Based on April’s data, potential existing-home sales increased to a 5.34 million seasonally adjusted annual rate, a 0.45% month-over-month increase. This represents a 53.3% increase from the market potential low point over 30 years ago in February 1993.
Read More »Continued Rate Hikes Causing Housing Market Uncertainty
”Buyers and sellers alike are looking towards the upcoming Federal Reserve meeting with hope, as some experts anticipate the reversal of rate hikes, which could potentially lead to a resurgence in activity.”
Read More »Credit Usage Up YoY Across the Board
All types of credit, mortgages and credit cards included, were up in Q1 of 2023.
Read More »Mortgage Delinquency Rate Falls to Second Lowest on Record
“The mortgage delinquency rate fell to its lowest level for any first quarter since MBA’s survey began in 1979 and was the second lowest quarterly rate overall, just 11 basis points above the survey low in the third quarter of 2022,” said Marina Walsh, CMB, MBA’s VP of Industry Analysis.
Read More »Study: Increase in Vacancies Slowing Rent Growth
Completed residential projects in buildings with five or more units jumped 60% year over year on a seasonally adjusted basis to 484,000 in March—the most recent month for which data is available.
Read More »Interest Rates Impacting Borrowers’ Access to Home Equity
A new survey found that 50% of respondents cannot or would not borrow against their homes due to the current interest rate environment.
Read More »Cities with Double-Digit Home Price Gains Falls to Single Digits
About 7% of the 221 metropolitan areas tracked by the National Association of Realtors reported double-digit price gains in Q1, falling from 18% from Q4 2022.
Read More »Housing Confidence Increases with Upward Trend in HPSI
“This month’s increase in the HPSI was the largest in over two years, primarily driven by consumers’ more optimistic mortgage rate expectations,” said Doug Duncan, Fannie Mae’s SVP and Chief Economist.
Read More »Forty-Eight Percent of Homes Sold in April Under Contract Within Two Weeks
The number of homes that went under contract within two weeks rose 2% from March. While that jump may seem small, it’s notable because the share of homes selling in two weeks typically falls in April after peaking in March.
Read More »Bankruptcy Court Weighs in on Usury Laws
Attorneys T. Robert Finlay and Jonathan D. Fink explore a recent court ruling where a lender’s settlement agreement with its defaulting borrowers violated California’s usury laws by including a provision for interest at a higher rate than that allowed by state law.
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