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Second-home mortgage market slumped in 2023: Redfin

Housing Wire

In 2023, home purchases slowed across the board due to low levels of inventory, high mortgage rates and soaring home prices. Nationwide, 90,772 mortgages for second homes were originated in 2023, down 40% from a year earlier and down 65% from the height of the post-pandemic housing boom in 2021, according to a new report from Redfin.

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Title premium volume fell 31% in 2023

Housing Wire

As existing home sales dropped to the lowest level it has seen in nearly three decades in 2023 , title insurance premium volume also took a hit. In 2023, the title insurance industry generated $15.1 The five states with the largest title premium volumes in 2023 were Texas ($2.26 in 2023. billion), Florida ($1.92

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Housing inventory defied all predictions in 2023

Housing Wire

Going into 2023, people thought housing inventory would skyrocket, home prices would crash, and we would see the housing market of 2008 all over again. Looking back on 2023, the inventory story was a big surprise even as mortgage rates headed toward 8%, as the data below will show. 9, 2022, and they’ll be ready for what’s coming next.

Inventory 496
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Financial results worsened for IMBs in 2023: MBA 

Housing Wire

Independent mortgage banks ( IMBs ) and mortgage subsidiaries of chartered banks lost an average of $1,056 on each loan they originated in 2023, down from an average loss of $301 per loan in 2022, according to data released Thursday by the Mortgage Bankers Association (MBA). billion (6,021 loans) per company in 2023, down from $2.6

Valuation 346
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Home equity remained near historic highs to end 2023

Housing Wire

year over year in fourth-quarter 2023. billion at the end of 2023. Rising home prices continue to fuel growing home equity, which, at $298,000 per average borrower, remained near historic highs at the end of 2023,” Selma Hepp, chief economist at CoreLogic, said in a statement. from December 2023 to December 2024.

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Hispanic homeownership rate rose to 49.5% in 2023: NAHREP

Housing Wire

in 2023, with a net gain of 377,000 Hispanic owner households from the previous year. million Hispanic households own their home, the National Association of Hispanic Real Estate Professionals ( NAHREP ) said in its 2023 State of Hispanic Homeownership Report released on Tuesday. In total, more than 9.5 of overall U.S. About 29.5%

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UWM delivers reduced production, improved margins in 2023

Housing Wire

United Wholesale Mortgage (UWM) ended 2023 as the top U.S. million in 2023, compared to a profit of $719.4 The GAAP net loss in 2023 was $69.7 billion in mortgages in 2023, lower than the $127.3 billion in Q3 2023 and $25.1 billion in Q3 2023 and $25.1 billion in 2023, including $20.6

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