{"id":35678,"date":"2015-08-10T11:57:33","date_gmt":"2015-08-10T18:57:33","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=35678"},"modified":"2020-10-06T17:08:29","modified_gmt":"2020-10-07T00:08:29","slug":"housing-market-feels-greek-jitters-slow-motion-economic-recovery-still-on-track","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/housing-market-feels-greek-jitters-slow-motion-economic-recovery-still-on-track\/","title":{"rendered":"Housing Market Feels Greek Jitters; Slow-Motion Economic Recovery Still on Track"},"content":{"rendered":"

Jobs: Good. Wages: Not so good. Housing: Moody<\/strong>. Turns out Americans weren\u2019t immune to the summer spectacle in Greece and China, according to Fannie Mae. But the economic recovery continues to chug along. This week we get data on retail sales, a deep dive into loan modifications<\/a> for underwater borrowers and a report on mortgage debt<\/a>.\u00a0Read on<\/strong>.<\/p>\n

How are you feeling?<\/h3>\n

Greece and China have had a rough summer, and Americans have been feeling their pain. A survey last week showed that more of us soured on the housing market and the economy as things went downhill overseas.
\nFannie Mae\u2019s National Housing Survey<\/a> showed a sharp U-turn in consumer attitudes in July. The share of people who think now is a good time to buy shrank for the third straight month, to 61 percent. That\u2019s a record low in the survey\u2019s five-year history.
\nWe’re more pessimistic about finances and the economy, too. More than half of of those surveyed (54 percent) said the economy was on the wrong track. Only 44 percent expected their personal finances to improve over the next year. Fifteen percent reported \u201csignificantly lower income\u201d compared to a year ago, up from 12 percent in June.
\nWha…?<\/b> The economy is getting better, and home sales have been\u00a0pretty darn good<\/a>, right? Yes and yes. It looks like all the scary headlines out of China and Greece simply put Americans in a bad mood last month. It doesn\u2019t take much to put folks on edge in this slow-motion recovery.
\n\u201cIt is premature to read too much into this month’s results, as the survey was taken around the time of increased global turmoil, including Greece’s potential default and China’s stock market plunge,\u201d Fannie Chief Economist Doug Duncan said. \u201cMost of our key indicators are as strong or stronger than they were at this time last year, which is indicative of an improving housing market.\u201d
\nAmericans still think home prices will rise 3 percent in the next 12 months and nearly two-thirds would buy a house if they were to move, Fannie\u2019s survey found.<\/p>\n

That’s not all<\/h3>\n

Mortgage interest rates fell for the fourth week, to 3.91 percent, according to Freddie Mac<\/a>. Loans are incredibly, incredibly cheap, people.
\n\"mortgage<\/a>
\nCheap, but not easy to get. Still, banks say they\u2019ve lightened up on lending standards<\/a> over the last three months. Jumbo mortgages<\/a> in particular are getting easier to qualify for, according to the Fed\u2019s July survey of lending officers.
\nDemand is up, too, with more customers applying for home loans, even subprime. But the \u201cvast majority\u201d of banks still don\u2019t offer mortgages\u00a0to the riskiest borrowers, the Fed reported last week.
\nThe upshot?<\/b> The housing market is holding its own, but we\u2019re still braced for a slowdown<\/a> that might go beyond the usual end-of-summer lull. See last month\u2019s Demand Index<\/a> for details.<\/p>\n

Elsewhere in the economy<\/h3>\n

We had another month of decent job gains and anemic wage growth<\/a>, the Labor Department reported. Young adults<\/a> are still missing from the labor market.
\n\"yoy<\/a>
\nAnother signal of market health:<\/strong> Fannie<\/a> and Freddie<\/a>, the two government-backed companies that keep mortgage money flowing, reported decent second-quarter earnings last week. Mortgage quality<\/a> is improving, too. The companies, which got $187 billion in government bailouts after the collapse, will send another $8.3 billion to taxpayers, bringing their total payback to $239 billion so far.<\/p>\n

ETC<\/b>:<\/h3>\n

The housing bubble<\/strong> might have been avoided if the Fed had raised rates by 8 percentage points. But that might have put us all out of work, so\u2026.. Fed researchers have a new analysis here<\/a> (Geek level: high).
\nThis is interesting. Among\u00a0new-home buyers with a wish list, schools rank dead last<\/strong>, behind \u201clooks\u201d and \u201csafety\u201d, according to the National Association of Homebuilders<\/a>. Hmmm.
\nFlippers<\/strong> are making bank, but we\u2019re seeing fewer of them, RealtyTrac <\/a>reports. The average return was 35.9 percent in the second quarter (about $70,700), up from 23.4 percent a year ago. Not too shabby. But flipping is getting riskier as appreciation slows.
\nFlip-worthy houses are harder to come by, too. In May, foreclosures and short sales<\/strong> accounted for less than 10 percent of home sales, the smallest share since 2007. At its peak in January 2009, distressed properties made up nearly a third of all home sales. At this pace, distressed sales won’t be “normal” (2 percent) until 2018, CoreLogic<\/a> says.
\nOooh, another really expensive parking lot<\/a>, this one for yachts.
\nRedfin<\/a> Chief Executive Officer Glenn Kelman once said real estate was a “screwed up” industry. Here\u2019s another good quote from him: “To affect the real world, you have to be in the real world.” Which we are. Thanks for the story, Vox<\/a>.
\nThe \u201cUp\u201d<\/a> house has a new home, which makes me very happy for some reason.
\n\"Up<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Jobs: Good. Wages: Not so good. Housing: Moody. This week we get news on retail sales, a deep dive into loan modifications and a report on mortgage debt.<\/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":[32,74],"coauthors":[],"class_list":["post-35678","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nHousing Market Jitters Won't Derail Slow-Motion Recovery<\/title>\n<meta name=\"description\" content=\"It turns out the American psyche wasn't immune to the summer spectacle in Greece and China, but the slow-motion economic recovery chugs along.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/news\/housing-market-feels-greek-jitters-slow-motion-economic-recovery-still-on-track\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Housing Market Feels Greek Jitters; 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