Housing Wire

Millions will enter housing market in 2021: Zillow

Housing Wire

In what will be known to future generations as the Great Reshuffling, a recent Zillow survey showed that more than 1 in 10 Americans reported moving in the past 12 months, either by choice or by circumstance.

Here’s how to fix the housing market inventory crisis

Housing Wire

The U.S. housing market is in the midst of an inventory crisis. The number of homes for sale in the U.S. is hovering near record lows , caused by a pandemic-induced housing inventory death-spiral.

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CFPB proposes foreclosure ban until 2022

Housing Wire

The Consumer Financial Protection Bureau (CFPB) released a notice of proposed rulemaking on Monday that would amend Regulation X to provide a special pre-foreclosure review period prohibiting servicers from starting foreclosures until after December 31, 2021.

The appraisal gap is complicating deals across the country

Housing Wire

The home checked off every box on Linda’s list. It had a large, fenced-in yard, modern appliances in an updated kitchen, a “man cave” for her husband, beamed ceilings, a massive master suite and was located in a good school district. The house, in the Nashville area, was listed at $405,000.

Home sellers are feeling good about 2021

Housing Wire

Home sellers are chomping at the bit. As the economy reopens, vaccinations continue to roll out and stimulus checks reach bank accounts across America, home sellers are increasingly optimistic.

5 signs you’re ready to downsize your home

Housing Wire

Should you or shouldn’t you downsize? If you’re a homeowner , this is a question you’ll inevitably ask yourself. While owning a home is exciting, it comes with a great deal of responsibility.

Will the next job wave mean the end of forbearance?

Housing Wire

Last Friday, the Bureau of Labor Statistics reported that 916,000 jobs were created in March, and the previous month’s revisions came in positive. The rest of this content is for HW+ members. Join today with an HW+ Membership ! Already a member? log in.

Home prices see highest gain in nearly 15 years

Housing Wire

Home prices continued their acceleration in January according to the S&P Corelogic Case-Shiller National Home Price Index, jumping 11.2% year over year, the highest gain in nearly 15 years. The Tuesday report also revealed an 11.1%

Tired of renting? 6 signs you’re ready to buy your first home

Housing Wire

Chances are, you know someone who owns a home. Whether it’s a sibling, friend, or co-worker, you’ve seen someone go through the first-time home buying process – and it probably looked really complicated. At least, more complicated than simply paying rent to a landlord every month.

Employment gains could help housing inventory

Housing Wire

After three months of mediocre gains , the U.S. unemployment situation brightened considerably in March. Total nonfarm payroll employment rose by 916,000 and pushed the unemployment rate down to 6%, according to the U.S. Labor Department.

Looser mortgage credit may give first-time buyers a chance

Housing Wire

Mortgage credit showed signs of loosening up in March, and with it, more availability for lower credit scores and high LTV products to enter the housing market, the Mortgage Bankers Association said in a report on Thursday. The group’s Mortgage Credit Availability Index rose.6% to 125.4

Asking prices of newly listed homes reach all-time high

Housing Wire

Home prices are sky-high, and a recent report from Redfin underlines that point with some staggering data. Median home-sale prices increased 17% year-over-year to $335,613 – a record high, per data taken from more than 400 metro areas during the four-week period ending March 28, 2021.

Developing a lending strategy for rising mortgage rates

Housing Wire

As we enter the second quarter of 2021, it’s time for the mortgage industry to reflect on the past 12 months and think about how to plan for the same period ahead.

Average home sale price hits all-time record

Housing Wire

The median home sale price increased 16% year-over-year to $331,590 – an all-time high, per a report this week from Redfin. But that’s not stopping buyers from snatching up homes days after they’re listed.

Sales 285

Will trillions in stimulus push mortgage rates over 5%?

Housing Wire

Whether we personally were infected by COVID-19 or not in the past year, we all suffered the pains of a sick economy as members of the American family.

As prices rise, Utah housing market less of a bargain

Housing Wire

As movers flock to secondary cities in search of more land for less cash, the Utah housing market – land of ski slopes and mountain trails – has become a popular destination, especially for those leaving California.

Mortgage rates drop slightly to 3.13%

Housing Wire

The average U.S. mortgage rate dropped five basis points last week to 3.13%, according to Freddie Mac’s Primary Mortgage Market Survey. It’s the first decline in mortgage rates in two months.

