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Mortgage applications drop as rates spike

Housing Wire

Interest in residential mortgages fell 1.2% for the week ending March 11 as mortgage rates rose to their highest levels since May 2019, according to the Mortgage Bankers Association ‘s latest survey. The MBA found that the adjustable-rate mortgage share of the activity increased to 5.6% of total applications.

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Despite lack of supply, existing home sales rise 6.7%

Housing Wire

Homebuyers flocked to what little inventory existed in January, with existing-home sales rising 6.7% from December and mortgage rates shot up 30 basis points. Homes went under contract in just 19 days on average, down from 21 a year ago. Homes went under contract in just 19 days on average, down from 21 a year ago.

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Pending home sales reach highest May mark in 16 years

Housing Wire

Pending home sales reached its highest mark for the month of May since 2005, up 8% from the previous month of April as low inventory continues driving buyers to snatch up available real estate. ” Contract signings on new homes increased 13.1% ” Contract signings on new homes increased 13.1% year over year. .

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Atlanta Home Prices Firm in the Third Qtr of 2022

Hank Miller Team

We examine list price, contract price and sold price. for contracted homes -3.4 for contracted homes +13.3 for contracted homes +32.8 This was the heart of the pandemic – also when the government handed out trillions and artificially held down mortgage rates. for contracted homes +46.7

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Home Buyer Frustration Will Increase in 2022

Hank Miller Team

The Jan/Feb inventory bounce always happens; and it did in 2020 until the world stopped. See the inventory bumps as we head into the first quarter? Right now (mid Dec 2021) we’re dragging the bottom for inventory; we're finding old shipwrecks, dead fish, plenty of garbage and a few Mafia bodies. Let's look at history.

Buyers 98
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Builders apply the brakes amid canceled contracts

Housing Wire

However, for the first time in recent modern-day history — due to supply chain issues and other factors — housing completion data has lagged behind housing permits and starts. For the builders, they have a new problem: they had homes under contract and then mortgage rates jumped in the biggest fashion ever recorded in history.

Contracts 545
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What to expect from homebuilders in 2023

Housing Wire

All the while, builders continued to face supply chain issues , labor shortages and wild fluctuations in material costs. BH: I think a lot of builders would love the opportunity to catch up on some of their projects, but for many, supply chain issues have been preventing this.