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Commentary

Q2 Loan Volume Up, But Losses Continue to Mount

“Volume picked up during the spring homebuying season and additional personnel were shed. However, the substantial cost savings per loan was not enough to put the average net production income in the black,” said Marina Walsh, CMB, MBA’s VP of Industry Analysis.

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New Building Permit Numbers Beats Expectations

“U.S. housing starts in July were at a seasonally adjusted annual rate of 1.452 million, which is 3.9% above the downward revised June estimate of 1.398 million and is 5.9% above the July 2022 rate of 1.371 million,” First American Deputy Chief Economist Odeta Kushi said.

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New Market High: Home Values Rose in 68 of Top 100 Cities

“Tons of homeowners scored an incredible deal during the pandemic: a 3% mortgage rate for the remainder of their 30-year loan … this means buyers who are in the market now are duking it out for a very small pool of homes, preventing home values from plunging,” said Redfin Economics Research Lead Chen Zhao.

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Share of Homes Valued over $1M Shrinks YoY

Luxury mansion

“In most of the country, expensive properties that are in good condition and priced fairly are attracting buyers and in some cases bidding wars, mostly because for-sale signs are few and far between right now,” said Redfin Economics Research Lead Chen Zhao.

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Trading Rent for a Mortgage Might Backfire in These Metros

On one hand, buying a home and paying a mortgage means owners can build equity and leave an inheritance. However, when adding up monthly mortgage payments, home insurance, and property taxes, many renters could be left feeling like renting is not just the best option, but the only option.

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