2020

Redfin faces lawsuit claiming it favors white neighborhoods

Housing Wire

The National Fair Housing Alliance and nine other housing organizations filed a lawsuit against Redfin on Wednesday, accusing the online brokerage of racial discrimination and favoritism toward predominately white neighborhoods.

Why Selling this Fall May Be Your Best Move

Keeping Current Matters

If you’re thinking about moving, selling your house this fall might be the way to go. Here are four highlights in the housing market that may make your decision to sell this fall an easy one. Buyers Are Actively in the Market.

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Holy smokes — new home sales are up 32.1% year over year

Housing Wire

The one economic sector that has blown away my estimates this year has been the new home sales market. I predicted peak year-to-date growth of 4.7% but this was before COVID-19, which temporarily crushed bond yields and mortgage rates.

Sales 283

Is 2021 a good time to buy a house?

Housing Wire

This year’s housing market has been plagued with low inventory, rising home prices, and endless bidding wars, making it hard for some would-be homeowners to get their foot in the door. Will 2021 be any different? Or, will it be a good time to buy a home?

The housing market faced uncertainty in March, but now ‘it’s a circus’

Housing Wire

The housing market faced a lot of uncertainty when COVID-19 caused the real estate industry to pause under shut-downs, but low interest rates and the desire for more space has turned this year into a boom time for real estate agents.

Mortgage rates hit another record low this week

Housing Wire

The average U.S. mortgage rate for a 30-year fixed loan fell to 2.8% this week, another record low, Freddie Mac said in a report on Thursday. The rate fell one basis points from the week prior and is now six basis points lower than the original all-time low set in mid-September.

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The housing bubble boys blew it in 2020

Housing Wire

The NAR existing home sales report released today blew out all estimates with 6,540,000 in existing home sales. This epic headline punctured any bubbles the 2020 bubble boys had left in their arsenal. But before we get too excited, keep in mind we are still down 0.2%

The forbearance crash bros spoke too soon

Housing Wire

The health and economic crisis has made 2020 a horrific year for many Americans. Added to all that misery we had terrible fires in the West and hurricanes in the East. From my perspective, that ball in Times Square can’t drop fast enough hailing the end of this year.

Equity 285

The Pandemic’s Impact on Consumer Shopping Behavior in Mortgage & Real Estate

Housing Wire

Our job as mortgage professionals is to help consumers when and how they need us. This is especially important in the current crisis as the behaviors of both consumers and those in the housing industry are changing.

In a bid for stability, FHFA and FHA extend forbearance policies

Housing Wire

Major forbearance policy changes have been set into motion. The Department of Housing and Urban Development announced on Tuesday an extension allowing single-family homeowners with Federal Housing Administration -insured mortgages to request an initial forbearance through Dec 31, 2020.

Loans 277

Average 30-year mortgage rate falls to another all-time low

Housing Wire

The average U.S. mortgage rate for a 30-year fixed loan fell to 2.81% this week, the lowest in Freddie Mac’s survey history, the mortgage giant said in a report on Thursday.

Why Is It so Important to Be Pre-Approved in the Homebuying Process?

Keeping Current Matters

You may have heard that pre-approval is a great first step in the homebuying process. But why is it so important? When looking for a home, the temptation to fall in love with a house that’s outside your budget is very real.

Luxury housing market inspires ‘total frenzy’ in vacation boom towns

Housing Wire

In the third quarter, luxury home sales jumped 41.5% , the biggest year-over-year shift since 2013, according to Redfin. And while real estate agents repping luxury homes aren’t seeing as many bidding wars as they did this summer , their respective housing markets are still crazy right now.

No seasonal slowdown this year as real estate agents report a busier-than-usual fall

Housing Wire

Realtors can usually count on their biggest season being spring, followed by summer, but nothing about 2020 has been normal, including home-buying patterns. With shut-down orders in the spring, summer became the new home-buying season, but homebuyers were still incredibly active in August.

Agents 286

Appraisal coalition pledges to combat bias and discrimination

Housing Wire

The Appraisal Institute , American Society of Appraisers , American Society of Farm Managers and Rural Appraisers , and the Massachusetts Board of Real Estate Appraisers announced a concerted effort to combat unconscious bias and discrimination in a release on Friday.

