California housing starts rose 10% in September from a year earlier as apartment and condominium construction surged, offsetting a decline in single-family homes, according to data from the California Building Industry Association.
Permits for single-family homes fell 16% from September 2010, totaling 1,463, while multifamily permits rose 45% from a year earlier, to 1,828, statistics compiled by the Construction Industry Research Board show.
Mortgage banking activity expanded 35% in the third quarter thanks to record-low interest rates and is poised to register strong growth in the fourth quarter, according to a new research report.
That's from a review of earnings at the 24 banks covered by FBR Capital Markets & Co., the research arm of investment bank FBR & Co. [stock FBRC][/stock]
Two key indices of home prices likely fell in August, suggesting large numbers of foreclosures and continued high joblessness are acting as a drag on the market, according to a new forecast.
The Case-Shiller 20-city composite home price index, scheduled to be released on Tuesday, likely fell 3.8% in August from a year earlier and 0.3% from July on a seasonally adjusted basis, said a forecast from Zillow Inc. [stock Z][/stock] chief economist Stan Humphries. The downward trend will continue through the end of the year, he predicts.
August and September decisions by Federal Reserve policymakers show they are more inflation-tolerant now than they were a year ago, according to Narayana Kocherlakota, president of the Federal Reserve Bank of Minneapolis.
Home sales in Houston surged 15.9% in September from a year earlier, suggesting the area's housing market is gaining strength.
Sales of single-family homes rose 16.9% from September 2010, marking the fourth consecutive month of increased sales volume, according to a report from the Houston Association of Realtors. For the nine months ended in September, sales were up 3.2%.
Home sales in the Detroit metro area rose in September for the third consecutive month as sale prices also jumped, a new report says. However, for the hardest hit areas of the city, opposite trends persist.
In the city's inner-ring suburbs, sales fell 6.8% compared to September 2010, but that decline was offset by gains in outer-ring suburbs, which pushed year-over-year sales in the greater Detroit metro area up 8.2% overall, according to a report from Realcomp.
The market for bonds backed by commercial real estate recovered over the last 18 months but growth in the third quarter has stalled, said property market researchers Friday.
"There's been a little bit of a stumble in the third quarter," said Ben Thypin, director of market analysis for Real Capital Analytics, a commercial real estate research firm, in a presentation at the Appraisal Institute's annual fall conference in San Francisco.
Pulte Group Inc., the biggest U.S. homebuilder, hired a new division president for its Houston operations just days after the head of its mortgage unit was named chairman-elect of the Mortgage Bankers Association, a research and lobbying group for the mortgage industry.
Kevin Meuth, a division president for Meritage Homes for the past five years, Friday was named Pulte's Houston division president. He will oversee about 100 employees and 27 communities in the metro area.