Nationally, interest rates on conventional purchase-money mortgages decreased from October to November, according to the Federal Housing Finance Agency's mortgage rate index.
The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.85 percent for loans closed in late November, down 4 basis points from 3.89 percent in October.
The average interest rate on all mortgage loans was 3.86 percent, down 4 basis points from 3.90 in October.
The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.08 percent, down 4 basis points from 4.12 in October.
The effective interest rate on all mortgage loans was 4.01 percent in November, down 3 basis points from 4.04 percent in October. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
The average loan amount for all loans was $319,800 in November, up $11,200 from $308,600 in October.
The Home Builders Association of Greenville are your neighbors and community leaders providing education and support for building industry professionals. We create jobs, encourage homeownership, and promote responsible growth throughout the upstate of South Carolina.
Wednesday, December 30, 2015
Monday, December 28, 2015
FHFA House Price Index Up 0.5 Percent in October
U.S. house prices rose in October, up 0.5 percent on a seasonally adjusted basis from the previous month, according to the Federal Housing Finance Agency (FHFA) monthly House Price Index (HPI). The previously reported 0.8 percent increase in September was revised downward to reflect a 0.7 percent increase.
The FHFA HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From October 2014 to October 2015, house prices were up 6.1 percent.
For the nine census divisions, seasonally adjusted monthly price changes from September 2015 to October 2015 ranged from -0.5 percent in the New England division to +1.2 percent in the East South Central division. The 12-month changes were all positive, ranging from +2.9 percent in the New England division to +8.9 percent in the Mountain division.
The FHFA HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. From October 2014 to October 2015, house prices were up 6.1 percent.
For the nine census divisions, seasonally adjusted monthly price changes from September 2015 to October 2015 ranged from -0.5 percent in the New England division to +1.2 percent in the East South Central division. The 12-month changes were all positive, ranging from +2.9 percent in the New England division to +8.9 percent in the Mountain division.
Wednesday, December 23, 2015
Welcome to Our 2016 Board of Directors
After the nominations had been submitted, our 2016 Board of Directors were approved and elected at our Annual Membership Meeting earlier this month, with Joe Hoover leading as President. Thank you to our 2015 President Susan Peace-Vernon and the wonderful Board that accompanied her as they worked together on public policy initiatives, strengthening the Approved Professional Builder/Remodeler Program, and community service projects that directly assisted families in the Upstate. We are excited to see the 2016 Board work just as hard on improving our industry and association in the new year.
Newly Elected 2016 Board of Directors-Officers:
President, Joe Hoover, APB, Hoover Custom Construction
President Elect, Bob Barreto, GBS Building Supply
Vice President, James Speer, APB, Carson Speer Builders
Newly Elected 2016 Board of Directors-Members:
Ben Moseley, Heirloom Stair & Iron
Alan Wilson, Clark's Termite and Pest Control
Matt Shouse, APB, LS Homes
Matt Ruth, APB, Mobius Construction
Thomas Dillard, APB, Dillard-Jones Builders
Bill Kane, APB, Ryan Homes
Continuing on the Board of Directors:
Associate Vice-President, Jon Statom, Palmetto Exterminators
Immediate Past President, Susan Peace-Vernon, APB, Dillard-Jones Builders
Treasurer, Chuck Childress, BB&T
Secretary, Scott Warren, APB, Dunn Custom Builders
Newly Elected 2016 Board of Directors-Officers:
President, Joe Hoover, APB, Hoover Custom Construction
President Elect, Bob Barreto, GBS Building Supply
Vice President, James Speer, APB, Carson Speer Builders
Newly Elected 2016 Board of Directors-Members:
Ben Moseley, Heirloom Stair & Iron
Alan Wilson, Clark's Termite and Pest Control
Matt Shouse, APB, LS Homes
Matt Ruth, APB, Mobius Construction
Thomas Dillard, APB, Dillard-Jones Builders
Bill Kane, APB, Ryan Homes
Continuing on the Board of Directors:
Associate Vice-President, Jon Statom, Palmetto Exterminators
Immediate Past President, Susan Peace-Vernon, APB, Dillard-Jones Builders
Treasurer, Chuck Childress, BB&T
Secretary, Scott Warren, APB, Dunn Custom Builders
Friday, December 18, 2015
FHFA Index Shows Mortgage Rates Decreased in October
Nationally, interest rates on conventional purchase-money mortgages decreased from September to October, according to several indices of new mortgage contracts.
- The National Average Contract Mortgage Rate for the Purchase of Previously Occupied Homes by Combined Lenders Index was 3.89 percent for loans closed in late October, down 4 basis points from 3.93 percent in September.
- The average interest rate on all mortgage loans was 3.90 percent, down 5 basis points from 3.95 in September.
- The average interest rate on conventional, 30-year, fixed-rate mortgages of $417,000 or less was 4.12 percent, down 5 basis points from 4.17 in September.
- The effective interest rate on all mortgage loans was 4.04 percent in October, down 6 basis points from 4.10 percent in September. The effective interest rate accounts for the addition of initial fees and charges over the life of the mortgage.
