Vacancy Rates, Price Declines, Interest Rates, and Mortgage Applications: The Week in Housing

By Qiong (June) Zhang43 Comments

http://www.biggerpockets.com/renewsblog/2011/04/11/vacancy-rates-price-declines-interest-rates-and-mortgage-applications-the-week-in-housing/

Apartment Vacancy Rates Fall

Vacancy rates fell in the multi-family sector. REIS reported that apartment vacancy dropped from 6.6% to 6.2% in the first quarter of 2011. This is the biggest drop in the rate since REIS started tracking it in 1999. Rents increased slightly (0.5%) to $991 per month. Increases occurred in 75 of the 82 markets that REIS tracks.

CoreLogic: 7 Months in a Row of Price Declines

There seems to be no relief in sight for home prices. CoreLogic reported that its Home Price Index declined 6.7% year-over-year for the month ending February. Excluding distressed sales, prices declined just 0.1% for the year. The biggest declines occurred in; Idaho (-14.6%), Arizona (-12.0), Florida (-11.2%), Michigan (-11.1%), and Illinois (-11.1%). Including distressed home sales, the peak to current change in home prices is (-34%).

Interest Rates Flat

Mortgage Purchase Applications Jump While Refinances Decline

The Mortgage Bankers Association reported mortgage applications declined 2.0% for the week ending April 1st, 2011. The decline was caused by the drop in refinance activity. The Refinance Index was down 6.2%. The Purchase Index meanwhile was up 6.7% to its highest level of the year. The 4-week moving average for refinances is down 3.2% and up 0.9% for purchases.

News, News-Housing

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