Existing home sales surge 9.4% in September

Housing Wire

Sales of existing homes took off in September, jumping 9.4% from August to a seasonally adjusted annual rate of 6.54 million, the National Association of Realtors said in a report on Thursday. Compared to a year ago, sales are up 20.9%.

Sales 271

Home prices post record two-month gain, FHFA says

Housing Wire

Home prices jumped more than 2% between May and July, the largest two-month gain on record, as Americans emerging from COVID-19 lockdowns bought real estate, the Federal Housing Finance Agency said in a Wednesday report.

Loans 285

Mortgage rates decline this week

Housing Wire

The average U.S. mortgage rate for a 30-year fixed loan is 2.88% this week, falling from last week’s 2.9% , Freddie Mac said in a report on Thursday. The rate is now two basis points from an all-time low set three weeks ago.

Sales of existing homes surge to a 14-year high

Housing Wire

Sales of existing homes rose to a 14-year high of 6 million in August, the National Association of Realtors said in a report on Tuesday. Combined sales of single-family houses, townhomes, condominiums and cooperatively owned apartments rose 2.4% from July, according to the report.

Sales 285

As home prices increase, sellers have the upper hand

Housing Wire

For the second consecutive month, Fannie Mae’s Home Purchase Sentiment Index, a composite index designed to track consumers’ desire to sell or buy a home, gained 3.5 points in September to 81. Compared to this time last year, the HPSI is down 10.5

Design 279

Home-price index gains the most since 2018

Housing Wire

The S&P CoreLogic Case-Shiller index of home prices in 20 U.S. cities gained 3.9% in July from a year ago, the biggest advance since 2018, as rock-bottom mortgage rates made it possible for people to bid higher for properties. The increase was bigger than the 3.5%

Sales 282

Pandemic drives more interest in real estate careers

Housing Wire

For Victoria Murphy, a RE/MAX agent in Oahu, Hawaii, getting her Realtor license was always a part of her plan. But shut-down orders in March helped push the college student to get it done.

Homebuyer Demand Is Far Above Last Year’s Pace

Keeping Current Matters

Homebuying has been on the rise over the past few months, with record-breaking sales powering through the market in June and July. Buyers are actively purchasing homes, and the momentum is continuing into the fall. It is, however, becoming harder for buyers to find homes to purchase.

Sales 262

United Wholesale Mortgage plans $16B public debut via acquisition

Housing Wire

United Wholesale Mortgage , the largest wholesale lending firm in the country, is joining the blank-check company craze and will make its public debut via an acquisition.

Mortgage lending volume in 2020 likely to break records

Housing Wire

Fannie Mae , the world’s largest mortgage financier, said mortgage lending this year probably will reach an all-time high of $3.9 trillion. The dollar-volume record will be boosted by $2.4

Refis lead the way as mortgage applications rise 1.7%

Housing Wire

After two weeks of slight declines , mortgage applications regained their footing last week, rising 1.7% from the week prior, according to a report from the Mortgage Bankers Association.

Wow — 6 million existing home sales! However, context is key with 2020 housing market data

Housing Wire

Painter Kenneth Noland said, “Context is key – from that comes the understanding of everything.” Whether that is true in the world of art I could not tell you, but it is most certainly true in the world of economics. What are numbers but meaningless points?

Sales 283

Fed says expect low rates through 2023

Housing Wire

The Federal Reserve left its overnight lending rate unchanged on Wednesday at the end of its last meeting before the Nov. 3 presidential election and said it expects to keep it near zero for more than a year.

Equity 284

Zillow: Nearly 2 million renters can become homeowners, thanks to telecommuting

Housing Wire

Telecommuting is growing in popularity as more companies establish work-from-home protocols. With this new flexibility, nearly 2 million renter households could become homeowners , according to Zillow.

Home price index sees greatest gain in over 2 years

Housing Wire

The S&P CoreLogic Case-Shiller index of home prices in 19* U.S. cities rose 5.7% in August from a year ago, the greatest year-over-year gain since 2018, driven unsurprisingly by tightened supply amid record-low interest rates. The August increase was larger than the 4.8%

Sales 259