industry news
Buying a New Home? Here’s 8 People You Need on Your Team
Redfin| October 12, 2020
Buying a new home is an exciting moment in anyone’s life — whether you’re finally ready to make the leap from renter to homeowner or you’re an experienced buyer. However, even if this isn’t your first rodeo, the homebuying process can be complex. From navigating the mortgage approval process to the possibility of a bidding war, it can be tricky to go at it alone.
Refinancings may hit a 7-year high
Housing Wire| May 6, 2020
Mortgage originations for refinancings may hit a seven-year high this quarter as Americans chase the lowest home-loan rates ever recorded. Refi volume probably will total $429 billion, more than double the $180 billion of the year-ago quarter, according to a Fannie Mae forecast.
Homebuyers still shopping despite coronavirus-fueled pessimism
Housing Wire| April 17, 2020
Despite numerous challenges, buyers are still house hunting and lenders are still originating purchase loans. If recent polls are any indication, the coronavirus pandemic has pushed consumer confidence into a free-fall. Consider these examples: The Fannie Mae Home Purchase Sentiment Index fell 11.7 points to 80.8 in March, its lowest reading since December 2016. The University of Michigan’s consumer sentiment index fell from 101 in February to 89.1 in March to 71 in April – the latter decline marked its most severe plunge in 11 years. The Conference Board’s consumer confidence index tumbled from 132.6 in February to 120 in March, its greatest decline since 2011.
Curbside closings offer drive-up service amid social distancing concerns
Housing Wire| April 13, 2020
Clients stay in their vehicles while notaries, title agents and attorneys ferry paperwork back and forth. The Atlanta law firm Cook & James has become the latest housing-focused business to respond to the COVID-19 pandemic by offering clients curbside closings.
Fannie Mae, Freddie Mac tighten some standards, loosen others amid coronavirus crisis
Housing Wire| March 31, 2020
With the coronavirus continuing to wreak havoc across the country, the nation’s two largest sources of mortgage funding are taking additional steps to address issues that currently exist within the lending process.
Fannie, Freddie provide guidance on closings
The Legal Description March 25, 2020
Fannie Mae and Freddie Mac each put out bulletins providing temporary guidance on how to proceed in light of the rapidly evolving situation regarding COVID-19. Among other things, the bulletins address the use of electronic records and signatures and the closure of land recoding offices around the country.
Coronavirus
Housing Wire March 17, 2020
As coronavirus continues to impact the global economy, HousingWire is here to keep you updated on how it is directly impacting the U.S. housing industry.
Falling rates boost refi eligible mortgages
Housing Wire March 4, 2020
Low borrowing costs have made 11.1 million U.S. mortgages “refi eligible,” meaning borrowers would save money by getting a new home loan even with the application and funding costs, according to Black Knight.
Mortgage Rates Hit All-Time Lows, Is It Time To Lock?
Mortgage News Daily| March 2, 2020
Mortgage rates officially hit all-time lows this morning. Even so, it continues to be the case that Treasury yields (often referred to as the basis for mortgage rates) are falling much faster. That's because Treasuries aren't actually the basis for mortgage rates. They're simply a very important source of guidance and momentum in the bigger picture for all kinds of rates. I've written on this extensively in recent days.
Are mortgage rates about to hit an all-time low?
Housing Wire| February 25, 2020
The lowest mortgage rates ever occurred around Thanksgiving 2012, when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data). However, rising panic over the coronavirus could drive rates to lows never seen before.The signs of record lows for mortgage rates are already emerging, with the yield on the benchmark 10-year U.S. Treasury note falling to its lowest level ever during Tuesday’s trading.
It’s time to go beyond POS technology
Housing Wire| February 17, 2020
Technology has come a long way in the mortgage industry over the past few years, but one expert says it’s time for lenders to move beyond tech that is front-facing. Shane Erskine, OneTrust Home Loans president and 2019 HousingWire Rising Star, explained that it will take more than point of sale technology for lenders to remain profitable in a tight market.
How fear of new things is crushing real estate agents’ growth potential
Housing Wire| February 14, 2020
Change is inevitable. Do you run from it or embrace it?
