Origination

Existing-home sales have declined 0.7% month-over-month from December 2022, and 36.9% year-over-year, as the median existing-home sales price rose 1.3% from one year ago to $359,000.

According to a new report from Auction.com, experts predict a possible 24% increase in foreclosure auction volume in 2023, while demand for distressed properties continued to shift lower in the last three quarters of 2022.

Since the pandemic, the housing market has been tumultuous, to put it lightly. In a new blog post, First American Economist Ksenia Potapov discusses whether this year will follow the same course.

According to a new CoreLogic report, California remains the state most at risk for property damage from wildfires, with CoreLogic’s 2022 Wildfire Risk Report estimating that more than 1.2 million single-family homes are vulnerable.

“Homebuyers are starting to feel more confident as mortgage rates tick down closer to 6% than 7% and the overall economy chugs along with surprising resilience, especially in the labor market. Steadily cooling inflation is likely to prevent mortgage rates from jumping back up,” said Redfin Economics Research Lead Chen Zhao.

“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.

“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.”

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

"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.

Seasoned financial services executive Aaron Drago has been named Chief Operating Officer for Deephaven Mortgage, responsible for the continuous optimization and performance of Deephaven’s daily operations.