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According to the latest REALTORS® Confidence Index, current conditions across property types essentially moved sideways in October--a slight decline for the single family market, and a slight increase for townhouses and condos. Data were from the October REALTORS® Confidence Index Survey: http://www.realtor.org/reports/realtors-confidence-index. [1]
REALTORS® continued to report difficulties in obtaining a mortgage under tight underwriting standards and the decreased supply of “affordable” homes. Respondents also reported that the effective increase in mortgage insurance premium payments have made a home purchase less affordable and closing costs harder to cover. Financing for condominiums remained difficult to obtain due to FHA financing eligibility regulations for condominiums relating to occupancy guidelines.
[1] An index of 50 delineates “moderate” conditions and indicates a balance of respondents having “weak”(index=0) and “strong” (index=100) expectations or all respondents having moderate (=50) expectations. The index is calculated as a weighted average using the share of respondents for each index as weights. The index is not adjusted for seasonality effects.
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