October is one of the BEST months of the year for homebuyers, the number of mortgages in forbearance declines drastically and home buying demands pushed home prices to an all-new high in August. We take a closer look This Week in Real Estate.
“Buyers willing to close in October avoid prices well above market value.”
Housing Market Can Look Forward to a More Boring 2022
The housing market is starting to cool down a bit as we take a look at what experts are predicting for 2022. This as mortgage rates jump above 3%, but will they keep rising? We take a closer look This Week in Real Estate.
“An increase in mortgage rates over the next few months—even though expected to be slight—“will likely have an impact on home prices, causing them to moderate slightly after increasing over the last year.”
The National Association of Home Builders that builder sentiment in September realized its first increase in three months. Additionally, a new report from CoreLogic reveals homeowners with mortgages gained $2.9 trillion in equity in the second quarter of 2021, a 29.3% year-over-year increase. We take a closer look This Week in Real Estate.
“Home equity wealth is at a record level and will bolster economic activity in the coming year.”
For 34% of Homeowners, Equity Surges More Than 50%
Sellers are still thriving as home prices remain high, ATTOM Data Solutions reported that 34.4% of all residential properties with a mortgage are equity-rich; that is up from 27.5% at the same time last year. That means 34.4% of residential property owners with a mortgage have more than 50% equity in their homes. In other favorable news, after the unemployment rate surged as a result of COVID-19 the unemployment rate is now just 1.9 percentage points above the rate in February 2020 following a strong July jobs report. We take a closer look This Week in Real Estate.
The huge home-price jumps over the past year that helped millions of sellers earn big profits also kicked in big-time during the second quarter for other owners who saw their typical equity improve more than at any time in the last two years.
The real estate market appears to be cooling down just a bit after a record breaking spring. Existing home sales declined just slightly in May, but buyers’ interest remains strong as mortgage applications rise again. Meanwhile, many are asking whether lumber pricing will remain high? We take a closer look This Week in Real Estate.
“The market’s outlook is encouraging. “Supply is expected to improve, which will give buyers more options and help tamp down record-high asking prices for existing homes.”
Lawrence Yun, National Association of Realtors, chief economist
Half of All U.S. Homes Are Selling Above List Price in May!
The seller’s market continues as half of all U.S. homes sell above list price in May. Meanwhile, buyers continue to capitalize on mortgage rates below 3% as we see solid job gains in May. I take a closer look This Week in Real Estate.
“We are seeing some early signs that the market has reached its maximum temperature.”
Five U.S. Housing Records Were Shattered in March!
The time isn’t the only thing springing forward this spring! Housing production jumped over 19% in March despite rising lumber and material prices. Homebuilder confidence is also on the rise as builders face strong demand from potential buyers. Meanwhile, 5 U.S. housing records were shattered in March. I take a closer look at your top real estate news This Week in Real Estate.
“NAHB’s forecast is for ongoing growth in single-family construction in 2021, albeit at a lower growth rate than realized in 2020.”
Single Family Property Taxes in U.S. Jump 5.4 Percent in 2020!
The COVID-19 pandemic continues to shaped the housing market as homeowners get hit with a large property tax increase and the number of loans in forbearance programs decline drastically. Here’s a look at what’s topping the news This Week in Real Estate.
“Homeowners across the United States in 2020 got hit with the largest average property tax hike in the last four years, a sign that the cost of running local governments and public school systems rose well past the rate of inflation. The increase was twice what it was in 2019.”
Todd Teta, chief product officer for ATTOM Data Solutions
Home Prices Topple Expectations, Surging at the End of 2020!
Home prices finish out 2020 by surpassing expectations as low supply continues to drive the market. Meanwhile, the rush to take advantage of historically low interest rates causes mortgage applications to spike at the end of January. We take a closer look at the top real estate market news This Week in Real Estate.
“While home price growth is expected to slow during 2021, it will remain high in the first half of the year and average growth for this year is expected to climb to 6.9%.”