Daily Dose

On Wednesday, Zillow will release data on the effects international buyers have on the higher end of the housing market. A related report said foreign born homebuyers helped ...

Around 40,000 American veterans are homeless, and the country is starting to take notice. Lawmakers are crafting bills to spur change from the ground up, while organizations across the nation are hosting events to do their part. The Five Star Institute’s Military Heroes Keys for Life event is one such event.

New data shows San Jose, California, homebuyers enjoy the fastest closing times in the nation, with an average of just 41 days to close. Six other cities came in at 50 days or less, including Dallas, San Francisco, and Denver. These markets are seeing multiple bidders, many of whom are pre-qualified and offer large down payments, on the first day of listing.

The rate of homeowners in the U.S. has reached a historic low. Many question if the largest living generation, millennials, will purchase homes at similar rates to previous generations. Apartment List’s annual renter survey included input from 24,000 millennials, which they analyzed to better understand millennial homeownership plans.

As previously predicted, mortgage rates reacted to the recent drop in the Treasury yield, falling this week to a 2017 low. However, these low rates may soon bounce back, with 30 percent of mortgage professionals polled predicting that next week will see a rise in rates. For now, the industry is experiencing an increase in loan applications as applicants move to take advantage of the favorable market.

The Federal Housing Finance Agency (FHFA) is looking to the public for input regarding Limited English Proficiency (LEP) in the mortgage lifecycle. LEF borrowers currently face challenges applying for mortgages because they risk not understanding or relying too much on a source that could mislead them. FHFA looks to better understand the experience LEP borrowers have in order to improve support from the mortgage industry.

New data shows that real home prices have risen almost 12 percent over the year. Though wages have risen, increasing mortgage rates and tight supply continue to hurt overall affordability. Jacksonville, Florida, came in as the least affordable metro in the nation.

Despite talk of the rural-urban divide, new data shows that Americans seem to share the same sentiments about homeownership regardless of their location. In a recent survey, residents in rural, suburban, and urban areas all shared largely similar thoughts on homeownership and its role in the American Dream. The only place the three groups diverged was in the intended length of stay; only 35 percent of urban buyers plan to stay seven years or more.

There are few more concrete examples of supply-and-demand economics in action than the housing market. A new report looking at April numbers shows a spike in demand and a corresponding spike in median prices. The B-side, of course, is that while demand rises, inventory shrinks, fueling the current sellers’ market.

Maryland Governor Larry Hogan signed a fast-track foreclosure law that will expedite the foreclosure process with the intent to reduce community blight, following the footsteps of a similar bill in Ohio. This bill could be the push other states need to move forward with their own fast track foreclosure bills. We hear from industry experts on the impact this bill may have.