welcome Home NW Indiana! Welcome Home! WelcomeHomeNWI.com is Your Home for Real Estate and Mortgage News for the Best Communities in Northwest Indiana.

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IMI

NAHB Improving Market Index Rockets To 125 In November

November 7, 2012 by · Leave a Comment 

Improving Market Index 125 MarketsThe U.S. economy continues to improve.

The National Association of Homebuilders released its Improving Markets Index Tuesday. The report attempts to identify U.S. metropolitan areas in which the economy is improving, demonstrating “measurable and sustained growth”.

125 U.S. markets are qualified as “improving” this month, a 22-market jump from the month prior and and all-time high for the index which launched late last year.

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Compared to November 2011, this month’s IMI has climbed more than four-fold, rising from last year’s reading of 30. This jump suggests that housing recovery is firmly taking root, helping to generate needed jobs and economic growth across much of the country.

So what qualifies a market as “improving”? The NAHB uses strict criteria.

First, the group gathers data from the three separate, independent sources:

  1. Employment growth from the Bureau of Labor Statistics
  2. Housing price appreciation from Freddie Mac
  3. Single-family housing permits growth from the U.S. Census Bureau

Click here to apply for your FREE home loan approval.

Next, for each of the above data sets, the National Association of Homebuilders separates for local data in each U.S. major metropolitan area.

And, lastly, armed with data, the NAHB looks for areas in which growth has occurred for all three data points for six consecutive months; and for the most recent “bottom” is at least six months in the past.

In this way, the Improving Market Index doesn’t just measure housing market strength — it measures general economic strength. 

Click here to apply for your FREE home loan approval.

Of the 22 markets added to the Improving Market Index in November, the following cities were included : San Diego, California; Gainesville, Florida; Omaha, Nebraska; Louisville, Kentucky; and Charlotte, North Carolina.

Several markets dropped off the list, too, including Hanford, California; Orlando, Florida; Terre Haute, Indiana; and Greenville, North Carolina.

The complete list of 125 metropolitan areas on November’s IMI, plus breakouts of the metropolitan areas newly added and dropped is available online at http://www.nahb.org/imi.

Click here to apply for your FREE home loan approval.

WelcomeHomeNWI

WelcomeHomeNWI.com was created to demystify the national real estate headlines and to provide unbiased real estate trends and statistics relevant to Northwest Indiana. Our mission is facilitated through a collaboration of professionals who are dedicated to the Northwest Indiana real estate industry. Welcome Home NW Indiana! Welcome Home! WelcomeHomeNWI.com is Your Home for Real Estate and Mortgage News for the Best Communities in Northwest Indiana.

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IMI

List of Improving Housing Markets Reaches 103 in October

October 10, 2012 by · Leave a Comment 

NAHB Improving Market Index

It’s not just the housing market that’s improving nationwide — it’s the economy overall.

The number of U.S. metropolitan areas showing “measurable and sustained growth” climbed to 103 this month. The data is measured by the monthly Improving Markets Index from the National Association of Homebuilders.

The Improving Market Index is meant to identify which U.S. markets are experiencing broad economic growth — not just growth in terms of housing.

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The index’s conclusions are based on three data series — each collected separately; each from a different division of the U.S. government; and, each tied to specific local economic conditions.

Those three data series are:

  1. Employment Statistics (from the Bureau of Labor Statistics)
  2. Home Price Growth (from Freddie Mac)
  3. Single-Family Housing Growth (from the Census Bureau)

After collating the data, the National Association of Homebuilders evaluates the reports as a group for each specific major metropolitan area.

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A metropolitan area can be cited as “improving” only if the following two conditions are met. One, all three data series show expansion and/or growth as compared to 30 days prior; and, two, none of the data series have “bottomed” within the last six months.

As a result of its methodology, the Improving Market Index specifically passes over short-term growth bursts in a market, isolating for areas with long-term, sustainable growth instead.

Furthermore, “improving” cities may be more apt to outperform other U.S. cities in the months and years ahead, rendering them ideal for relocating buyers from Munster Indiana in search of long-term employment and income opportunities, as well as real estate investors in want of healthy, stable markets.