Most of the complaining and bad-mouthing I see is rooted in fear and scarcity thinking. Fear of a new way of doing things. Fear of the unknown. Fear of new competition. Fear of new technology. Fear of new business models.
Mortgage rates inch up slightly from 3-year low
Housing Wire| February 13, 2020
The average U.S. fixed rate for a 30-year mortgage inched up to 3.47% this week, reversing course from last week’s 3-year low of 3.45%. Although this week’s rate is just two basis points above the previous week’s rate, it is still 90 basis points below the 4.37% of the same week last year, according to Freddie Mac.
Study: Borrowers Save Big by Shopping for Mortgages
Realtor Magazine| February 11, 2020
As interest rates move lower, borrowers can unlock some serious savings by gathering more than one quote from a mortgage lender. It may be worth the extra time to gather up to three quotes from mortgage lenders. The average borrower could save $44,500 over the life of their loan by comparison shopping for a mortgage, a new study by LendingTree finds.
Mortgage Rates Fall to the Lowest Level Since 2016—Could This Be the Last Affordable Spring Home-Buying Season?
Realtor.com| February 6, 2020
Mortgage rates have dropped to the lowest levels since before the 2016 presidential election.The 30-year fixed-rate mortgage averaged 3.45% during the week ending Feb. 6, a decrease of six basis points from the previous week, Freddie Mac reported Thursday. This was the third consecutive week in which mortgage rates dropped.
Mortgage applications jump 5% on low mortgage rates
Housing Wire| February 5, 2020
Low interest rates drove an increase in mortgage applications in the last week. According to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, applications rose 5% from last week.
The Fed holds rates steady. Here’s why that matters to you
CNBC.com| January 29, 2020
The Federal Reserve’s decision Wednesday to keep interest rates steady came as a relief to many. For good reason.Although the federal funds rate, which is what banks charge one another for short-term borrowing, is not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day.
Mortgage rates fall to the second-lowest level in three years
Housing Wire| January 30, 2020
This week, the average U.S. fixed rate for a 30-year mortgage averaged 3.51%, dropping to the second-lowest level in three years.The pace is now 95 basis points below the 4.46% rate of the same week last year, according to the Freddie Mac Primary Mortgage Market Survey.
Fannie Mae warns lenders: There is a growing list of fake employers showing up on mortgages
Housing Wire| January 29, 2020
Back in 2018, Fannie Mae issued a warning to lenders after identifying more than 30 apparently fake companies that were appearing on borrowers’ mortgage documentation as their place of employment.
Millennials are looking forward to buying a home, but feel overwhelmed by the process
Housing Wire| January 27, 2020
Millennials are buying homes. This much is known. But, despite the much-discussed generation making their entrance into the housing market, many still are still very uneasy about the process.
A solution to the inventory problem? Housing starts are expected to rise this year
Housing Wire| January 23, 2020
Economics has long been dubbed “the dismal science.” But the economists at Capital Economics are showing some optimism for single-family housing starts in 2020. Their latest report predicts single-family housing starts to average around 1 million annualized this year.
Home seller profits hit new high as people are staying in their homes longer than ever
Housing Wire| January 23, 2020
People are staying in their homes longer than ever before, but it may pay off big for them should they choose to move.That’s according to a recent report from ATTOM Data Solutions, which stated that both homeownership tenure and home seller profits simultaneously hit new highs.
Home prices climb 6.9% in December
Housing Wire| January 21, 2020
In December, home sale-prices climbed 6.9% year over year, rising to a median of $312,500 across 217 housing markets, according to new data from Redfin. Month over month, home sale-prices rose 1.1% on a seasonally adjusted basis, marking the largest increase since February of 2018.
Looking for the Housing Markets Most Likely to Outperform in 2020? Look South
Zillow| January 2, 2020
A collection of relatively affordable, sun-belt markets are among those in which home value growth in 2020 is most expected to outperform the national average, according to a panel of experts recently surveyed by Zillow.
Housing starts soar to a 13-year high
Housing Wire| January 17, 2020
Housing construction continued to improve in December as the nation’s homebuilders increased their building efforts nationwide, sending the unadjusted pace to a 13-year high.
