The Federal Reserve released its March 15 meeting minutes Tuesday. The notes revealed a Federal Reserve split between optimism and caution for the U.S. economy. The minutes' official name is "Fed Minutes". It's a periodic publication, published 3 weeks after each meeting of the Federal Open Market Committee. The FOMC meets 8 times annually, so the Fed Minutes is published 8 times annually, too. The Fed Minutes is similar to the meeting minutes released after a condo board gets together, or after a meeting of the Board of Directors at a large corporation. The minutes give a detailed account of the important conversations and debates that occurred among the attendees. At the Federal Reserve, those conversations are deep and, as such, the minutes are long; much longer than the more well-k... 04/07/2011

On a seasonally-adjusted basis, the Pending Home Sales Index rose 2 percent last month, according to the National Association of REALTORS®. A "pending home sale" is defined as a home under contract to sell, but not yet closed. February's Pending Home Sales Index rebound breaks a 2-month losing streak, and reverses the recent downward momentum in housing. Both Existing Home Sales and New Home Sales volume showed a sizable loss last month.  For buyers and sellers of real estate in Voorhees , the Pending Home Sales Index is of particular import. It's one of the few forward-looking indicators in housing, and February's data suggests a stronger spring season than was the winter. Region-by-region, Pending Home Sales data varied: Northeast Region: -10.9% Midwest Region : +4.0% South Region : ... 03/29/2011

Mortgage markets worsened last week as nuclear meltdown concerns eased across Japan, and the war within Libya moved closer to a potential finish. Wall Street voted with its dollars, and a return to risk-taking emerged. "Safe haven" buying softened last week and, as a result, conforming mortgage rates in New Jersey made their biggest 1-week spike since late-January. Mortgage rates remain historically low, but well above their November 2010 lows. This week, rates could run higher again. Friday's jobs report is a major story and it will affect mortgage rates in Voorhees and across the country. Jobs are a key component of the nation's economic recovery, and as the economy has improved, mortgage rates have tended to rise. Economists expect that 190,000 jobs were created in March. If they're... 03/28/2011

Sales of newly-built homes plunged 17 percent to an seasonally-adjusted, annualized 250,000 units in February, and the supply of new homes rose to 8.9 months in February - a 1.5 month jump from January. It's the lowest New Home Sales reading in recorded history, according to the Census Bureau, and the third straight report to signal that home values may be slow to rise in Voorhees and nationwide this season. Earlier this week, the National Association of REALTORS® reported Existing Home Sales down 10 percent from February, and the Federal Home Finance Agency said home values slipped 0.3 percent between December and January. The media has picked up on the trend, too.  No Spring In Housing's Step (WSJ) Is Housing Really In Recovery (CNBC) Experts See Weak Recovery (UPI) There's two inter... 03/24/2011

Existing Home Sales fell 10 percent last month, according to a report from the National Association of REALTORS®. On an annual basis, 4.88 million homes were sold in February - the first time annualized home resales dropped below 5,000,000 since November 2010. An "existing home" is one that's not considered new construction. And it's not just sales volume that's down. Home inventory is higher, too. At the current pace of sales, the number of months needed to sell the complete home resale inventory rose by 1.1 months, to 8.6 months nationally. It's the biggest one-month jump in supply since July 2010 - the month after last year's federal home buyer tax credit program expired. The data is somewhat unexpected, too. NAR's Pending Home Sales report is a reliable predictor for the housing mar... 03/22/2011

Mortgage markets improved again last week despite an inflation-acknowledging statement from the FOMC and stronger-than-expected jobless data. Usually, events like this would lead mortgage rates higher, but violence in the Middle East and worsening fear for public safety in Japan took center stage instead, spurring a massive, global flight-to-quality instead. Rate shoppers in Voorhees  benefited. As safe haven buying increased last week, conforming mortgage rates dropped, falling to their lowest levels since January. It marked the 5th straight week through which mortgage rates improved and is the longest such streak since August 2010. This week, rates may run lower again. You may not want to gamble on it, though. Here's why. In general, when there's inflation in the U.S. economy, mortga... 03/21/2011

Single-family housing starts plunged unexpectedly last month. Nationwide, starts fell 12 percent from the month prior; and 29 percent from February of last year. February's figures represents the worst 1-month drop in housing starts since May 2010 - the month that followed the expiration of last year's federal home buyer tax credit - and puts single-family housing starts at a 24-month low. In addition, single-family Building Permits plunged last month, too, shedding 9 percent from January. A building permit is a local government's certification and approval to begin home construction. Housing permits are an excellent forward-indicator for the housing market. This is because 93 percent of homes start construction within 60 days of permit-issuance. Fewer permits, therefore, directly redu... 03/18/2011