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Home prices are dropping like it’s 2009

Housing Wire

Home prices are now posting the biggest monthly declines since January 2009, according to the latest Mortgage Monitor report from Black Knight. Median home prices in August fell 0.98% in August, only slightly better than July’s 1.05% monthly decline. With mortgage rates at 6.7% With mortgage rates at 6.7%

Inventory 523
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Mortgage rate locks tumble amid sharp rate rise

Housing Wire

Fewer buyers rushed to lock mortgages last month amid a rapid climb in long-term mortgage rates , reflecting home affordability concerns, reports from Mortgage Capital Trading and Black Knight showed. . Compared with the same period last year, the number of rate locks by mortgage volume was down 25.4%. .

Mortgage 368
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Millennials struggle to compete with boomers for homes

Housing Wire

From 2009 to 2019, the share of recent buyers who are 60 years and old grew 47% , while the share of recent buyers ages 18-39 fell by 13%. From 2009 to 2019, the share of recent buyers who are 60 years and old grew 47% , while the share of recent buyers ages 18-39 fell by 13%.

Buyers 538
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Reverse purchase financing: The financing option no one is talking about

Housing Wire

This cohort accounted for 1,950,000 properties — equating to 39% of total homes purchased! 1 With over 12,000 Americans turning 65 every day in 2024, this burgeoning market will undoubtedly continue to bring more buyers and sellers to the table over the next decade. Yet staggeringly few are aware of its existence.

Finance 421
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How online auctions deliver on the promise of pre-foreclosure sales

Housing Wire

Auctions efficiently ensure the highest and best offer — good for the distressed homeowner, surrounding neighborhood and the mortgage servicer. Pre-foreclosure sales as a foreclosure alternative also benefit neighborhoods by limiting the volume of vacant properties, which drag down surrounding home values. Falling Short.

Buyers 348
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A housing boom doesn’t portend a bust

Housing Wire

A housing bubble can generally be defined as an unsustainable period of house price growth generated by artificial demand, as was the case in the mid-2000s when demand surged because of wider access to mortgage financing. Prior to 2009, housing was overbuilt relative to demand.

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HW+ Member Spotlight: Stacy Esser

Housing Wire

His recent article, “Purchase apps are at 2009 level: where’s the inventory?” We can’t just show homes; we have to be a professional real estate business, which means being able to have real conversations when buyers and sellers ask us questions like, “Did we miss the market?” “Are His articles are always my favorite.

Sellers 380