Mortgage rates inch forward to 3.65%
Housing Wire| January 16, 2020
This week, the average U.S. fixed rate for a 30-year mortgage averaged 3.65%. While this percentage is slightly above the previous week’s average, it’s still 80 basis points below the 4.45% of the same week last year, according to the Freddie Mac Primary Mortgage Market Survey.
Some homebuyers value their real estate agent as much as a therapist
Housing Wire| January 13, 2020
How important is a real estate agent to homebuyers and sellers? Well, according to new survey, a majority of homebuyers and sellers feel that an agent is more important to them than their therapist.In fact, the new survey from Century 21 shows that a majority of homebuyers and sellers say they value and confide in their agents more than a therapist, and know them better than their own neighbors.
California reportedly launching its own CFPB
Housing Wire| January 9, 2020
California already has one of the most active state agencies in terms of regulating and (when necessary) punishing the financial services industry: the California Department of Business Oversight.
The biggest mortgage industry trends of 2019 that will carry into 2020
Housing Wire| January 10, 2020
The last 365 days proved that as much as the industry tries to predict the real estate market, nothing beats proactively preparing for any type of lending environment. The best example of this was also one of the biggest mortgage industry trends of 2019: the drop in interest rates.
The most popular features in real estate listings
Housing Wire| January 10, 2020
Point2 Homes, a real estate listing website, analyzed the language in 1.2 million home listings across the U.S. and came up with the most common phrases.The three most frequently-used feature descriptions for homes priced under $5 million were: “granite countertops,” “hardwood floors,” and “stainless steel appliances.” Next on the list: “open floor plan,” “fenced backyard,” and “covered patio.”
Real estate bidding wars return to another 10-year low in December
Housing Wire| January 8, 2020
Despite low housing supply continuing to affect the housing market as 2019 came to an end, Redfin indicates the frequency of bidding wars for real estate continued to fall. According to the company, only 9% of purchasing offers made on its site faced a bidding war during the month. Not only is this percentage down 12% from last year’s rate, but it also pushed the rate down to another 10-year-low.
What's keeping some people from buying a house? Child care is ridiculously expensive
Housing Wire| January 7, 2020
Homebuyers are left with less money to buy or rent a home due to the rising cost of child care, a new insight from Freddie Mac said. The real price of child care has increased by 49% over the last 25 years, yet the cost of housing has only increased 14% in 25 years
Why are people staying in their houses for so long?
Housing Wire| January 7, 2020
Housing professionals and economists repeatedly assert that American homeowners are staying in the same houses longer and provide a few theories as to why.
Where will the hottest housing markets be in 2020? Go south
Housing Wire| January 2, 2020
The hottest housing markets in 2020 will be the ones where the weather is hotter too. New data from Zillow suggests that southern markets are expected to outperform other national markets this year. More specifically, Austin, Texas will stand out the most, according to a new survey from Zillow.
FHA, Fannie Mae, Freddie Mac are all now backing larger loans
Housing Wire| January 2, 2020
With the calendar now officially flipped to 2020, Fannie Mae, Freddie Mac, and the Federal Housing Administration are now backing larger mortgages than they were just a few days ago. That’s because the 2020 loan limits for each of those agencies are now in effect. And each of the agencies’ loan limits are higher for 2020 than they were in 2019.
FHFA: U.S. home prices climb 5% from last October
Housing Wire| December 31, 2019
Home prices increased in October, rising only 0.2% from the previous month but up 5% from 2018, according to the latest monthly House Price Index from the Federal Housing Finance Agency.
The 2010s: A decade that changed the way agents work
Housing Wire| December 30, 2019
The 2010s marked a tectonic shift in the way real estate agents conduct business.It wasn’t the most tumultuous decade in real estate history. The 2000s have that distinction because of the record-setting crash that started in 2007. But looking at the way agents spend their days, few 10-year stretches have seen such change.
Americans are cashing-out home equity with higher rates
Housing Wire| December 30, 2019
Americans are cashing out home equity by refinancing their mortgages, even if it means they’re paying higher interest rates.
