Housing Wire

JANUARY 17, 2023

Chantilly, Virginia-headquartered mortgage bank Prosperity Home Mortgage saw mortgage origination volume plummet by 40% last year — at a time when mortgage rates had more than doubled, home prices remained elevated and the market suffered from a shortage of inventory. . Purchase mortgages accounted for about 82.5%

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Mortgage Real Estate Real Estate Agent Realtors 397

Housing Wire

DECEMBER 14, 2022

On the heels of the central bank’s announcement to raise the federal funds rate by 50 basis points to 4.25%-4.50% on Wednesday, most economists and industry experts were on the same page about the housing outlook and which direction mortgage rates would be headed. . last week, are expected to drift down and end 2023 around 5.2%,” he said. .

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Mortgage Housing Market Buyers Sellers 421

Housing Wire

OCTOBER 18, 2023

As the 30-year fixed mortgage rate increased for the sixth consecutive week to 7.70%, mortgage applications slumped, hitting their lowest level since 1995. Mortgage applications decreased 6.9% 13, compared to the week prior , according to weekly mortgage application data from the MBA. for the week ending Oct. from 14.4%

Mortgage 458

Mortgage Realtors Inventory Marketing 458

Housing Wire

DECEMBER 20, 2023

While sales are still tracking below last year’s levels, the gap between 2022 and 2023 has narrowed considerably. million, according to the National Association of Realtors. A marked turn can be expected as mortgage rates have plunged in recent weeks.” Housing inventory fell 1.7% Meanwhile, unsold inventory sat at a 3.5-month

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Inventory Housing Market Realtors Buyers 432

Housing Wire

NOVEMBER 13, 2023

Buying a house was obtainable only for the haves in 2023 as home prices and mortgage rates soared. Homebuyers’ median household income increased by $19,000 this year from 2022, reaching $107,000, according to the National Association of Realtors ’ 2023 Profile of Homebuyers and Sellers.

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Real Estate Agent Real Estate Agents Sellers 410

Housing Wire

OCTOBER 26, 2023

in September despite significant affordability hurdles weighing on the market, according to data released Thursday by the National Association of Realtors (NAR). Despite the slight gain, pending contracts remain at historically low levels due to the highest mortgage rates in 20 years,” Lawrence Yun, NAR chief economist said in a statement.

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Inventory Contracts Housing Market Realtors 410

Housing Wire

DECEMBER 30, 2022

“It’s going to be competitive — thin margins, little business and LOs getting out of the industry,” Dave Krichmar, banker at Legend Lending Corporation, said of the mortgage industry in 2023. It’s positive news for an industry that has recently dealt with a lackluster amount of inventory.

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Renovations Realtors Construction Mortgage 410

Housing Wire

APRIL 25, 2024

in March compared to February despite rising mortgage rates , according to data released Thursday by the National Association of Realtors (NAR). Meaningful gains will only occur with declining mortgage rates and rising inventory.” Existing-home inventory in March improved 14.4% Pending home sales increased by 3.4%

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Inventory Buyers Realtors Investors 458

Housing Wire

JANUARY 31, 2023

Lack of inventory is an issue builders and mortgage loan originators alike are dealing with across the nation. It’s also what keeps Andrew Marquis, regional vice president at CrossCountry Mortgage and Scotsman Guide ’s seventh top LO, up at night, especially as he sees more buyers entering the market.

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Inventory Marketing Business Buyers 397

Appraisal Buzz

MARCH 21, 2024

compared with February 2023, according to the National Association of Realtors (NAR). It was the largest monthly increase since February 2023. Helping to boost existing-home sales in February was that inventory increased 1.07 compared with February 2023. million in February, an increase of 9.5% That’s about a 2.9-month

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Inventory Realtors Investors Buyers 394

Housing Wire

NOVEMBER 15, 2023

Although high mortgage rates, elevated home prices and limited housing inventory have crippled the 2023 housing market, the outlook for 2024 is brighter, according to Lawrence Yun, chief economist with the National Association of Realtors (NAR). In 2023, new-home sales are up 5% year to date, Yun said.

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Real Estate Inventory Sellers Realtors 458

Housing Wire

APRIL 16, 2024

Reverse mortgage volume dropped in February compared to the month prior, and new data compiled by Reverse Market Insight (RMI) shows that the primary culprit for the month was retail reverse mortgage originations. That’s because those were the two lowest case number assignment months in all of 2023, McCue said.

