Daily Dose

“Homebuilder sentiment increased for the second consecutive month in February," said First American Deputy Chief Economist Odeta Kushi. "Conditions are still considered ‘poor’ overall, but the improvement signals that builders are feeling cautiously optimistic about the months to come.”

A new report from the American Enterprise Institute found multiple pitfalls in current governmental and GSE data and recommends that they turn their eye to individual appraisers to get a better picture of potential racial bias.

A new ATTOM report found that median single-family home and condo prices decreased from Q3 2022 to Q4 2022 in 56% of Opportunity Zones nationwide, decreasing at least 5% in almost half.

A new Flyhomes survey revealed an estimated 78% of aspiring homeowners have slowed or stopped their home search completely, with the overwhelming majority citing high interest rates.

“That said, it’s important to note that while these examples can shed some light on why homeownership rates are relatively low for Black people, they’re not all the reasons why a person who identifies as Black may struggle to become a homeowner,” said Jacob Channel, LendingTree’s Senior Economist.

After five consecutive weeks of decreases, a slight uptick in mortgage rates forced mortgage app volume to fall nearly 8% week-over-week.

A new report from Redfin revealed the share of homes bought with cash is down slightly from November but remains elevated above pre-pandemic levels as high mortgage rates persist, averaging 6.36% in December.

“Our analysis of credit reports provides yet another indicator that, due to a strong labor market and emergency programs during the pandemic, household financial distress reduced over the last two years,” said CFPB Director Rohit Chopra.

"Even though rent prices are starting to cool, they are still significantly higher than they were a year ago,” said Amanda Pendleton, Zillow home trends expert. “Renters considering going solo this year must decide how valuable living alone is to them, and if the cost is worth it."

"Mortgage rates declined in January, continuing a trend that began in early November 2022," said Kevin McMahon, President of Optimal Blue, a division of Black Knight.