• 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.8 point for the week ending February 23, 2012, up from last week when it also averaged 3.87 percent. Last year at this time, the 30-year FRM averaged 4.95 percent.
• 15-year FRM this week averaged 3.19 percent with an average 0.8 point, up from last week when it also averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.22 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.80 percent this week, with an average 0.7 point, down from last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 3.80 percent.
• 1-year Treasury-indexed ARM averaged 2.73 percent this week with an average 0.6 point, down from last week when it averaged 2.84 percent. At this time last year, the 1-year ARM averaged 3.40 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac:

“New data releases this week suggest the housing market is continuing to gradually improve. Loans that were seriously delinquent (90 days or more past due plus the foreclosure inventory) fell to 5.3 percent of prime mortgages at the end of 2011, representing the lowest quarterly share since the start of 2009, according to the Mortgage Bankers Association. The Census Bureau reported new residential construction starts in January outpaced the market consensus forecast, led by condominiums and apartment buildings, and December’s figures had upward revisions. Finally, existing home sales were at the strongest pace in January since May 2010, according to the National Association of Realtors®”

Shift Towards Seller’s Market
The number of homes on the market (inventory) continued to shrink, down nearly 30% over 2011. In general the Puget Sound area is showing a shift towards a seller’s market due to lower inventory and increased buyer activity. This pattern usually results in increased prices over time.

Distressed Properties Account for 40% of Sales
The metro area is still seeing a large number of sales of distressed properties, which, at least for the short term, is driving prices down in some neighborhoods. Bank owned and short sales in December made up about 40% of all home sales in King and Snohomish counties.

NWMLS Stats 1-12.pdf
Graphs active listings and homes sold for King and Snohomish Counties.

Activity 1-12.pdf (Residential & Condo)
Shows Residential & Condo listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.

Activity 1-12 Residential.pdf (Residential only)
Shows Residential listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.

Activity 1-12 Condo.pdf (Condo only)
Shows Condo listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.

• 30-year fixed-rate mortgage (FRM) averaged 3.88 percent with an average 0.8 point for the week ending January 19, 2012, down from last week when it averaged 3.89 percent. Last year at this time, the 30-year FRM averaged 4.74 percent.
• 15-year FRM this week averaged 3.17 percent with an average 0.8 point, up from last week when it averaged 3.16 percent. A year ago at this time, the 15-year FRM averaged 4.05 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.7 point, matching last week when it averaged 2.82 percent. A year ago, the 5-year ARM averaged 3.69 percent.
• 1-year Treasury-indexed ARM averaged 2.74 percent this week with an average 0.6 point, down from last week when it averaged 2.76 percent. At this time last year, the 1-year ARM averaged 3.25 percent.

Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates were nearly unchanged this holiday week in lieu of a mixed bag of economic data reports. On the consumer front, retail sales edged up only 0.1 percent in December, but the Reuters/University of Michigan sentiment index continued to climb in January to the highest reading since February 2011. On the business side, industrial production rose 0.4 percent in December, slightly below the market consensus forecast, and the core producer price index rose faster than market expectations. Finally, on the home construction front, builder confidence rose for the fourth consecutive month in January to the highest level since June 2007.”

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.89 percent with an average 0.7 point for the week ending January 12, 2012, down from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.71 percent.
• 15-year FRM this week averaged 3.16 percent with an average 0.8 point, down from last week when it averaged 3.23 percent. A year ago at this time, the 15-year FRM averaged 4.08 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.82 percent this week, with an average 0.7 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.72 percent.
• 1-year Treasury-indexed ARM averaged 2.76 percent this week with an average 0.6 point, down from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.23 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates eased slightly this week to all-time record lows following mixed indicators in the labor market. Although the economy added 1.6 million jobs in 2011, which was the most since 2006, the unemployment rate remained historically elevated. The 2009 to 2011 period had the highest three-year average unemployment rate since 1939 to 1941. Moreover, the Federal Reserve indicated in its January 11^th regional economic review that most industries saw limited permanent hiring at the end of last year.”

http://www.northwestrealtors.net/graphs/PDF/10-Year-Real-Estate-Trends.pdf

Some of the points that jump out:

• Sold prices are around 2003 levels.
• Inventory levels drop to lowest point since early 2007.
• Absorption rate at a 4 year low, shows a balanced market (5 month supply).

Shift Towards Seller’s Market
The number of homes on the market (inventory) continued to shrink, down 26% over 2010 and nearly 15% from November. This downward trend of active listings has caused a shift toward a seller’s market (as measured by the supply of homes). The supply – time to exhaust current inventory – is 3.2 months in Snohomish County and 3.6 months in King County. A five month supply is considered a balanced market.

Distressed Properties – More Than 1/3 of Sales
Distressed properties continue to drive prices down in the metro area.   Bank owned and short sales in December made up about 39% of all home sales in King and Snohomish counties.

NWMLS Stats 12-11.pdf
Graphs active listings and homes sold for King and Snohomish Counties.

