Remove Buyers Remove Contracts Remove Housing Market Remove Supply Chain
article thumbnail

Dave Stevens on understanding this housing market

Housing Wire

I have been part of the mortgage banking industry since 1983 — 39 years to date through different housing markets. In many ways it was similar to today, with one exception: When I started, I hadn’t been spoiled by a housing market like the one in 2020 and 2021. economy, especially the mortgage and housing sector.

article thumbnail

The nation’s housing market is on a correction course

Housing Wire

Rising interest rates and a slowing economy overall are already taking some of the air out of the rapid home-price appreciation the housing market has experience over the past year, according to the recently released Federal Reserve Beige Book for July. The market is going to go into correction,” he said. “I

Insiders

Sign Up for our Newsletter

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

article thumbnail

Homebuilders growing very concerned about affordability

Housing Wire

Homebuilder confidence continued to rise in October despite increasing affordability issues due to rising material prices and ongoing shortages, according to the latest National Association of Home Builders (NAHB) and Wells Fargo Housing Market Index (HMI) report released on Monday. Treasuries and mortgage-backed debt.

article thumbnail

New home sales fall to lowest pace in a year

Housing Wire

above where they were a year ago, when COVID-related procedures froze the new home market in place. Related supply chain issues have resulted in a big jump in the price of a new home over the past year. A new home sale occurs when a sales contract is signed or a deposit is accepted. . 9% from April to 5.8

article thumbnail

Pending home sales drop, but there’s a silver lining

Housing Wire

Despite the decline, many industry observers see big potential for the housing market in the year ahead. It’s no secret that low mortgage rates and societal shifts brought on by COVID-19 have collided to form a red-hot housing market. Making housing more affordable by bridging the affordable supply gap.

article thumbnail

Despite lack of supply, existing home sales rise 6.7%

Housing Wire

months of supply; a healthy market generally has between four and six months of supply. Buyers were likely anticipating further rate increases and locking in at the low rates, and investors added to overall demand with all-cash offers,” said Lawrence Yun, NAR’s chief economist. That translates to just 1.6

article thumbnail

“It’s crazy”: Homebuilders big and small struggle to finish projects

Housing Wire

Then there are the global supply chain issues, which have frustrated small-time homebuilders like Noel and the heads of publicly traded builders alike. The supply side of the equation has been extremely challenging, with no clear signs as to when things will get better,” Marshall said during the earnings call. Currently, over 1.7