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Why home prices haven’t crashed even with high mortgage rates

Housing Wire

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023. Now lets take a look at the weekly inventory data.

Mortgages 529
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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.

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 450
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Housing Market Tracker: Banking crisis is a new variable

Housing Wire

Mortgage rates fell as the banking crisis got worse and purchase application data grew for the second week in a row, but the big question is: Did we hit the seasonal bottom in housing inventory? Purchase application data rose 7% weekly , still down 38% year over year. The housing market was crazy again last week.

Banks 380
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Is the spring housing market about to rebound?

Housing Wire

These buyers are primarily local community developers who purchase distressed properties and then resell or rent those properties on the retail market following rehab — a process that typically takes about six months. The national median home price decreased 1.7% That mild correction has played out, with an emphasis on mild.

Marketing 420
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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. A silver lining is that we are expecting both 2022 and 2023 to be record years for purchase originations.

Mortgages 450
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How to Know When a Recession Has Started

Realty Biz

economy’s performance in the April-June quarter. The six-month decline in economic output is the only strong indicator of a recession. Inflation is still so high that despite pay raises, most Americans’ purchasing power is eroding. After inflation has been tamed but long-term spending remains in decline.