NATIONAL MARKET UPDATE
At the National Association of Realtors convention, their chief economist predicted new home sales will hit a 13-year high in 2020, up 11%, to 750,000. Existing home sales, at 5.56 million, will be the highest since 2017.
Freddie Mac's chief economist feels "the steady improvement of the housing market is a reassuring sign that the economy is on solid ground heading into next year," noting "purchase mortgage applications rose 15% over...a year ago."
Friday, the National Association of Home Builders blog posted,"lower mortgage rates...and a healthy job market" helped push the minority homeownership rate almost a percent higher than a year ago, to 48.3% in Q3.