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Commission lawsuits spread to Manhattan

Housing Wire

Real Estate , Modern Spaces , The Agency , The Modlin Group , Nest Seekers International , Oxford Property Group , R New York , RE/MAX , SERHANT. Real Estate , Modern Spaces , The Agency , The Modlin Group , Nest Seekers International , Oxford Property Group , R New York , RE/MAX , SERHANT. 8, 2019, and the present.

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It hasn’t been this hard to buy an existing home in at least a decade

Housing Wire

That’s down from 19 of every 1,000 during the same period in 2019. As a frame of reference, a 20/1,000 turnover rate is a fairly typical for the modern housing market. Buyers of that home type had 33% fewer houses to choose from. Still, buyers are about 20% less likely to find that type of home than they were in 2019.

Inventory 321
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Opinion: Reformed FHA program will offer lenders new business opportunities

Housing Wire

Modern manufactured homes are an unusual feature of today’s housing market, the rare homeownership opportunity that is both lower-cost and high-quality. Demand for home-only financing is strong; in 2019, there were more than 200,000 home-only loan applications.

Business 394
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Affordable housing inventory is limited due to foreclosure prevention efforts

Housing Wire

That key source of affordable housing inventory: distressed properties sold to third-party buyers or repossessed by lenders at foreclosure auction. In 2019 the number was 200,000. Department of Housing and Urban Development ( HUD ) , that 200,000 represented close to 20% of all single-family homes supplied to the market in 2019.

Inventory 370
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Making housing more affordable by bridging the affordable supply gap

Housing Wire

As Candace Taylor writes in The Wall Street Journal , “These days, buyers eschew the large, ornate houses built in [previous] years in favor of smaller, more-modern looking alternatives.” Of builders surveyed, 44% say that buyers’ ability to qualify for a loan is one of the biggest obstacles for taking on a new project.

Finance 368
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The standoff between homebuyers and sellers

Housing Wire

This doesn’t mean homebuyers don’t have something of an edge now: As inventory has increased and buying power has faded, the buyers who are available are dealing with a lot less competition as the bidding wars are ending. In fact, at a 2019 conference, I was so happy about this that I labeled the chart below as Great News !

Sellers 498
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The savagely unhealthy housing market is over

Housing Wire

This facilitated the biggest decline in existing home sales for a single year that we will ever see in modern-day history due to the high level of sales in January of 2022. that don’t have inventory near 2019 levels. The housing market can still be very frustrating to buyers and sellers because mortgage rates can move fast up or down.