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DataDigest: How and where homebuilders are closing deals

Housing Wire

The Western pessimism is also unsurprising given the year-over-year declines Western states have seen in home values. Builders reported covering closing costs, offering discounted or free features, helping buyers sell their existing home and providing other incentives. 2019 level. 2019 level.

Inventory 449
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Coastal California metros were the priciest  in March: Zillow

Housing Wire

Home prices are surging in major U.S. metros, with coastal California cities and Seattle leading the charge in monthly home value growth, according to Zillow’s newest market report. These metros also continue to grapple with below-average inventory recovery, maintaining pressure on buyers.

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Borrowers opt for permanent rate buydowns amid affordability challenges

Housing Wire

Home prices growth and mortgage rates have come down from the peaks in 2022, but affordability still remains a challenge. For those looking to pull cash out of their homes, the cost was nearly twice that, with an average of 2.06 Purchase borrowers, who now make up 82% of new rate locks, paid an average of 1.16

Inventory 397
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How the housing market will evolve in 2023

Housing Wire

Long-term mortgage rates responded by rising from 3.25% in early 2022 to over 7.25% in October 2022, more than doubling. Mortgage interest rates The unrelenting Fed policies to combat inflation will eventually instigate an economic recession sometime in 2023. As inflation eases, so will long term mortgage rates. The overall U.S.

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Equity jumps for Black homeowners, but problems remain

Housing Wire

The positive: Homeowners in primarily Black neighborhoods earned an average of $59,000 in home equity in 2020, compared with $50,000 for homeowners in primarily white neighborhoods between 2019 through January 2021. That $59,000 gain represents a median home equity increase of 197%. By 2021, that number shrank to $24,000.

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Title insurance industry premiums spike $7B year over year

Housing Wire

billion in 2020, an increase that ALTA attributed to historic mortgage origination activity and the substantial increase in home values. Incredibly low mortgage rates (led) to an unprecedented increase in real estate transactions and substantially higher home values,” Diane Tomb, the CEO of ALTA said in a statement.

Insurance 316
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Home prices haven’t risen this fast since 2005

Housing Wire

In this webinar, MCT COO Phil Rasori and expert guest panelists will review how mortgage lenders can overcome common challenges selling their loans on the secondary market. Higher material costs , a lack of inventory and labor continue to drive demand, pushing up home prices. .” Presented by: MCT.