Millennials and older Americans have more in common than they think, at least when it comes to buying houses. Homebuyers between the ages of 22 and 29 (“younger millennials”) and 74 to 94 (the “silent generation”) share significant home-hunting behavioral characteristics, according to the National Association of Realtors’ 2020 Home Buyer and Seller Generational Trends report. These include: 53 percent of younger millennials and the silent generation say buying a home near family and friends is a high priority.Younger millennials and silent generation buyers who purchased a new home were the most likely to make the purchase due to the amenities a newly constructed home provides.NAR found those in each generational group began their home search by viewing properties online,…
The National Association of Realtors cancelled two conferences scheduled to take place in California in March due to the emergence of the coronavirus in state. The organization cancelled the Joint AE Institute meeting, scheduled for March 13-16 in San Diego, and its Broker Summit, scheduled for March 31 to April 1 in Los Angeles. NAR said it will decide whether to hold other scheduled events in the coming weeks. “NAR is considering alternatives and potential avenues through which to reschedule, relocate or redesign these conferences later in 2020,” the organization said in a news release. NAR’s legislative meetings and trade expo is scheduled for May 11-16 in Washington, DC, while various state meetings are scheduled across the country throughout the year. Events…
“We haven’t seen it yet. It’s shocking that our open houses are packed. Maybe they just want to get out, and they think that’s a safe place to go.” Howard Lorber, president and CEO of the Vector Group and chairman of Douglas Ellimank, told CNBC on Thursday.…
Single-family home construction dominates in red counties, while multifamily construction rules blue counties. That’s the conclusion of the National Association of Home Builders’ fourth quarter Home Building Geography Index, which examines building trends across the country by using county-level permitting to measure construction growth. Using election results from 2016, NAHB examines building trends in Republican (red) and Democratic (blue) counties. Red county highlights – where 48.7 percent of the U.S. population lives – for the fourth quarter include: 60.9 percent of single-family construction was in red counties across the country in the fourth quarter, compared to 36.4 percent of multifamily construction.10.3 percent increase year-over-year in single-family construction growth (fourth quarter 2019 vs. a year earlier).Coincidentally, there was a 10.3 percent…
By Glenn Kelman, CEO, Redfin This article originally appeared on the Redfin website. Until Sunday, U.S. housing demand seemed unaffected by the coronavirus. The National Association of Realtors reported last week that pending home sales were at the second-highest level in the last two years. But over the past three days in Seattle, where the first U.S. coronavirus death was confirmed on Saturday, February 29, we’ve seen a significant drop in demand from homebuyers and sellers. Smart People at Redfin Disagree About the Virus’s Impact Redfin’s demand fluctuates plenty from day to day, especially in a single market, and this may only be a significant but short-lived reaction to the first serious virus infections on the U.S. It could also…
The Mortgage Bankers Association said their weekly Mortgage Applications Survey last week was just the “calm before the storm” – and they were very right. Mortgage applications surged 15.1 percent last week over the week earlier – with the refinance index 224 percent above the same week in 2019, MBA data released Wednesday shows. The jump in applications comes as 30-year fixed rate mortgages dropped to their lowest levels since 2013. “Given the further drop in Treasury rates this week, we expect refinance activity will increase even more until fears subside and rates stabilize,” said Mike Fratantoni, MBA’s Senior Vice President and Chief Economist. “We are now at the start of the spring homebuying season. While purchase applications were down…
Another day, another positive mortgage report. The Mortgage Bankers Association announced Tuesday that commercial and multifamily mortgage delinquencies remained at or near record-low delinquency rates. This is in line with other data released for January on delinquencies and foreclosure rates. “Commercial and multifamily mortgages ended the fourth quarter of 2019 much the way they started the year – at or near record low delinquency rates,” said Jamie Woodwell, MBA’s Vice President of Commercial Real Estate Research. “The key drivers – solid property fundamentals, strong property values and low interest rates – continue to support the market.” MBA’s quarterly analysis examines the commercial/multifamily delinquency rates for commercial banks and thrifts, commercial mortgage-backed securities, life insurance companies, Fannie Mae and Freddie Mac. Together,…
Spending on residential construction in the United States increased 2.1 percent in January to $554.8 billion, helping drive overall construction levels to record levels, according to the U.S. Census Bureau. Total construction spending in January was estimated to be $1.37 trillion, up 1.8 percent above December estimates – and 8.6 percent above the January 2019 estimate of $1.28 trillion. Additional highlights from the report include: Spending on private construction was estimated at $1.02 trillion, 1.5 percent above the month before.Non-residential construction came in at an estimated $468 billion in January, which was 0.8 percent above the December number. The residential construction spending should begin to help fill a dearth of inventory of homes on the market, driven by a relatively…
Refinancing activity reached its highest levels since 2013, jumping 250 percent in the fourth quarter of 2019 over a year earlier, according to a report released Monday by Black Knight. The analysis, included in the firm’s monthly Mortgage Monitor Report, noted that cash-out lending increased to a 10-year high, though refinancing for better rates and/or terms drove much of the increase. Many homeowners who refinance are doing so with new lenders, according to Black Knight Data & Analytics President Ben Graboske. “Despite a surge in refinance lending driven by low rates, servicers continue to struggle in their efforts to recapture refinancing borrowers, with only one in five being retained by servicers in Q4 2019,” said Graboske. “Retention rates rose along…
A good economy and low interest rates contributed to a big jump in pending home sales in January, the National Association of Realtors announced Thursday. This builds on a government report released a day earlier that showed new home sales were significantly higher in January. The Pending Home Sales Index (PHSI) increased 5.2 percent to 108.8 in January – and 5.7 percent over January 2019. An index of 100 is equal to the level of contract activity in 2001. “This month’s solid activity – the second-highest monthly figure in over two years – is due to the good economic backdrop and exceptionally low mortgage rates,” said Lawrence Yun, NAR’s chief economist. Here is a look at pending sales across the…
