Daily Dose

Even as mortgage rates fall, continued inventory concerns and affordability issues are keeping many on the sidelines as the summer buying season gets underway.

Thirty-plus-year industry veteran brings experience in anti-money-laundering, risk management, and law enforcement to his new role heading up the company’s Financial Crimes and Fraud Solutions Practice.

According to a new report from Redfin, near-7% mortgage rates continue to prevent both would-be homebuyers and potential home sellers from entering the market, despite the construction of new single-family homes nearing their highest level in almost 20 years.

A lack of affordable homes has created millions of “missing households” which are keeping families in shared homes or the rental market.

Based on the current rate of sales, May’s inventory of unsold existing homes grew 3.8% from April to just over 1 million units, equivalent to three months of supply.

A new study from WalletHub revealed which cities throughout the nation are ranked the best and worst places to raise a family, with half of the top 10 best areas located in California, while Midwestern cities like Detroit and Cleveland came in last.

According to the First American Potential Home Sales Model, housing market potential increased slightly in May, down 5.7% compared to a year ago, and remains squeezed by the ongoing housing supply shortage.

Bidding wars, a trend that rose to record levels during the pandemic, are back due to lack of inventory, meaning that homes sold in May typically went for more than their list price.

Rep. Maxine Waters has reintroduced a legislative package addressing affordable housing, preventing homelessness, and reducing the gap in homeownership.

While mortgage rates fell for a third consecutive week, limited supply and continued affordability issues are handcuffing prospective buyers, as overall mortgage activity rose just 0.5% over last week’s total.