article thumbnail

Comparing this housing market recession to 2008

Housing Wire

Sales fall. Then we had the biggest mortgage rate shock in recent history and yet even with that, we will have over 5 million total home sales this year. Home sales. The housing market of 2002-2005 had four years of sales growth facilitated by credit. Housing demand has fallen noticeably this year. Production falls.

Marketing 545
article thumbnail

Opinion: How did homeowners get into home equity prison?

Housing Wire

of outstanding debt was in some stage of delinquency, up by 0.1 For instance, they can take some of the profit from the sale of their current home and buy down the interest rate on the loan for their new house, thereby decreasing their monthly payment and staying on budget. As of December 31, 2023, 3.1%

Equity 420
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Loan buybacks haven’t disappeared, but they are trending down

Housing Wire

The Urban Institute report, published in November 2023, shows that the average number of months from origination to repurchase between 2005 to 2008 (prior to and during the early stages of the global financial crisis ) was 46 months for Freddie Mac and 52 months for Fannie Mae.

Loans 376
article thumbnail

Will we start 2022 with all-time lows in housing inventory?

Housing Wire

My biggest concern for housing in the years 2020-2024 was that if the demographic push in demand picks up and total home sales get over 6. million new and existing home sales combined. This type of sales growth — which couldn’t happen from 2008-2019, as I have often stated — is coming with a hefty price tag.

article thumbnail

Why lenders should be asking for a title check at loan application

Housing Wire

So nowwith a title check,lenders have the ability at Point-of-Sale to ask questions, gather and validate information from the consumer in one step, streamlining the consumer experience. Now we are integrating into leading Point-of-Sale and Loan Origination Systems (LOS). That’s much too late in the process.

Title 327
article thumbnail

Find Cash Home Buyers in Houston for a Fast, Simple Sale

HomeLight

Do you need to connect with cash home buyers in Houston for a fast sale? Whatever your reason for needing a quick sale without making expensive repairs, Houston is teeming with cash home buyers ready to make you an offer no matter your home’s condition. Need to Sell Your House Fast in Houston? No showings, no repairs, no open houses.

Sales 72
article thumbnail

What Causes Pre-Construction Condo Cancellations?

Toronto Realty Blog

Remember, developers can start pre-sales before they have a final design or approval, and of course, they can always change the design. We talked a lot about sales on Monday as a reason for delays. Many times, these projects are effectively canceled by somebody else… – 4) Bankruptcy. Economic viability.