Nearly 60% of cash-out refinancings in 2018 came with higher interest rates, the biggest share since before the financial crisis, according to a Wall Street Journal story citing mortgage-data firm Black Knight.
Pending home sales rise 1.2% in November after October's decline
Housing Wire| December 30, 2019
Reversing course from October’s decline, the National Association of Realtors indicates the nation’s pending home sales increased in November. During the month, the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased to 108.5, rising from October’s 106.7
Lack of housing supply sends home sales retreating in November
Housing Wire| December 19, 2019
The nation’s existing-home sales declined 1.7% in November, according to the National Association of Realtors.Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – fell to a seasonally adjusted annualized rate of 5.35 million. However, sales are still 2.7% above November 2018’s rate.
Bold Predictions for 2020: Shrinking Homes and a More Stable Market
Zillow.com| December 9, 2019
With the housing market stabilizing from the drama of the early years of home price recovery and the subsequent slowdown during 2019’s home shopping season, we have a rare moment of calm to reflect on what housing might look like in the year to come.
L.A. is the hottest housing market in California
Housing Wire| December 17, 2019
Los Angeles beat San Francisco in November as the hottest real estate market in the nation’s most populous state, according to a report by the California Association of Realtors.
U.S. economic growth pushes home builder confidence to 10-year high
Housing Wire| December 16, 2019
Homebuilder confidence grew in December thanks to the nation’s low-interest rates and strong job market, according to this month’s Housing Market Index.
Here’s what will happen in multifamily real estate in 2020
Housing Wire| December 13, 2019
After a strong year in multifamily housing, expect an even stronger one in 2020, according to RealPage Chief Economist Greg Willett. In an interview with HousingWire, Willett said the apartment market is in great shape, and even the luxury market will see competition in 2020. Occupancy rates were as high as 96.3% this year, a figure Willett said is well above the long-term norm.
Fed holds steady, signals no interest rate changes through 2020
Housing Wire| December 11, 2019
The Federal Reserve left its benchmark rate unchanged on Wednesday and signaled it plans to hold steady through 2020, barring unexpected economic news.All the members of the Federal Open Market Committee supported the decision to keep the rate in the 1.5% to 1.75% range, the first unanimous vote since its May meeting.
Realtors expect these to be the 10 hottest housing markets for the next 3-5 years
Housing Wire| December 11, 2019
On the whole, the nation’s housing prices continued to rise throughout this year and are expected to continue to do so into the foreseeable future. But, according to the National Association of Realtors, there are a handful of markets that are expected to rise above the rest over the next half-decade or so in terms of performance.
First-time homebuyers are making a comeback
Housing Wire| December 10, 2019
First-time homebuyers are making a comeback this year as they made up 39% of all buyers in the single-family housing market during the third quarter, according to the third quarter First-Time Homebuyer Market Report from Genworth Financial.
U.S. unemployment rate falls to 50 -year low
Housing Wire| December 6, 2019
The U.S. unemployment rate fell to another 50-year low, coming in at 3.5% in November as the economy added 266,000 jobs after October’s upwardly revised 156,000 jobs, according to the Bureau of Labor Statistics.
U.S. home prices heated up in October thanks to low rates
Housing Wire| December 4,2019
U.S. home prices grew at an annual pace of 4.25% in October, the biggest year-over-year gain in nine months, compared with an increase of 3.9% in September, as cheaper financing gave people the ability to bid up home prices, the company said.
The Biggest Changes Coming in 2020 Real Estate- and What Buyers and Sellers Need to Do
Realtor.com/ December 4,2019
Ten years ago, many homeowners were desperately hoping to hang on to their homes. Others were doing everything they could just to scare up potential buyers. Meanwhile, said buyers were struggling to get financing from newly skittish lenders. Ah, memories. What a difference a decade makes!
5 nuances worth noting in mortgage and housing forecasts
National Mortgage News/ November 27, 2019
The 2020 outlook for mortgage lending is generally strong, with many projecting a slight slowdown. Hence it's important to minimize underlying risks and maximize opportunities that might otherwise be missed.
