“Applications for new home purchases increased in January, driven by typical seasonal patterns and lower mortgage rates,” said Joel Kan, MBA’s VP and Deputy Chief Economist. “The 30-year fixed rate declined almost 40 basis points over the month, and this stirred some homebuyers to act."
Read More »1-in-20 Homes Now Valued Over $1M
“Real estate experts are predicting a large increase in the number of million-dollar homes across the country. The trend is being driven by an influx of wealthy buyers looking to invest in luxury properties and a steady rise in property values in certain areas,” said Jennifer Spinelli, founder and CEO of Niche Home Buyer.
Read More »Weekly Mortgage Rates Swing Up Again
“Mortgage rates moved up for the second consecutive week,” said Sam Khater, Freddie Mac’s Chief Economist. “The economy is showing signs of resilience, mainly due to consumer spending, and rates are increasing.”
Read More »Building Permits to Become More Accessible
“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.”
Read More »Report: Could Appraisal Bias Be Explained by Other Factors?
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.
Read More »Single-Family Home, Condo Prices in Opportunity Zones Plummet in Q4
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.
Read More »Study Finds Aspiring Homeowners Slowing, Stopping Their Home Searches
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.
Read More »Black Americans Only Own 10% of Owner-Occupied Homes
“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.
Read More »Purchase Apps Fall Nearly 40% YoY
After five consecutive weeks of decreases, a slight uptick in mortgage rates forced mortgage app volume to fall nearly 8% week-over-week.
Read More »Share of Homes Bought With Cash Down From November Peak
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.
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