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Retail Mortgage Business Loan Officers 418

Housing Wire

FEBRUARY 21, 2023

Existing home sales started 2023 right where they left off at the end of 2022, dropping for the 12 th consecutive month. million, according to a report from the National Association of Realtors (NAR) released Tuesday. Inventory remains low, but buyers are beginning to have better negotiating power,” Yun added. in January.

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Inventory Buyers Housing Market Contracts 370

Housing Wire

FEBRUARY 22, 2024

Existing-home sales picked up in January as buyers took advantage of the lowest mortgage rates seen in several months. from December to a seasonally adjusted annual rate of 4 million in January, according to a report from the National Association of Realtors (NAR). million in January 2023. months in January 2023.

Inventory 432

Inventory Sellers Buyers Realtors 432

Housing Wire

NOVEMBER 30, 2023

Homebuyer traffic will increase in 2024, fueled by lower mortgage rates and more existing-home inventory. At the same time, both buyers and sellers will have to reset expectations next year for persistently higher mortgage rates and more negotiations during the transaction.” million, up 12% from 2023’s 4.1 to $394,200.

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Buyers Housing Market Sellers Inventory 473

Housing Wire

JANUARY 26, 2024

month over month in December, according to the newest data from the National Association of Realtors (NAR). The housing market is off to a good start this year, as consumers benefit from falling mortgage rates and stable home prices,” NAR chief economist Lawrence Yun said in a statement. Pending home sales rose 8.3% in November.

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Contracts Housing Market Construction Inventory 458

Housing Wire

APRIL 27, 2023

month-over-month decrease, according to data released Thursday by the National Association of Realtors (NAR). The lack of housing inventory is a major constraint to rising sales,” Lawrence Yun , NAR’s chief economist, said in a statement. In addition, NAR forecasts that mortgage rates will drop to 6.0% in 2023 and 5.6%

Inventory 432

Inventory Realtors Contracts Construction 432

Housing Wire

APRIL 5, 2024

The number of first-time homebuyers made up 32% of all buyers in 2023, according to a report released by the National Association of Realtors. Headwinds like mortgage rates , low inventory and rising rents are still strong, but easing,” Zillow Senior Economist Orphe Divounguy, said in a statement.

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Housing Market Marketing Training New Listings 458

Housing Wire

OCTOBER 31, 2023

home prices continued to rise in August 2023,” Craig Lazzara, managing director at S&P DJI , said in a statement. in August, which marks the seventh consecutive monthly gain since prices bottomed in January 2023. During the first week of June, mortgage rates were at 6.79%. Our National Composite rose by 0.4%

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Inventory Housing Market Contracts Realtors 479

Housing Wire

OCTOBER 6, 2023

Mortgage lenders are betting on down-payment assistance programs, buy-down options and renovation products to provide brokers opportunities to win in a market with mortgage rates nearing 8%, a lack of inventory and high home prices. range, which is a normal mortgage market.” range, which is a normal mortgage market.”

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Mortgage Real Estate Agent Renovations Finance 473

Housing Wire

NOVEMBER 21, 2023

Elevated mortgage rates and high home prices pushed sales of existing homes down again in October to the lowest monthly pace since August 2010. million, according to the N ational Association of Realtors. On the bright side, housing inventory rose 1.8% On the bright side, housing inventory rose 1.8%

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Inventory Realtors New Listings Contracts 410

Housing Wire

FEBRUARY 23, 2024

Existing home sales showed a jump in sales, which was anticipated by most as we had positive, forward-looking housing data due to mortgage rates falling from 8.03% to 6.63%. This is nothing dramatic, but similar to what we saw in 2023 when mortgage rates rose from 5.99% up to 7.25%. From NAR : Total existing-home elevated 3.1%

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Inventory Mortgage New Listings Marketing 473

Housing Wire

SEPTEMBER 21, 2023

The housing market continues to cool amid high mortgage rates , affordability challenges and still-low inventory. million, according to a new report from the National Association of Realtors (NAR). Housing inventory remains tight heading into fall Meanwhile, total housing inventory at the end of August was 1.1

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Inventory Realtors Housing Market Mortgage 441

Housing Wire

JANUARY 5, 2024

The National Association of Realtors saw its membership numbers drop 1.11% during the last month of the year, as 17,489 former members let their membership lapse. 31, 2023, NAR lost 26,367 members, a 1.67% annual decline, according to NAR’s monthly membership report. The trade group closed out 2023 with 1,554,604 members.

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Agents Realtors Inventory Housing Market 450

Housing Wire

SEPTEMBER 22, 2022

Mortgage rates, now around 6.5%, are cooling down the housing market and triggering mass layoffs in the mortgage and real estate industries. Mortgage rates have nearly doubled to around 6.5% Goldman Sachs predicts a 75 bps hike at the November meeting followed by a 50 bps raise in December and a 25 bps increase in January 2023.

