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Why higher rates aren’t crashing home prices

Housing Wire

In fact, home prices have firmed up higher recently. Well, it’s June 9, 2023, and home prices have been firm month to month, not showing anything that resembles the housing bubble crash years. We have had plenty of times in the previous decade when mortgage rates fell and demand improved, but that was with a lot lower mortgage rates.

Inventory 545
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Higher mortgage rates haven’t increased inventory

Housing Wire

Last week, mortgage rates hit a 21st-century high, the 10-year yield closed slightly higher than my peak forecast for 2023 , and housing inventory growth was still slow. Mortgage rates went from 7.19%% to 7.37%. Will higher rates extend the inventory season, or are we going into the traditional seasonal decline?

Inventory 370
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Housing Market Tracker: Inventory is negative YOY

Housing Wire

Mortgage rates rose last week after the better-than-anticipated jobless claims data but even with higher rates, we also had a third week of positive purchase application data. We have often discussed that the housing market dynamics changed starting Nov. Housing inventory finally broke under 2022 levels last week.

Inventory 449
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The 2021 housing market recap by Logan Mohtashami

Housing Wire

Retail sales have been off the charts, job openings are at 11 million, GDP growth picked up big time and jobless claims hit a level last seen in 1969. The housing market didn’t crash at all, in fact, more Americans bought homes with mortgages in 2021 than in 2020. The housing crash addicts in America have now been wrong for a decade.

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Pending home sales shock 2021 housing crash bears

Housing Wire

Like I have often said, professional grifters have plagued the housing sector for many years and shouldn’t be looked to as fundamental economic sources of information. This is a big reason why I always have my two staple sayings. Today, pending home sales came in as a big beat of estimates — up 7.5%

Inventory 527
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Mike Fratantoni on MBA’s 2022 mortgage market forecast

Housing Wire

The last two years have been a wild ride. We’ve had the sharpest and yet also the shortest recession in history, record-low mortgage rates leading to record origination volumes, and record home prices as housing demand far outstripped supply. Odds are that this turn in the pandemic will likely be just a temporary setback.

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USPAP Myths for Appraisers

Appraisal Today

Many of the changes will not have a significant impact on the way appraisers practice but are nevertheless important for public trust. Appraisers and the public have traditionally held several misconceptions about USPAP, and these changes should help to dispel some of those myths. Excerpts: 4 Bedrooms, 4.5 baths, 4,000 sq.ft.,