Activity 12-11.pdf (Residential & Condo)
Shows Residential & Condo listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.

Activity 12-11 Residential.pdf (Residential only)
Shows Residential listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.

Activity 12-11 Condo.pdf (Condo only)
Shows Condo listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.

• 30-year fixed-rate mortgage (FRM) averaged 3.95 percent with an average 0.7 point for the week ending December 29, 2011, up from last week when it averaged 3.91 percent. Last year at this time, the 30-year FRM averaged 4.86 percent.
• 15-year FRM this week averaged 3.24 percent with an average 0.8 point, up from last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 4.20 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.88 percent this week, with an average 0.6 point, up from last week when it averaged 2.85 percent. A year ago, the 5-year ARM averaged 3.77 percent.
• 1-year Treasury-indexed ARM averaged 2.78 percent this week with an average 0.6 point, up from last week when it averaged 2.77 percent. At this time last year, the 1-year ARM averaged 3.26 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac.:

“Mortgage rates ended the year hovering near historic lows in an already affordable housing market.  For instance, the seasonally-adjusted S&P/Case-Shiller® 20-City Composite home price index in October was the lowest seen since March 2003. The largest hit areas were Las Vegas with the lowest reading since January 1997 and Atlanta which was since June 1998. It’s not surprising then that over 5 percent of households in December plan to purchase a home over the next six months, the highest share since May, according to The Conference Board.”

• 30-year fixed-rate mortgage (FRM) averaged 3.91 percent with an average 0.7 point for the week ending December 22, 2011, down from last week when it averaged 3.94 percent. Last year at this time, the 30-year FRM averaged 4.81 percent.
• 15-year FRM this week averaged 3.21 percent with an average 0.8 point, matching last week when it averaged 3.21 percent. A year ago at this time, the 15-year FRM averaged 4.15 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.85 percent this week, with an average 0.6 point, down from last week when it averaged 2.86 percent. A year ago, the 5-year ARM averaged 3.75 percent.
• 1-year Treasury-indexed ARM averaged 2.77 percent this week with an average 0.6 point, down from last week when it averaged 2.81 percent. At this time last year, the 1-year ARM averaged 3.40 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac:

“Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today’s homebuyers are paying over $1,200 less per year on a $200,000 loan. This greater affordability helped push existing home sales higher for the second consecutive month in November to an annualized pace of 4.42 million, the most since January. In addition, new construction of one-family homes also showed a back-to-back monthly gain in November to the largest increase since June. Moreover, homebuilder confidence in December rose to its highest reading since May 2010 according to the NAHB/Wells Fargo Housing Market Index.”

News Facts

• 30-year fixed-rate mortgage (FRM) averaged 3.94 percent with an average 0.8 point for the week ending December 15, 2011, down from last week when it averaged 3.99 percent. Last year at this time, the 30-year FRM averaged 4.83 percent.
• 15-year FRM this week averaged 3.21 percent with an average 0.8 point, down from last week when it averaged 3.27 percent. A year ago at this time, the 15-year FRM averaged 4.17 percent.
• 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.86 percent this week, with an average 0.6 point, down from last week when it averaged 2.93 percent. A year ago, the 5-year ARM averaged 3.77 percent.
• 1-year Treasury-indexed ARM averaged 2.81 percent this week with an average 0.6 point, up from last week when it averaged 2.80 percent. At this time last year, the 1-year ARM averaged 3.35 percent.

Frank Nothaft, vice president and chief economist, Freddie Mac:

“Mortgage rates were at or near all-time record lows this week amid a rough environment for housing.  In its December 13th monetary policy announcement, the Federal Reserve reiterated the housing market remains depressed. Over the first nine months of 2011, households lost almost $400 billion in property values which contributed to a $1.4 trillion reduction in overall net worth. In addition, serious delinquency rates (90 or more days delinquent plus foreclosures) on mortgages increased slightly between June 30 and September 30 of the year, breaking a six-quarter consecutive decline, according to the Mortgage Bankers Association.”

Inventory Shrinks 25%
The number of homes on the market (inventory) continued to shrink, down 25% over 2010 and nearly 8% from October. While sales activity was up considerably, average home prices dropped more 12% when compared to last year.

Distressed Properties- More Than 1/3 of Sales
Distressed properties continue to drive prices down in the metro area.   Bank owned and short sales in October made up about 33% of all home sales in King and Snohomish counties. Distressed properties generally sell for less than the market standard, a good deal for families looking to buy.

NWMLS Stats 11-11.pdf
Graphs active listings and homes sold for King and Snohomish Counties.

Activity 11-11.pdf (Residential & Condo)
Shows Residential & Condo listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.

Activity 11-11 Residential.pdf (Residential only)
Shows Residential listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.

Activity 11-11 Condo.pdf (Condo only)
Shows Condo listing data for King and Snohomish Counties, including Average Sales Price and Average Days on Market.