MGIC DEFAULT INVENTORY SHRINKING AS HOME PRICES AND SALES RISE
RADIAN"S AND MGIC INVESTMENT DEFAULTS FROM THE "GREAT RECESSION" continue declining as existing homes sales rise and prices maintain height.
On September 30,2018 MGIC reported 12 month or more default inventory had DECLINED from 18.8K a year ago to 14.3K, a 3% decline or 4.5K in defaults from that time frame. That's significant because, they only move down slightly in the past.
In addition, home sales offer opportunities for "new insurance written" for PMI COMPANIES.
TODAY'S REPORT ON EXISTING HOME SALES reports increase in sales:
"Wednesday, November 21, 2018
NAR: Existing-Home Sales Increased to 5.22 million in October
From the NAR: Existing-Home Sales Increase for the First Time in Six Months
Existing-home sales increased in October after six straight months of decreases, according to the National Association of Realtors®. Three of four major U.S. regions saw gains in sales activity last month.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 1.4 percent from September to a seasonally adjusted rate of 5.22 million in October. Sales are now down 5.1 percent from a year ago (5.5 million in October 2017).
...
Total housing inventory at the end of October decreased from 1.88 million in September to 1.85 million existing homes available for sale, but that represents an increase from 1.80 million a year ago. Unsold inventory is at a 4.3-month supply at the current sales pace, down from 4.4 last month and up from 3.9 months a year ago."