Redfin| October 12, 2020
Buying a new home is an exciting moment in anyone’s life — whether you’re finally ready to make the leap from renter to homeowner or you’re an experienced buyer. However, even if this isn’t your first rodeo, the homebuying process can be complex. From navigating the mortgage approval process to the possibility of a bidding war, it can be tricky to go at it alone.
Refinancings may hit a 7-year high
Housing Wire| May 6, 2020
Mortgage originations for refinancings may hit a seven-year high this quarter as Americans chase the lowest home-loan rates ever recorded. Refi volume probably will total $429 billion, more than double the $180 billion of the year-ago quarter, according to a Fannie Mae forecast.
Homebuyers still shopping despite coronavirus-fueled pessimism
Housing Wire| April 17, 2020
Despite numerous challenges, buyers are still house hunting and lenders are still originating purchase loans. If recent polls are any indication, the coronavirus pandemic has pushed consumer confidence into a free-fall. Consider these examples: The Fannie Mae Home Purchase Sentiment Index fell 11.7 points to 80.8 in March, its lowest reading since December 2016. The University of Michigan’s consumer sentiment index fell from 101 in February to 89.1 in March to 71 in April – the latter decline marked its most severe plunge in 11 years. The Conference Board’s consumer confidence index tumbled from 132.6 in February to 120 in March, its greatest decline since 2011.
Curbside closings offer drive-up service amid social distancing concerns
Housing Wire| April 13, 2020
Clients stay in their vehicles while notaries, title agents and attorneys ferry paperwork back and forth. The Atlanta law firm Cook & James has become the latest housing-focused business to respond to the COVID-19 pandemic by offering clients curbside closings.
Fannie Mae, Freddie Mac tighten some standards, loosen others amid coronavirus crisis
Housing Wire| March 31, 2020
With the coronavirus continuing to wreak havoc across the country, the nation’s two largest sources of mortgage funding are taking additional steps to address issues that currently exist within the lending process.
Fannie, Freddie provide guidance on closings
The Legal Description March 25, 2020
Fannie Mae and Freddie Mac each put out bulletins providing temporary guidance on how to proceed in light of the rapidly evolving situation regarding COVID-19. Among other things, the bulletins address the use of electronic records and signatures and the closure of land recoding offices around the country.
Coronavirus
Housing Wire March 17, 2020
As coronavirus continues to impact the global economy, HousingWire is here to keep you updated on how it is directly impacting the U.S. housing industry.
Falling rates boost refi eligible mortgages
Housing Wire March 4, 2020
Low borrowing costs have made 11.1 million U.S. mortgages “refi eligible,” meaning borrowers would save money by getting a new home loan even with the application and funding costs, according to Black Knight.
Mortgage Rates Hit All-Time Lows, Is It Time To Lock?
Mortgage News Daily| March 2, 2020
Mortgage rates officially hit all-time lows this morning. Even so, it continues to be the case that Treasury yields (often referred to as the basis for mortgage rates) are falling much faster. That's because Treasuries aren't actually the basis for mortgage rates. They're simply a very important source of guidance and momentum in the bigger picture for all kinds of rates. I've written on this extensively in recent days.
Are mortgage rates about to hit an all-time low?
Housing Wire| February 25, 2020
The lowest mortgage rates ever occurred around Thanksgiving 2012, when the interest rate for a 30-year fixed-rate mortgage fell to 3.31% (according to Freddie Mac data). However, rising panic over the coronavirus could drive rates to lows never seen before.The signs of record lows for mortgage rates are already emerging, with the yield on the benchmark 10-year U.S. Treasury note falling to its lowest level ever during Tuesday’s trading.
It’s time to go beyond POS technology
Housing Wire| February 17, 2020
Technology has come a long way in the mortgage industry over the past few years, but one expert says it’s time for lenders to move beyond tech that is front-facing. Shane Erskine, OneTrust Home Loans president and 2019 HousingWire Rising Star, explained that it will take more than point of sale technology for lenders to remain profitable in a tight market.
How fear of new things is crushing real estate agents’ growth potential
Housing Wire| February 14, 2020
Change is inevitable. Do you run from it or embrace it?
Most of the complaining and bad-mouthing I see is rooted in fear and scarcity thinking. Fear of a new way of doing things. Fear of the unknown. Fear of new competition. Fear of new technology. Fear of new business models.
