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Single-family housing starts reach highest level since 2007

Housing Wire

Single-family housing starts continued their seven-month climb in November, coming in at the highest level since 2007, according to the Census Bureau. As a result of the pandemic, there has been a heightened demand for larger homes, which Kan said has driven more construction, home sales and mortgage originations. The reason?

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Homebuilders still need lower mortgage rates

Housing Wire

On the other hand, mortgage rates have gone down more than 1% since Oct. The builders’ stock prices have done well as mortgage rates have fallen , and this illustrates the simplicity of the homebuilders’ position: their story is really about mortgage rates and moving products. 291,000 homes are still under construction: 5.7

Mortgage 533
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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. Geneva Financial, founded in 2007 by Aaron VanTrojen, has more than 130 branch locations in 46 states, according to the firm.

Mortgage 382
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The homebuilders got lucky this time

Housing Wire

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. This is why construction workers haven’t been laid off while other jobs in the housing market have been.

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Experts share insights about the Fed, data ‘vibes’ and housing trends

Housing Wire

Three of the biggest topics in housing right now are mortgage rate movements tied to Federal Reserve policymaking, the day-to-day moves in key housing data and forward-looking trends for the housing market. So, if all of you are looking for a sustained lower move in mortgage rates, that’s what you’re going to see.”

Inventory 404
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Comparing this housing market recession to 2008

Housing Wire

The housing sector — especially real estate and mortgage — has seen significant layoffs , while the general economy will create more than 4 million jobs in 2022. Then we had the biggest mortgage rate shock in recent history and yet even with that, we will have over 5 million total home sales this year. Production falls.

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Only 70,000 new homes available for sale

Housing Wire

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. This is different from the 2007 housing market when the builders’ sales were still collapsing and monthly supply spiked with rising cancellation rates.

Inventory 516