Houston Real Estate News
Houston
U.S. Builder Confidence Falls in August, Driven by Rising Mortgage Rates
The National Association of Home Builders is reporting this week U.S. builder confidence retreated in August 2023 as rising mortgage rates and stubbornly high shelter inflation have further eroded housing affordability and put a damper on consumer demand.
New Home Mortgage Applications in U.S. Spike 35 Percent in July
Based on the Mortgage Bankers Association's latest Builder Application Survey for July 2023 shows U.S. mortgage applications for new home purchases increased 35.5 percent compared from a year ago. Compared to June 2023, applications increased by 0.2 percent. This change does not include any adjustment for typical seasonal patterns.
U.S. Foreclosures Uptick 5 Percent Annually in July
Based on ATTOM's newly released July 2023 U.S. Foreclosure Market Report, there were a total of 31,877 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- down 9 percent from a month ago but up 5 percent from a year ago.
Despite Rising Rates, Texas Mortgage Industry Expresses Improving Outlook
According to the latest Texas Residential Mortgage Survey, despite higher interest rates, Texas' residential mortgage industry expressed an improved outlook in July 2023. The bright spot for current conditions was the stable increase in pre-approved customers looking for homes.
