Affordability Rears its Head Again

Many affordable housing markets have seen a hike in home prices, making them a tough grab for the buyers, says Redfin. Daryl Fairweather, Redfin’s Chief Economist, stated in a press release that “Home price growth this high is making the housing market especially difficult for first-time homebuyers right now. Rising prices are just one more […]

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Mortgage Credit Availability Hits Lowest Point in Six Years

Mortgage credit availability has declined considerably, reaching the lowest point it has reached in six years, according to the Mortgage Bankers Association (MBA). The Mortgage Credit Availability Index (MCAI) dropped to 120.9 in August, which is a 60.8 point decrease from August 2019 (181.7). Joel Kan, the MBA’s Vice President of economic and industry forecasting, […]

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Pandemic Changes Homebuyers’ Preferences

TD Bank surveyed 380 borrowers from the South, 240 from the West, 210 from the Northeast, and 170 from the Midwest. To add, 6% of those surveyed were born in or before 1945. 39% were Millennials, and 27% from the Gen X, and 28% Baby Boomers. The 1000 borrowers, surveyed in June, provided revealing insights […]

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Price Hikes can Signal which Way Demand is Going

One way to form an opinion about demand is to look at the number of listings that have seen a price hike. One reason for such increases is real estate flipping. Investors buy a property, do some work on it, and sell it at a better price. It is done quickly enough. Property prices generally […]

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Mortgage Applications Reverse Month-Long Drop in Numbers

For the first time in four weeks, mortgage applications saw a hike, rising by 2.9% over the last week. The housing demand is atypically strong as we come to the end of summer, says the Mortgage Bankers Association.  The MBA’s associate vice president of economic and industry forecasting, Joel Kan, stated in a press release […]

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Active Listing is a Crucial Index For Judging Demand

The housing market is in hot momentum. The median price of America’s single-family home is sitting at $354,000 this week. This is 9% higher than at the same time last year, and fractionally more than the week prior. As the things are spread out, it is likely that we will be 8-9% gainers on the […]

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Nonbank Mortgage Firms Increase Hiring Rate

The payrolls of the nonbank mortgage bankers and brokers cumulatively increased by roughly 2% on the monthly chart and 9% on the yearly chart, divulges the latest report of the Bureau of Labor Statistics. While the expectations were rather mute, given the traditionally lackluster buying numbers in fall, many nonbank mortgage houses are hiring at a […]

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More than Half U.S Properties Involved in Bidding Wars

Five times more U.S properties went into bidding wars in August, compared to the same month last year, says a Redfin data. Squeezed inventory has led to a hike in buyer demand which has seen as many as 54.5% properties undergoing a series of increasing price bids. In some of the metro areas, as many […]

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Inventory Shortage Nullifies Benefits of Low Mortgage Rates

Redfin believes that all the good work done by low mortgage rates has been nullified by inventory shortage. Low mortgage rates had increased affordability but lack of homes has fueled up prices.  “Low mortgage rates are motivating many people to purchase a home, particularly those who want more space to work from home but because […]

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Millennials Continue to be in High Purchasing Spirits

Ellie May reveals that the millennials have shown robust spirits in July, quite in line with their purchasing highs of May and June. Buoyed by sub-3% mortgage rates, millennials (those between 21 and 40) locked in 3.256% as the average 30-year rate. On the year-over-year chart, the rate stood at 4.186%, same time in 2019. […]

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