Mortgage rates inch up slightly from 3-year low
Housing Wire| February 13, 2020
The average U.S. fixed rate for a 30-year mortgage inched up to 3.47% this week, reversing course from last week’s 3-year low of 3.45%. Although this week’s rate is just two basis points above the previous week’s rate, it is still 90 basis points below the 4.37% of the same week last year, according to Freddie Mac.
Study: Borrowers Save Big by Shopping for Mortgages
Realtor Magazine| February 11, 2020
As interest rates move lower, borrowers can unlock some serious savings by gathering more than one quote from a mortgage lender. It may be worth the extra time to gather up to three quotes from mortgage lenders. The average borrower could save $44,500 over the life of their loan by comparison shopping for a mortgage, a new study by LendingTree finds.
Mortgage Rates Fall to the Lowest Level Since 2016—Could This Be the Last Affordable Spring Home-Buying Season?
Realtor.com| February 6, 2020
Mortgage rates have dropped to the lowest levels since before the 2016 presidential election.The 30-year fixed-rate mortgage averaged 3.45% during the week ending Feb. 6, a decrease of six basis points from the previous week, Freddie Mac reported Thursday. This was the third consecutive week in which mortgage rates dropped.
Mortgage applications jump 5% on low mortgage rates
Housing Wire| February 5, 2020
Low interest rates drove an increase in mortgage applications in the last week. According to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey, applications rose 5% from last week.
The Fed holds rates steady. Here’s why that matters to you
CNBC.com| January 29, 2020
The Federal Reserve’s decision Wednesday to keep interest rates steady came as a relief to many. For good reason.Although the federal funds rate, which is what banks charge one another for short-term borrowing, is not the rate that consumers pay, the Fed’s moves still affect the borrowing and saving rates they see every day.
Mortgage rates fall to the second-lowest level in three years
Housing Wire| January 30, 2020
This week, the average U.S. fixed rate for a 30-year mortgage averaged 3.51%, dropping to the second-lowest level in three years.The pace is now 95 basis points below the 4.46% rate of the same week last year, according to the Freddie Mac Primary Mortgage Market Survey.
Fannie Mae warns lenders: There is a growing list of fake employers showing up on mortgages
Housing Wire| January 29, 2020
Back in 2018, Fannie Mae issued a warning to lenders after identifying more than 30 apparently fake companies that were appearing on borrowers’ mortgage documentation as their place of employment.
Millennials are looking forward to buying a home, but feel overwhelmed by the process
Housing Wire| January 27, 2020
Millennials are buying homes. This much is known. But, despite the much-discussed generation making their entrance into the housing market, many still are still very uneasy about the process.
A solution to the inventory problem? Housing starts are expected to rise this year
Housing Wire| January 23, 2020
Economics has long been dubbed “the dismal science.” But the economists at Capital Economics are showing some optimism for single-family housing starts in 2020. Their latest report predicts single-family housing starts to average around 1 million annualized this year.
Home seller profits hit new high as people are staying in their homes longer than ever
Housing Wire| January 23, 2020
People are staying in their homes longer than ever before, but it may pay off big for them should they choose to move.That’s according to a recent report from ATTOM Data Solutions, which stated that both homeownership tenure and home seller profits simultaneously hit new highs.
Home prices climb 6.9% in December
Housing Wire| January 21, 2020
In December, home sale-prices climbed 6.9% year over year, rising to a median of $312,500 across 217 housing markets, according to new data from Redfin. Month over month, home sale-prices rose 1.1% on a seasonally adjusted basis, marking the largest increase since February of 2018.
Looking for the Housing Markets Most Likely to Outperform in 2020? Look South
Zillow| January 2, 2020
A collection of relatively affordable, sun-belt markets are among those in which home value growth in 2020 is most expected to outperform the national average, according to a panel of experts recently surveyed by Zillow.
Housing starts soar to a 13-year high
Housing Wire| January 17, 2020
Housing construction continued to improve in December as the nation’s homebuilders increased their building efforts nationwide, sending the unadjusted pace to a 13-year high.