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Mortgage Loan Officers Buyers Inventory 421

Appraisal Buzz

APRIL 25, 2024

compared with March 2023, according to the National Association of Realtors (NAR). million 2023) and another 13.2% million (from 1.413 million in 2023) and 4.9% in 2024 to a record of $396,800 (from $389,800 in 2023) and another 1.8% in 2024 to a record of $396,800 (from $389,800 in 2023) and another 1.8%

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Inventory Construction Realtors Appraisal 195

Housing Wire

JANUARY 19, 2023

Declining mortgage rates spurred the demand for home loans at the beginning of 2023, spreading optimism across the industry. After months of a slowing housing market, sellers are offering more discounts to close deals and mortgage lenders are launching programs to protect their clients’ rates.

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Mortgage Sellers Housing Market Buyers 421

Housing Wire

APRIL 14, 2023

This article is part of our 2023 Housing Market Forecast series. After the series wraps, join us on May 30th for the HW+ Virtual 2023 Forecast Event. The monthly Realtors Confidence Index is an essential measure of what real estate professionals are seeing in their local markets and how the market is evolving on a monthly basis.

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Realtors Buyers Inventory Sellers 432

Housing Wire

DECEMBER 13, 2023

As 2023 draws to a close, housing professionals hope for relief from the high mortgage rates, terrible inventory levels and slow sales that characterized the year. They may find that relief for mortgage rates next year, according to forecasts from various industry experts compiled by HousingWire.

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Inventory Construction Mortgage Buyers 466

Housing Wire

FEBRUARY 20, 2024

According to a new report from the National Association of Realtors (NAR) titled “A Snapshot of Race and Home Buying in America,” Asian and Hispanic Americans achieved historic heights in homeownership rates in 2022 of 63.3% But it fell slightly from 2021 (65.4%) due to higher mortgage rates and inventory constraints.

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Buyers Inventory Realtors Mortgage 450

Appraisal Buzz

APRIL 18, 2024

compared with March 2023, as rising mortgage rates stopped the rebound heading into the spring home buying season, according to the National Association of Realtors (NAR). compared with March 2023. The inventory situation improved slightly: As of the end of the month there were about 1.11 million, and were down 3.7%

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Inventory Realtors Buyers Appraisal 195

Housing Wire

APRIL 18, 2024

Existing home sales fell in today’s report , which isn’t surprising, but one headline that shocked some people was that home prices are still up year over year, even with higher inventory and higher mortgage rates. Of course this isn’t the healthiest housing inventory story. This scenario is similar to 2023 when rates fell.

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Inventory Housing Market New Listings Buyers 491

Housing Wire

JANUARY 6, 2023

Nearly every loan originator is fixated on going after the purchase mortgage market in 2023 following a brutal 2022 — a year in which even some of the top producers saw their origination volume drop to 20%. The name of the game in the industry was purchase mortgages. The year 2023 is going to be a little bit different.

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Business Loan Officers Clients Inventory 410

Housing Wire

FEBRUARY 15, 2023

Larry Steinway, former senior vice president of lending and branch manager at Illinois-based Guaranteed Rate , has taken on a new challenge to expand the Ohio-based Revolution Mortgage footprint in the Chicagoland market. He was the fourth mortgage loan originator to join Guaranteed Rate in 2000.

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Mortgage Loan Officers Lending Retail 370

Housing Wire

JANUARY 20, 2023

million, according to a report from the National Association of Realtors (NAR) released Friday. December was another difficult month for buyers, who continue to face limited inventory and high mortgage rates,” Lawrence Yun, NAR’s chief economist, said in a statement. from November to a pace of 4.02 A total of 5.03

Inventory 384

Inventory Housing Market Realtors Buyers 384

Housing Wire

SEPTEMBER 22, 2022

Mortgage rates in the 6% range have frozen the housing market, forcing loan officers to find business outside their wheelhouses. With mortgage rates nearly doubling from the start of 2022, the LO, who has more than 20 years of experience in the industry, says it’s painful to see deals simply disappear. higher than last year.

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Mortgage Loan Officers Inventory Retail 384

Housing Wire

SEPTEMBER 22, 2022

Economists at Fannie Mae say the Federal Reserve ‘s fiscal policy is having its desired effect on the housing market – home price growth began to slow in the summer, and the GSE says the housing slowdown will continue through 2023. The latest forecast also projects total mortgage origination activity at $2.44 trillion in 2022.

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Housing Market Supply Chain Marketing Inventory 410