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Existing home sales are working from a historic low bar

Housing Wire

Today, we saw existing home sales slip a bit month to month, which isn’t surprising to me as purchase application data started its positive run in November. Since making some holiday adjustments, we have seen a seven-week positive trend in purchase apps since November. From NAR : Existing-home sales waned 1.0%

Sales 402
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Housing inventory fell last week, but it won’t derail the spring bump

Housing Wire

Weekly housing inventory data — both active inventory and new listings — are prone to one-week moves that deviate from a trend, especially if people are going Easter egg hunting. So, the fact that active inventory and new listings data fell last week isn’t a big deal. However, for now, this is a plus for the U.S.

Mortgages 418
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Why higher rates aren’t crashing home prices

Housing Wire

Home prices aren’t crashing, despite what the housing bubble boys are saying. In fact, home prices have firmed up higher recently. Well, it’s June 9, 2023, and home prices have been firm month to month, not showing anything that resembles the housing bubble crash years. Then on Aug.

Mortgages 545
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Housing Market Tracker: Inventory is negative YOY

Housing Wire

Mortgage rates rose last week after the better-than-anticipated jobless claims data but even with higher rates, we also had a third week of positive purchase application data. The other big story with housing inventory is that new listing data has been trending negative year over year since the end of June 2022.

Marketing 447
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Mike Fratantoni on MBA’s 2022 mortgage market forecast

Housing Wire

We’ve had the sharpest and yet also the shortest recession in history, record-low mortgage rates leading to record origination volumes, and record home prices as housing demand far outstripped supply. The last two years have been a wild ride. Odds are that this turn in the pandemic will likely be just a temporary setback.

Mortgages 447
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Push button. Get CEO? What’s next for Rocket

Housing Wire

It was 1996 and Dan Gilbert , the founder and CEO, announced that the company’s mortgage bankers weren’t going to meet with applicants face to face. We’re going to send our clients the applications, they’re going to sign it and they’re going to mail it back to us. That was new back then. I probably bought maybe 500 or 600.

Loans 268
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FHFA House Price Index: Q1 2023 Reveals Record Highs and Regional Trends

Broke Agent Media

The Federal Housing Finance Agency (FHFA) just released its House Price Index (HPI®) for Q1 and March of 2023, showing clearly enough that home prices are trending up, largely due to near record-low inventory and stabilizing buyer demand. The five states with the highest annual appreciation in home prices: South Carolina, 9.5%