Mortgage rates inch forward to 3.65%
Housing Wire| January 16, 2020
This week, the average U.S. fixed rate for a 30-year mortgage averaged 3.65%. While this percentage is slightly above the previous week’s average, it’s still 80 basis points below the 4.45% of the same week last year, according to the Freddie Mac Primary Mortgage Market Survey.
Some homebuyers value their real estate agent as much as a therapist
Housing Wire| January 13, 2020
How important is a real estate agent to homebuyers and sellers? Well, according to new survey, a majority of homebuyers and sellers feel that an agent is more important to them than their therapist.In fact, the new survey from Century 21 shows that a majority of homebuyers and sellers say they value and confide in their agents more than a therapist, and know them better than their own neighbors.
California reportedly launching its own CFPB
Housing Wire| January 9, 2020
California already has one of the most active state agencies in terms of regulating and (when necessary) punishing the financial services industry: the California Department of Business Oversight.
The biggest mortgage industry trends of 2019 that will carry into 2020
Housing Wire| January 10, 2020
The last 365 days proved that as much as the industry tries to predict the real estate market, nothing beats proactively preparing for any type of lending environment. The best example of this was also one of the biggest mortgage industry trends of 2019: the drop in interest rates.
The most popular features in real estate listings
Housing Wire| January 10, 2020
Point2 Homes, a real estate listing website, analyzed the language in 1.2 million home listings across the U.S. and came up with the most common phrases.The three most frequently-used feature descriptions for homes priced under $5 million were: “granite countertops,” “hardwood floors,” and “stainless steel appliances.” Next on the list: “open floor plan,” “fenced backyard,” and “covered patio.”
Real estate bidding wars return to another 10-year low in December
Housing Wire| January 8, 2020
Despite low housing supply continuing to affect the housing market as 2019 came to an end, Redfin indicates the frequency of bidding wars for real estate continued to fall. According to the company, only 9% of purchasing offers made on its site faced a bidding war during the month. Not only is this percentage down 12% from last year’s rate, but it also pushed the rate down to another 10-year-low.
What's keeping some people from buying a house? Child care is ridiculously expensive
Housing Wire| January 7, 2020
Homebuyers are left with less money to buy or rent a home due to the rising cost of child care, a new insight from Freddie Mac said. The real price of child care has increased by 49% over the last 25 years, yet the cost of housing has only increased 14% in 25 years
Why are people staying in their houses for so long?
Housing Wire| January 7, 2020
Housing professionals and economists repeatedly assert that American homeowners are staying in the same houses longer and provide a few theories as to why.
Where will the hottest housing markets be in 2020? Go south
Housing Wire| January 2, 2020
The hottest housing markets in 2020 will be the ones where the weather is hotter too. New data from Zillow suggests that southern markets are expected to outperform other national markets this year. More specifically, Austin, Texas will stand out the most, according to a new survey from Zillow.
FHA, Fannie Mae, Freddie Mac are all now backing larger loans
Housing Wire| January 2, 2020
With the calendar now officially flipped to 2020, Fannie Mae, Freddie Mac, and the Federal Housing Administration are now backing larger mortgages than they were just a few days ago. That’s because the 2020 loan limits for each of those agencies are now in effect. And each of the agencies’ loan limits are higher for 2020 than they were in 2019.
FHFA: U.S. home prices climb 5% from last October
Housing Wire| December 31, 2019
Home prices increased in October, rising only 0.2% from the previous month but up 5% from 2018, according to the latest monthly House Price Index from the Federal Housing Finance Agency.
The 2010s: A decade that changed the way agents work
Housing Wire| December 30, 2019
The 2010s marked a tectonic shift in the way real estate agents conduct business.It wasn’t the most tumultuous decade in real estate history. The 2000s have that distinction because of the record-setting crash that started in 2007. But looking at the way agents spend their days, few 10-year stretches have seen such change.
Americans are cashing-out home equity with higher rates
Housing Wire| December 30, 2019
Americans are cashing out home equity by refinancing their mortgages, even if it means they’re paying higher interest rates.