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33 states are represented in the October Improving Market Index, plus the District of Columbia. 11 new areas were added to the list as compared to September and just 7 dropped off.

The newly-added areas include State College, Pennsylvania and Raleigh, North Carolina. Cities falling off the list for October include Lakeland, Florida.

The complete Improving Markets Index is available for download at the NAHB website.

Click here to apply for your FREE home loan approval.

WelcomeHomeNWI

WelcomeHomeNWI.com was created to demystify the national real estate headlines and to provide unbiased real estate trends and statistics relevant to Northwest Indiana. Our mission is facilitated through a collaboration of professionals who are dedicated to the Northwest Indiana real estate industry. Welcome Home NW Indiana! Welcome Home! WelcomeHomeNWI.com is Your Home for Real Estate and Mortgage News for the Best Communities in Northwest Indiana.

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IMI

NAHB Improving Market Index Climbs To 99 And That’s Good

September 12, 2012 by · Leave a Comment 

Improving Market Index September 2009The number of U.S. housing markets showing “measurable and sustained growth” has increased by 19 this month, according to the National Association of Homebuilders’ Improving Market Index.

The Improving Market Index is a monthly report meant to identify U.S. markets in which economic growth is occurring broadly — not just in terms of home prices.

The IMI’s conclusions are based on 3 separately-collected data series, each from a different division of the government and each tied to specific local economic conditions.

Click here to apply for your FREE home loan approval. 

In this way, the Improving Market Index gives a better idea of which markets will outperform averages in the months and years ahead.

The three data series incorporated into the Improving Market Index are :

  1. Employment Statistics (from the Bureau of Labor Statistics)
  2. Home Price Growth (from Freddie Mac)
  3. Single-Family Housing Growth (from the Census Bureau)

Click here to apply for your FREE home loan approval. 

The National Association of Homebuilders evaluate the reports for each major metropolitan area and then deems a given one “improving” if two conditions are met.

First, all three data series must indicate growth in the current month and, second, at least 6 months have passed since each of the data points’ respective “bottoms”.

The IMI ignore short-term spurts, in other words, and attempts to identify those areas showing long-term, sustainable growth. For relocating home buyers, “improving” cities may also offer better long-term employment and income opportunities. 

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33 states are represented in the September Improving Market Index, as well as the District of Columbia. 31 new areas were added to the list as compared to August and just 12 dropped off.

The newly-added areas include Sacramento, California; Jacksonville, Florida; and Waco, Texas. Cities falling off the list for September include Dover, Delaware.

The complete Improving Markets Index is available for download at the NAHB website. For a better gauge of what’s happening in Valparaiso Indiana on a local level, however, talk to a local real estate expert.

Click here to apply for your FREE home loan approval.

WelcomeHomeNWI

WelcomeHomeNWI.com was created to demystify the national real estate headlines and to provide unbiased real estate trends and statistics relevant to Northwest Indiana. Our mission is facilitated through a collaboration of professionals who are dedicated to the Northwest Indiana real estate industry. Welcome Home NW Indiana! Welcome Home! WelcomeHomeNWI.com is Your Home for Real Estate and Mortgage News for the Best Communities in Northwest Indiana.

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IMI

80 U.S. Metro Areas Show Measurable and Sustained Growth

August 9, 2012 by · Leave a Comment 

Improving Market Index

80 U.S. metropolitan markets are showing “measurable and sustained growth” this month, according to the National Association of Homebuilders’ Improving Market Index.

It’s good news for the economy and good news for housing. 

The NAHB’s Improving Market Index is meant to identify U.S. markets in expansion.

Click here to apply for your FREE home loan approval. 

It’s a composite of the three distinct data sets which, as a group, present a more holistic view of a given city’s growth:

  1. From the Bureau of Labor Statistics, the IMI tracks employment figures
  2. From Freddie Mac, the IMI tracks home price data
  3. From the Census Bureau, the IMI tracks single-family building permits

The home builder trade group compiles this data and, in order for a given metropolitan area to earn the label “improving”, the area must meet two specific growth conditions.

