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Builders only have 76,000 completed new homes for sale

Housing Wire

New home sales missed estimates today but had three months of positive revisions, which continues the story of the builders managing the higher mortgage rate environment. However, higher mortgage rates make it harder and harder to pull some of those deals off. Census Bureau and the Department of Housing and Urban Development.

Inventory 443
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New home sales make it clear: Housing is in a recession

Housing Wire

This data line confirms what we all know to be the case: The housing market, at least as it relates to construction, is in a recession. We talked about this in March , and even last year, when I wrote about the problem with the housing construction boom premise. “I don’t expect a boom in housing construction.

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D.R. Horton acquires homebuilding assets from Truland Homes

Housing Wire

We look forward to continuing as a key lot development partner for D.R. Horton has been the largest homebuilder by volume in the United States since 2002. The company also offers mortgage financing, title services , and insurance agency services through its subsidiaries. a national residential lot development company.

Contracts 363
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New home sales are at risk with rising mortgage rates ?

Housing Wire

We finally got mortgage rates to rise, and for people like me who have been concerned about how unhealthy the housing market was last year — and it got a lot worse this year — it’s a blessing that was much needed. million line in the sand has been this: Home prices grow above that 23% level: check Mortgage rates spike higher: check.

Mortgage 435
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Rocket’s IPO makes Dan Gilbert the 28th richest person in the world

Housing Wire

The initial public offering of Rocket Companies , parent of mortgage behemoth Quicken Loans , more than quadrupled the wealth of founder Dan Gilbert and made him the 28th richest person in the world, according to a Bloomberg ranking. mortgage lender, originated about $145 billion of home loans last year, according to regulatory filings.

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Low housing inventory a win for homebuilders

Housing Wire

They can cut prices, pay down mortgage rates for their buyers, and do what they need to to make it work for them to move their products. As I have stressed time after time, we shouldn’t be using the housing economic models of 2002-2008 — that would have led everyone to believe we had a mass supply of housing coming online in 2022.

Inventory 528
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New home sales report boosted by positive revisions

Housing Wire

It gives an idea of what to expect for housing construction. months and above, the builders will pull back on construction. The real question is how much higher mortgage rates will bite the most sensitive sector to rates: new homes. The builders will pull back on construction growth if new homes sales start to head lower.