- The average loan amount for all loans was $308,600 in October, up $900 from $307,700 in September.
FHFA House Price Index Up 1.3 Percent in the Third Quarter
U.S. house prices rose 1.3 percent in the third quarter of 2015 according to the Federal Housing Finance Agency (FHFA) House Price Index (HPI). This is the 17th consecutive quarterly price increase in the purchase-only, seasonally adjusted index. FHFA’s seasonally adjusted monthly index for September was up 0.8 percent from August. House prices rose 5.7 percent from the third quarter of 2014 to the third quarter of 2015.
The FHFA HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
The FHFA HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac.
Home prices rose in every state (except for West Virginia) and in the District of Columbia between the third quarter of 2014 and the third quarter of 2015. Of the nine census divisions, the Mountain division experienced the strongest increase in the third quarter, posting a 2.4 percent quarterly increase and a 9.0 percent increase since the third quarter of last year. House price appreciation was weakest in the New England division, where prices rose 0.2 percent from the last quarter.
Rebuild Upstate and HBA to Rehabilitate a Clemson Home, January 9
On January 9, 2016 your Home Builders Association is working with Rebuild Upstate to repair and rehabilitate a family's home in Greenville. We are looking for volunteers to do the work, as well as material donated to help fray the cost. Please contact Crystal Yanes at (864) 254-0133 or cyanes@hbaofgreenville.com if you are interested in donating or volunteering.
Description of Work: Repair front steps; build ramp off back porch with concrete sidewalk to driveway; HVAC ducts need re-wrapping; replace toilet and sink in master bath.
Background: Ms. Jones is a 70 year old woman with severe arthritis and cancer She has hard time getting around, and no funds due to medical treatments and fixed income to spend on repairs on her trailer. The handrails on her front step are not secured well, and the treads are mildewy and slippery. She would benefit from a ramp out of her back door, her duct work needs to be re-wrapped, and her toilet and sink need to be replaced. With these repairs, we will give her a safer and more sustainable place to live.
Other Info:
Description of Work: Repair front steps; build ramp off back porch with concrete sidewalk to driveway; HVAC ducts need re-wrapping; replace toilet and sink in master bath.
Background: Ms. Jones is a 70 year old woman with severe arthritis and cancer She has hard time getting around, and no funds due to medical treatments and fixed income to spend on repairs on her trailer. The handrails on her front step are not secured well, and the treads are mildewy and slippery. She would benefit from a ramp out of her back door, her duct work needs to be re-wrapped, and her toilet and sink need to be replaced. With these repairs, we will give her a safer and more sustainable place to live.
Other Info:
- Number of volunteers needed: 8
- Plan to work from 8-5
- Please carpool, if possible. Parking is limited
- Please bring your own snacks and lunch.
- Please wear close-toe shoes and dress appropriately
- Please fill out the Volunteer Release Form below
Wednesday, December 16, 2015
Supreme Court to Hear Clean Water Act Case
Your Home Builders Association’s two-decade battle to right a federal regulation that can unnecessarily cost a home builder thousands of dollars is finally going to the U.S. Supreme Court.
On Friday, the Court agreed to hear Army Corps of Engineers v. Hawkes, which concerns whether a “jurisdictional determination” (J.D.) made under the Clean Water Act is a “final agency action” under the Administrative Procedure Act. If the answer is yes, then landowners could dispute J.D.s in court without first seeking a permit that the landowner does not think he or she needs.
The National Association of Home Builders was the only amicus that requested the Court to accept this case.
Builders and developers often obtain J.D.s that explain which parts of their property are wetlands or jurisdictional waters. Of course, any area that is jurisdictional requires a Corps’ permit before a property owner may develop it.
The problem has always been that property owners could not dispute in court whether a specific area is jurisdictional. The Corps and courts always required them to endure the entire permit process before they could go to court.
That, in turn, means that the property owner could spend hundreds of thousands of dollars to get a permit that may not have been necessary.
Your Home Builders Association has been fighting this issue for at least 20 years.
On Friday, the Court agreed to hear Army Corps of Engineers v. Hawkes, which concerns whether a “jurisdictional determination” (J.D.) made under the Clean Water Act is a “final agency action” under the Administrative Procedure Act. If the answer is yes, then landowners could dispute J.D.s in court without first seeking a permit that the landowner does not think he or she needs.
The National Association of Home Builders was the only amicus that requested the Court to accept this case.
Builders and developers often obtain J.D.s that explain which parts of their property are wetlands or jurisdictional waters. Of course, any area that is jurisdictional requires a Corps’ permit before a property owner may develop it.
The problem has always been that property owners could not dispute in court whether a specific area is jurisdictional. The Corps and courts always required them to endure the entire permit process before they could go to court.
That, in turn, means that the property owner could spend hundreds of thousands of dollars to get a permit that may not have been necessary.
Your Home Builders Association has been fighting this issue for at least 20 years.
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