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Mortgage apps reach the lowest level in 25 years

Housing Wire

Mortgage demand continued its downward trend last week, reaching the lowest level in 25 years, according to the latest survey from the Mortgage Bankers Association (MBA). The MBA survey shows that the mortgage composite index for the week ending Oct. retail residential mortgage applications.

Mortgage 391
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Mortgage demand declines at a slower pace

Housing Wire

Borrowers’ demand for mortgage loans declined at a slower pace last week when mortgage rates dropped slightly ahead of the Federal Reserve ’s (Fed) meeting to announce the new target for the federal funds rate. A different index measures this week’s rates higher at 7.09% , according to Mortgage News Daily. from 13.9%

Mortgage 416
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The 2022 housing market: A tale of two halves

Housing Wire

Marty Green thinks of the housing market in 2022 as two very different movies. The first half of the year, with mortgage rates in the 3s and 4s, was like “Fast and Furious.” But the housing market in the second half of 2022? By September, a full-fledged housing market recession had set in. over asking price.

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Housing inventory falls under 1M again as sales collapse

Housing Wire

housing market , we just experienced an event that most people never thought could happen. From NAR : “December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates ,” said NAR Chief Economist Lawrence Yun. The days on market were too low.

Inventory 541
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Existing home sales data shows extent of housing inflation

Housing Wire

Even though this was a beat of estimates, the sales decline trend due to higher mortgage rates and home prices continues. The savagely unhealthy housing market theme of mine is running in full force now as we have gotten no relief on home prices and now have a mega jump in mortgage rates. . million in August.”

Inventory 457
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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. Between 2002-2005 in many markets, the real estate market was scorching, much like it is today.

Appraisal 418
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Builders apply the brakes amid canceled contracts

Housing Wire

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. Now, with mortgage rates so high, I believe there is less financial incentive for builders to start on the homes they haven’t begun to build yet. Housing starts.

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