Forbearance falls below 5% for the first time in a year

Housing Wire

The U.S. forbearance rate is officially below 5% for the first time in a year. Servicers’ forbearance portfolio volume fell nine basis points last week to 4.96%, according to a survey from the Mortgage Bankers Association.

Loans 273

Mortgage rates jump to 3.17% last week

Housing Wire

The broader economy showed signs of recovery last week, pushing the average mortgage rate for a 30-year fixed loan up eight basis points to 3.17%, according to Freddie Mac ’s Primary Mortgage Market Survey.

The ugly side of housing: low inventory

Housing Wire

After eight months of consecutive gains, the consequences of low inventory finally caught up with the housing market in February. Tightened supply was largely responsible for a 10.6%

Sales 266

These are the most competitive housing markets in the U.S.

Housing Wire

In the most competitive housing markets in the country, virtually every buyer has immaculate credit, a few hundred thousand dollars – or more – for a downpayment and knows what their mortgage options are. Not that many of the buyers even need one.

What is a bridge loan?

Housing Wire

If you’re a first-time homebuyer (or you already own a home), you’ve heard of mortgage loans. You have your conventional loans, FHA loans, VA loans, USDA loans and so on. But there’s another type of loan, not too many people are familiar with that can make the home buying process much easier.

Loans 283

About 7M refi candidates missed the “forever rate” boat

Housing Wire

A 40-plus basis point rise in mortgage rates over the past month resulted in approximately 7 million high-quality refi candidates who are no longer able to lock “forever rates,” according to a recent report from Black Knight.

Loans 281

How much cash matters in a bidding war

Housing Wire

When there’s a bidding war, cash is king. And a recent Redfin study confirmed that it’s the only sure-fire way to win that dream house in a market this crazy.

Consumers more confident about making mortgage or rent

Housing Wire

Although many homeowners and renters continue to feel the economic pressure of the pandemic , they’re growing more confident that they can pay their rent or mortgage, according to the latest consumer confidence survey by Freddie Mac.

Threat of climate change looms large for some home buyers

Housing Wire

Climate change and the rising threat of natural disasters is likely to significantly impact migration plans of American families, potentially changing the landscape of American real estate. Out of 2,000 people surveyed between Feb.

Effects of UWM’s broker policy could be very damaging

Housing Wire

This month, United Wholesale Mortgage took the industry by surprise when it made a statement that it would block mortgage brokers from doing business with the company if they did business with either Quicken Loans or Fairway Mortgage.

Banks 283

New home sales plunge 18.2%, but demand stays strong

Housing Wire

After a near decade high in January, new home sales for single-family houses plummeted 18.2% to a seasonally adjusted annual rate of 775,000 in February — the sharpest month-over-month decline since 2013, according to estimates by the U.S.

Sales 279

Notarize invites independent notaries to utilize software

Housing Wire

Notarize announced Wednesday that it will now allow independent notaries – of which there are 4.4 million in the U.S. – to utilize its software and platform for their own independent transactions.

Forbearances dip for fifth straight week to 4.9%

Housing Wire

The share of loans in forbearance fell six basis points during the final week of March to 4.9% of servicers’ portfolio volume, according to recent data from the Mortgage Bankers Association.

Loans 237

CFPB warns servicers: “Unprepared is unacceptable”

Housing Wire

The Consumer Financial Protection Bureau (CFPB) is warning servicers that it is ramping up enforcement and will be specifically watching how servicers manage borrowers coming out of forbearance.

Could the great refi boom finally be over?

Housing Wire

A growing chorus of mortgage industry observers believe the final week of February might have been the last hurrah for sub-3% mortgage rates. And the proof is in the refi pudding.

Buyers are overpaying, but are there signs of a bubble?

Housing Wire

Home prices have skyrocketed in the past year, and data from Redfin backs up what buyers, sellers, and agents have known for months. The national average of home prices rose 14.4%

Should I pay off student loans before buying my first home?

Housing Wire

Do I need to pay off my student loans before buying my first home? It’s a common question, but unfortunately, not an easy one to answer. The truth is, every situation is different.

Loans 270

How Pueblo, Colorado became a hot housing market

Housing Wire

The progression of homebuying over the past year has seen prospective buyers adjusting their preferred destination plans again, and again, and again.