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Spring forecast: More inventory and rising home sales

Housing Wire

Pending sales Last week saw 69,000 new contracts for single-family home purchases across the country. That brings us to 367,000 single-family homes in the contract pending stage. NAR reported 33% all cash buyers, which is the most since 2014 when buyers were still cleaning up distressed properties. Why the difference?

Inventory 457
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Redwood Trust plants flag in the massive home equity market

Housing Wire

That is done via what is called a home-equity investment contract, or an HEI. This week, Redwood and Point, the latter founded in 2014, announced that they have completed a first-of-its-kind securitization supported by those HEI contracts. This content is exclusively for HW+ members.

Contracts 354
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Mortgage credit tightened in September, MBA says

Housing Wire

Mortgage credit in September was the tightest since February 2014 as a weak economy prompted lenders to raise standards, the Mortgage Bankers Association said in a report on Thursday. The index plunged from record highs seen in late 2019 after the COVID-19 pandemic caused the sharpest economic contraction since the Great Depression.

Mortgage 394
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Fractional home-equity lender Point raises $115 million 

Housing Wire

The venture capital investment is in addition to $1 billion in separate capital commitments from investors that Point has lined up to help fund what it calls home-equity investment (HEI) contracts. “We Homeowners, in turn, get to cash out a slice of their home equity with no payments due until the contract matures.

Contracts 391
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Billionaires Row Continues to be Challenged

Miller Samuel

It's been no secret that super luxury Manhattan sales have been the hardest hit segment of the market since 2014. The slowdown is related to the oversupply of new development created from the vast amounts of capital looking for a home since the financial crisis. I was asked by the New York Post to provide a snapshot of this submarket.

Contracts 243
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Home prices see greatest gain in over 6 years

Housing Wire

census divisions rose 7% in September from a year ago, the greatest year-over-year gain since 2014, and nearly 23% higher than its last peak in 2006. uptick reported in August, and represented the largest annual gain since May 2014 as record-low mortgage rates and a lack of inventory continued to put upward pressure on home prices. .

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FHFA to increase GSE fourth-party oversight

Housing Wire

The Federal Housing Finance Agency (FHFA) will increase its oversight of fourth parties – companies that contract with firms doing business with Fannie Mae and Freddie Mac. During contract negotiations, for example, the enterprises can include provisions for subcontractor oversight.