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Why home prices haven’t crashed even with high mortgage rates

Housing Wire

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023. Now lets take a look at the weekly inventory data.

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Housing Market Tracker: Mortgage rates and inventory fall together

Housing Wire

The financial and housing markets are still trying to sort out the banking crisis and whether we have seen the last Fed rate hike in this cycle. These events led to lower mortgage rates and increased purchase application data last week, but decreased housing inventory.

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July: Market Update for Housing Marketers

Housing Wire

July saw whiplash mortgage rates and our audience followed economic news very closely. But we also saw some resiliency, with companies expanding loan products — especially cash out and home equity— and shoring up their mortgage servicing rights. This theme wasn’t limited to white papers.

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Logan Mohtashami’s 2023 housing market forecast

Housing Wire

The 2022 housing market was savagely unhealthy , with all-time lows in inventory leading to massive bidding wars and price spikes until the Fed put a screeching halt to all of it with rate hikes that resulted in the most significant one-year spike in mortgage rate history. Home price s. in total for the year.

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Appraisal Institute Counters Flawed Appraiser Bias Narrative

Appraisal Today

When I read it last week, I was going to put a link to it in this newsletter. I have been reading Cyndi Chance’s emails to members and following her activities to reach out to local chapters since she started last fall. I recently took USPAP plus two California bias classes in a two week period. It is human nature.

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Housing Market Tracker: Purchase apps surprise

Housing Wire

Mortgage rates were near 7% last week but purchase applications were still able to pull out an 8% week-to-week gain. Purchase apps were coming off a four-week losing streak and even though those were mild week-to-week declines, it was still four weeks of weakness.

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VA Approves Desktops and Exterior-Only Appraisals

Appraisal Today

My comments : The big push to cut down on appraisal turn times because of the appraisal shortage is Very Old News since mortgage volume has plummeted. NOTE: Please scroll down to read the other topics in this long blog post on non-lender appraisals, real estate market, unusual homes, mortgage origination stats, etc.