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What’s Next for Affordable Housing?

With home prices rising so fast, some buyers may find it hard to keep up. In many areas, home prices have outpaced incomes. While so many may be unable to afford a home in their area, where will potential buyers be able to purchase in the near future?

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How Technology is Shaping the Industry

As the technology conversation in the mortgage industry heats up, many companies are attempting to meet industry demands and adopt streamlined industry processes. Today’s companies are driven by creativity and innovation and are fostered by client success. MReport spoke to James Vinci, VP and Chief Technology Officer at Equator, about what mortgage professionals can learn from other industries and what technology trends are having the most impact today.

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Migration Trends Show Houston as Top City

Houston, Chicago, and San Antonio are ranked as the top domestic markets for incoming movers. Its job opportunities and diverse industries keeps Houston at the top of the list for the eighth year in a row. Data trends also list the other top 10 cities movers are headed to.

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Potential Buyers Step Back Even as Mortgage Rates Decline

Potential buyers could be taking a temporary step back from the housing market as the volume of mortgage applications declines even though fixed and adjustable rates continue to fall. Yet, even taking into account the current decline, mortgage rates remain higher than they were a year ago. The average loan size for applications that have been pushed through has also reached a new high.

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Could Dream Homes be a Thing of the Past?

A new analysis of data on the Custom Built Home Market reports that the growth of the market share of custom built homes has slowed yet still remains in fluctuation. The past four quarters, ending in Q1 of 2017, record a two percent increase in the number of custom home starts nationwide compared with the previous four quarters. Experts predict the market will continue to fluctuate in the coming quarters.

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Acquiring the Down Payment Largest Obstacle for First-Time Homebuyers

A recent survey concluded that the number one misconception and cause for dwindling first time homebuyers is being required to put 20 percent down when it comes to securing a mortgage. Other believed factors include a reduced number of houses on the market, growing student debt, and rising interest rates. Constant dialogue between industry professionals and the education of prospective buyers can help remedy this trend.

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Housing Prices Surge and Listing Times Decline During April

While April continues a 19-month trend of decline in the number of houses on the national market, down 13.3 percent, market demand continues to surge, causing rising prices and decreased median time from listing to going under contract. Many houses across the country are selling above their asking price. This trend could continue through May and June as more houses appear on the market.

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“Forever Homes” Not Forever Anymore

Fifty-six percent of homebuyers deem that “forever homes” are outdated. With changing lifestyles and shorter tenure in homes, buyers are looking to new home construction rather than a resale in order to get the exact floor plan they want. Higher interest rates are not a turn off for the present-day buyer who prefers convenience to price.

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