Click here to apply for your FREE home loan approval. 

First, in a given city, each of the above data sets must show growth or expansion in the current calendar month. If one of the three do not show growth, the city cannot qualify.

Second, in a given city, at least six months must have passed since the most recent trough of all of the above metrics.  It’s this second clause that can make the Improving Market Index meaningful.

By focusing on long-term growth trends within a city, the IMI ignores “blips” and seasonal irregularities. 

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The August IMI shows 80 improving markets nationwide, a 4-city decrease from July. 5 new cities were added to the index including Miami, Florida; Terre Haute, Indiana; and Lubbock, Texas. Nine cities fell off the list.

Overall, 32 states are represented in the IMI, and the District of Columbia, too. The complete Improving Markets Index is available for download at the NAHB website.

For today’s St John Indiana home buyers, the IMI doesn’t provide much actionable information. It doesn’t show home prices, for example, nor the current demand for homes. What it shows is the strength of local economies, though, and in many cases, as the economy heats up, so do home prices.

Click here to apply for your FREE home loan approval.

WelcomeHomeNWI

WelcomeHomeNWI.com was created to demystify the national real estate headlines and to provide unbiased real estate trends and statistics relevant to Northwest Indiana. Our mission is facilitated through a collaboration of professionals who are dedicated to the Northwest Indiana real estate industry. Welcome Home NW Indiana! Welcome Home! WelcomeHomeNWI.com is Your Home for Real Estate and Mortgage News for the Best Communities in Northwest Indiana.

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IMI

84 U.S. Metropolitan Areas Are Showing Improvement in July

July 11, 2012 by · Leave a Comment 

Improving Market Index July 2012 | bringtheblog.comWhere economic growth goes, housing growth often follows.

That’s why it’s good news for homeowners that 84 U.S. metropolitan areas are showing “measurable and sustained growth” this month, according to the National Association of Homebuilders’ Improving Market Index.

The NAHB Improving Market Index is a derivative report, based on the results of three separate data series which examine a city’s local economy.

Click here to apply for your FREE home loan approval.

The data series used in the IMI are:

  1. Employment data from the Bureau of Labor Statistics
  2. Home price data from Freddie Mac
  3. One-unit building permits from the Census Bureau

The NAHB compiles this data monthly, assigning a given metropolitan area the label “improving” if the following two conditions are met.

First, all three data series above must show growth or expansion in the current month. Second, at least six months must have passed since any of the above that area’s most recent economic “bottom”.

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Because of this second clause, the IMI is focused on long-term trends in city growth, singling out only those markets in which sustained economic growth is occurring. The six-month requirement causes “blips” of growth remain ignored, and uncounted. 

The July IMI showed 84 improving markets nationwide, a 4-city increase over June 2012. 11 new cities were added to the index including Jackson, Michigan; Springfield, Massachusetts; and, Houston, Texas. Seven cities fell off the list.

32 states are represented in this month’s IMI, and the District of Columbia, too.

Click here to apply for your FREE home loan approval.

For Northwest Indiana home buyers, there isn’t much actionable information in the Improving Market Index. We don’t see how many homes were sold in the month prior, for example. Nor do we see how quickly homes are selling in a particular ZIP code.

But what the IMI can provide is a broad look at whether a local economy has found its footing. When economies are strong, it can create competition for homes which can drive up home sales prices. 

The complete Improving Markets Index is available for download at the NAHB website. But, for a better feel of what’s happening in Northwest Indiana on a local level, talk to one of our local real  estate experts.

Click here to apply for your FREE home loan approval.

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WelcomeHomeNWI

WelcomeHomeNWI.com was created to demystify the national real estate headlines and to provide unbiased real estate trends and statistics relevant to Northwest Indiana. Our mission is facilitated through a collaboration of professionals who are dedicated to the Northwest Indiana real estate industry. Welcome Home NW Indiana! Welcome Home! WelcomeHomeNWI.com is Your Home for Real Estate and Mortgage News for the Best Communities in Northwest Indiana.

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