Remove 2007 Remove Contracts Remove Housing Market Remove Mortgage
article thumbnail

Builders apply the brakes amid canceled contracts

Housing Wire

For this reason, the number of housing units “under construction” is the largest ever recorded in history because they were taking so long to finish. For the builders, they have a new problem: they had homes under contract and then mortgage rates jumped in the biggest fashion ever recorded in history.

Contracts 536
article thumbnail

The Similarities Between 2007 and Today

Appraisal Buzz

During the 2007-10 mortgage default meltdown, appraisals were a target of complaints and allegations by lenders, the GSEs, some state appraisal boards, and a few unscrupulous entrepreneurs. Appraisers’ jobs relate to analyzing the market and reporting what we have analyzed in a manner that is factual and not misleading.

Appraisal 418
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Some mortgage companies expanding despite challenges

Housing Wire

Mortgage lenders and real estate investment firms this month entered tight housing markets in the Midwest and the Northwest to better reach prospective homebuyers, despite a challenging mortgage market. Chicago’s housing market started out hot in 2022. Department of Agriculture (USDA).

Mortgage 382
article thumbnail

Existing home sales will drop to 4.78 million in 2023, NAR predicts

Housing Wire

When looking at what market will be “the next Austin ,” Yun identified the Atlanta-Sand Springs-Marietta, Georgia as the top market expected to outperform other metro areas in 2023. Fraud risk continues to rise even as the market contracts . Back in 2008 there were 8 million job losses in a single year,” Yun said.

Realtors 400
article thumbnail

The homebuilders got lucky this time

Housing Wire

They have less competition as they are working from low sales levels in today’s housing market. The truth is that if mortgage rates fell below 5.875% and kept going lower, everyone’s housing predictions would need to be revised this year because the builders can sell their homes with lower mortgage rates.

article thumbnail

Only 70,000 new homes available for sale

Housing Wire

housing market. And with total active house listings in America near all-time lows, that is all we have for completed units for sale. Last year, sale levels were meager and once mortgage rates fell and the builders were buying down rates to get more homes sold, the data stabilized and moved higher slowly.

Inventory 516
article thumbnail

How much will home prices climb over the next year?

Housing Wire

All year, the strength of homebuyer demand and the tight supply of homes for sale has meant that the market pretty rapidly found a floor on the home-price correction of 2022. After the mortgage rate spike in September 2022, we got significantly more bearish on home prices for 2023. If mortgage rates increase to the 7.5%

Inventory 341