{"id":34372,"date":"2015-06-22T05:00:53","date_gmt":"2015-06-22T12:00:53","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=34372"},"modified":"2020-10-06T17:08:31","modified_gmt":"2020-10-07T00:08:31","slug":"the-week-in-housing-news","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/the-week-in-housing-news\/","title":{"rendered":"The Week in Housing News"},"content":{"rendered":"

\"housing<\/a>
\nLast week, Federal Reserve Chair Janet Yellen used the word \u201cgradual\u201d seven times in a single hour. That’s secret Fedspeak signalling that interest rates probably will rise… gradually. Meanwhile, houses are selling record speeds, Redfin’s\u00a0Market Tracker<\/a> found, and the price frenzy continues in San Francisco<\/a>. For Father\u2019s Day, we learned how much Greek kids love Dad\u2014and his basement. In this week’s housing news, mark your calendars for Thursday, when Redfin<\/a> debuts an innovative, forward-looking index of homebuyer demand. Also on tap: Harvard releases its annual state-of-housing report, we get more data on home sales and we\u2019re awaiting a Supreme Court ruling<\/a> on housing discrimination. Read on.<\/p>\n

Silver linings<\/h2>\n

You can count Yellen\u2019s graduallys (graduallies?) here<\/a>, but our takeaway is the same as it was before her press conference Wednesday. The economy slowly is getting better. Mortgage rates slowly will rise. Look at it this way\u2014a little rate bump might be just what the housing market needs. \u201cI think cheap credit has caused home prices to accelerate faster than they otherwise would have,\u201d Redfin CEO Glenn Kelman<\/a> told the Wall Street Journal.
\nFor an elegant visual on the Fed\u2019s thinking, click here<\/a>. And BTW,\u00a0mortgage\u00a0rates actually fell<\/a>\u00a0last week, to 4 percent.<\/p>\n

About that price acceleration<\/h2>\n

There is some good news for buyers\u2014nationwide, prices aren\u2019t accelerating nearly as rapidly as they were. But homes are selling faster than they have in nearly two years as more yards sprout for-sale signs and house hunters try to get ahead of interest rate hikes. Redfin’s monthly Market Tracker<\/a> showed the median sale price up 6 percent in May from a year ago, to almost $279,900. That\u2019s a slowdown from April\u2019s 7.7 percent increase.
\n\"home<\/a>
\nOh, but there are exceptions to the moderation. In San Francisco, prices hit a record for the fourth-straight month, rising more than 24 percent from a year ago, to $1.25 million. Twenty. Four. Percent. And still buyers snapped up homes, with half selling in less than two weeks,\u00a0our data showed<\/a>.\u00a0It\u2019s a good thing more houses<\/a> are in the pipeline. Homebuilders say they feel better this month than they have in ages.<\/p>\n

On to the snacks<\/h2>\n

Things are so bad in Greece that people are moving back in with their parents. Sound familiar? More than half of adults aged 25 to 34 live with mom or dad, Bloomberg<\/a> reports.
\nClosing on a house is so complicated even the government’s consumer watchdog<\/a> can\u2019t get it right. A paperwork snafu has delayed new truth-in-lending mortgage rules until October. We\u2019ll give you details on all the new forms closer to the date.
\nEw, a studio? No, it\u2019s a pied-\u00e0-terre<\/a>. The New York Observer says one-room condos are getting trendy.
\nAnother week, another warning about our exploding senior-citizen population (the population is exploding, not the seniors). Baby-boomer households will double by 2030 and homeowners 65 and older will increase from 20 million to 34 million, the Urban Institute<\/a> reports. Where will they live? No one\u2019s sure.
\nWe’re getting better at paying our bills. Defaults on mortgages, car loans and credit cards fell. New York and Dallas reported their lowest mortgage default rates<\/a> in more than a decade.
\nAnd yet foreclosures were up last month. That’s because more banks are pushing\u00a0stubborn old cases<\/a> through the system, says RealtyTrac.
\nBad guy roundup, yee-hah<\/em>!<\/strong> Wells Fargo, JPMorgan Chase, HSBC,Everbank, Santander Bank and\u00a0U.S. Bank\u00a0can’t service<\/a> new mortgages until they clean up their act. An\u00a0exec from Wisconsin-based AnchorBank<\/a> gets 18 months in the pen for stealing bailout money.
\nTom Cruise had to lower his asking price<\/a>. Boo hoo. Whoopi’s cottage compound is adorable<\/a>, for sale, and not that<\/em> expensive (for Berkeley<\/a>, anway).
\n\"whoopi<\/a>
\nThe Washington Post named Redfin one of D.C.’s\u00a0top workplaces<\/a>. We rock.
\nWhat else do you want to know? Ask.\u00a0Lorraine.woellert@redfin.com<\/a>
\nRedfin’s blog is here<\/a>, and our news & analysis is here<\/a>.
\n <\/p>\n","protected":false},"excerpt":{"rendered":"

Janet Yellen used the word \u201cgradual\u201d seven times in a single hour last week, secret Fedspeak signalling that interest rates probably will rise… gradually. In other housing news, homes are selling at a record speeds and we saw more price frenzy in San Francisco. For Father\u2019s Day, we learned how much Greek kids love Dad\u2014and his basement. Mark your calendars for Thursday, when Redfin debuts an innovative index of homebuyer demand. Also on tap: Harvard releases its annual state-of-housing report and we get more sales data.<\/p>\n","protected":false},"author":13355,"featured_media":42742,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32],"coauthors":[],"class_list":["post-34372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker"],"acf":[],"yoast_head":"\nThe Week in Housing News - Redfin Real Estate News<\/title>\n<meta name=\"description\" content=\"Yellen used the word \u201cgradual\u201d seven times in a single hour, Fedspeak signalling that rates will rise \u2013 gradually. 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For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/34372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=34372"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/34372\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/42742"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=34372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=34372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=34372"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=34372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}