Nearly 60% of cash-out refinancings in 2018 came with higher interest rates, the biggest share since before the financial crisis, according to a Wall Street Journal story citing mortgage-data firm Black Knight.
Pending home sales rise 1.2% in November after October's decline
Housing Wire| December 30, 2019
Reversing course from October’s decline, the National Association of Realtors indicates the nation’s pending home sales increased in November. During the month, the Pending Home Sales Index, a forward-looking indicator based on contract signings, increased to 108.5, rising from October’s 106.7
Lack of housing supply sends home sales retreating in November
Housing Wire| December 19, 2019
The nation’s existing-home sales declined 1.7% in November, according to the National Association of Realtors.Total existing-home sales – completed transactions that include single-family homes, townhomes, condominiums, and co-ops – fell to a seasonally adjusted annualized rate of 5.35 million. However, sales are still 2.7% above November 2018’s rate.
Bold Predictions for 2020: Shrinking Homes and a More Stable Market
Zillow.com| December 9, 2019
With the housing market stabilizing from the drama of the early years of home price recovery and the subsequent slowdown during 2019’s home shopping season, we have a rare moment of calm to reflect on what housing might look like in the year to come.
L.A. is the hottest housing market in California
Housing Wire| December 17, 2019
Los Angeles beat San Francisco in November as the hottest real estate market in the nation’s most populous state, according to a report by the California Association of Realtors.
U.S. economic growth pushes home builder confidence to 10-year high
Housing Wire| December 16, 2019
Homebuilder confidence grew in December thanks to the nation’s low-interest rates and strong job market, according to this month’s Housing Market Index.
Here’s what will happen in multifamily real estate in 2020
Housing Wire| December 13, 2019
After a strong year in multifamily housing, expect an even stronger one in 2020, according to RealPage Chief Economist Greg Willett. In an interview with HousingWire, Willett said the apartment market is in great shape, and even the luxury market will see competition in 2020. Occupancy rates were as high as 96.3% this year, a figure Willett said is well above the long-term norm.
Fed holds steady, signals no interest rate changes through 2020
Housing Wire| December 11, 2019
The Federal Reserve left its benchmark rate unchanged on Wednesday and signaled it plans to hold steady through 2020, barring unexpected economic news.All the members of the Federal Open Market Committee supported the decision to keep the rate in the 1.5% to 1.75% range, the first unanimous vote since its May meeting.
Realtors expect these to be the 10 hottest housing markets for the next 3-5 years
Housing Wire| December 11, 2019
On the whole, the nation’s housing prices continued to rise throughout this year and are expected to continue to do so into the foreseeable future. But, according to the National Association of Realtors, there are a handful of markets that are expected to rise above the rest over the next half-decade or so in terms of performance.
First-time homebuyers are making a comeback
Housing Wire| December 10, 2019
First-time homebuyers are making a comeback this year as they made up 39% of all buyers in the single-family housing market during the third quarter, according to the third quarter First-Time Homebuyer Market Report from Genworth Financial.
U.S. unemployment rate falls to 50 -year low
Housing Wire| December 6, 2019
The U.S. unemployment rate fell to another 50-year low, coming in at 3.5% in November as the economy added 266,000 jobs after October’s upwardly revised 156,000 jobs, according to the Bureau of Labor Statistics.
U.S. home prices heated up in October thanks to low rates
Housing Wire| December 4,2019
U.S. home prices grew at an annual pace of 4.25% in October, the biggest year-over-year gain in nine months, compared with an increase of 3.9% in September, as cheaper financing gave people the ability to bid up home prices, the company said.
The Biggest Changes Coming in 2020 Real Estate- and What Buyers and Sellers Need to Do
Realtor.com/ December 4,2019
Ten years ago, many homeowners were desperately hoping to hang on to their homes. Others were doing everything they could just to scare up potential buyers. Meanwhile, said buyers were struggling to get financing from newly skittish lenders. Ah, memories. What a difference a decade makes!
5 nuances worth noting in mortgage and housing forecasts
National Mortgage News/ November 27, 2019
The 2020 outlook for mortgage lending is generally strong, with many projecting a slight slowdown. Hence it's important to minimize underlying risks and maximize opportunities that might otherwise be missed.