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U.S. Asking Rents Hit Highest Level Since 2022

Appraisal Buzz

year-over-year in May to $1,653, representing the highest level since October 2022, according to a new Redfin survey. Still, the median asking rent in May was just $47 lower (-2.8%) than the record high of $1,700 set in August 2022, presenting affordability issues for some tenants. The median asking rent in the U.S. this summer.

Tenants 392
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The mortgage rate lock-in didn’t start in 2022

Housing Wire

In the 24 months beginning March 2022, the U.S. After an initial rush to get to market in Q2 2022, new listings volume fell precipitously. In July 2022, new listings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. The lock-in didn’t start in 2022 when rates rose.

Mortgage 431
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Required Renter Income Surges to Highest Level Since 2022

Appraisal Buzz

The amount renters must earn to afford the median-priced flat has reached its highest level since October 2022. As a result, wage growth should continue to outpace rent growth in the coming months, as it has been doing since 2022,” said Sheharyar Bokhari, Senior Economist at Redfin. year-over-year and 22.9%

Landlords 418
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2023 Underwriting Losses Mirror 2022 Trends

Appraisal Buzz

property/casualty insurers show that underwriting losses in 2023 resembled those in a challenging 2022. percent in 2022 to 101.6 Homeowners and auto insurance performed particularly poorly: in both 2022 and 2023, loss ratios exceeded levels not seen in more than 20 prior years. percent in 2022. percent in 2023.

Insurance 195
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Title industry: We contributed $30 billion to GDP in 2022

Housing Wire

gross domestic product (GDP) in 2022, according to a report commissioned by the American Land Title Association that was published on Wednesday. The title insurance and settlement services industry directly generated $30 billion of U.S. ALTA noted that 90% of the title industry is made up by small businesses. billion of GDP), New York ($2.5

Insurance 495
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MBA: Share of Mortgages in Forbearance Increased for First Time Since October 2022

Appraisal Buzz

The number of loans in forbearance increased in June for the first time since October of 2022,” says Marina Walsh, vice president of industry analysis for the MBA, in a statement. Photo: Erik Mclean The post MBA: Share of Mortgages in Forbearance Increased for First Time Since October 2022 appeared first on MortgageOrb.

Mortgage 195
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Median Rent Declines YoY, Hovering Just Below 2022 Peak

Appraisal Buzz

According to Realtor.com’s most recent rental report , in June, median rent continued to fall, but nationwide rent are sitting just below 2022 levels, with rents also declining in all size categories. lower than its top from October 2022. Year-over-year, the median rent for studios decreased by 1.2% That is 17.6% Even so, that is a 19.5%