U.S. delinquencies hit their lowest level ever recorded by CoreLogic in December 2021, the result of improving employment and soaring equity, the company’s Loan Performance Insights Report revealed. Only 3.4% of all mortgages were in some stage of delinquency (30 days or more past due), down 2.4% annually. This is the lowest recorded delinquency rate since at least January 1999. Delinquencies declined in every state, with the largest drops in Nevada, Hawaii, Florida, New Jersey, and New York. Early-stage delinquencies (30-59 days past due) accounted for 1.2% of mortgages, down from 1.4% YOY, while adverse delinquencies (60-89 days) fell from 0.5% to 0.3%. Serious delinquencies (90 or more days), which peaked at 4.3% in August 2020, saw a serious drop…
Gen Z is reviving urban hotspots assumed to be dying out due to Covid-19, a new report from RentCafe found. Gen Z is the only generation to see a spike in renting activity in the last year, up by 21% while the share of rent applications from all other generations dropped. They account for a quarter of all rent activity nationwide and pushed the number of applications for apartments from renters of all generations up an average of 10%. In 2020, Zoomers were stuck in their families’ hometowns or in their college towns. But now, following promises of job opportunities and vibrant living, they’re renting in cities once thought doomed in the wake of the pandemic. Compared to 2020, there…
loanDepot has promoted long-time employee Min Kim to EVP, Marketing and Analytics, the company announced in a press release. Kim has worked at loanDepot since 2012 as director of risk monitoring and reporting, during which time he built a robust risk reporting infrastructure for the company. In 2015 he moved to marketing analytics, quickly earning a promotion to SVP of Marketing Analytics. Before loanDepot, Kim worked in risk management for Hyundai Capital America and LendingTree Loans. “It’s been an exciting decade as a member of Team loanDepot, as we have worked to disrupt the mortgage experience and realize our CEO’s vision,” said Kim. “I look forward to taking on my new role, leading the Marketing and BI teams to provide…
More consumers than ever think mortgage rates and home prices will continue to rise, according to Fannie Mae’s Home Purchase Sentiment Index (HPSI). The HPSI rose by 3.5 points to 75.3 in February, with five of the index’s six components increasing month-over-month despite respondents’ surly attitude towards home prices and interest rates. However, the full index dropped 1.2 points year-over-year (YOY). The “Good Time to Buy” component is still hovering near its record low, with consumers saying they are deterred from homebuying by high prices. Respondents to the survey said they feel an improved sense of job security, but a significantly greater share– 67%, a record high for the HPSI– assume mortgage rates will rise higher. The report notes this…
Mortgage lending dropped at its fastest pace in almost three years in Q4 2021, down for the third quarter in a row and the largest decrease since late 2018, according to ATTOM’s Q4 2021 U.S. Residential Property Mortgage Origination Report. The report found that 3.27 million mortgages were originated in Q4 2021, or $1.06 trillion worth of mortgages. This is down 11% from Q3 2021 and 13% from Q4 2020. All three categories of conventional loans– purchase, refi, and home equity– saw quarterly declines, with only purchases remaining up year-over-year (YOY). Refis were down 11% from Q3 2021 and 23% YOY, with 1.81 million home loans refinanced. Q4 was the third straight quarter of refi declines. The dollar volume of…
Mortgage rates fell again last week, dropping to an average of 3.76% from 3.89%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 3.76%. A year ago at this time, the 30-year FRM averaged 3.02%. “While inflationary pressures remain, the cascading impacts of the war in Ukraine have created market uncertainty,” Freddie Mac Chief Economist Sam Khater said. “Consequently, rates are expected to stay low in the short term but will likely increase in the coming months.” The Fed said that it still plans to raise rates later this month despite uncertainty surrounding the Ukraine conflict. Fed Chairman Jerome Powell said the central bank would stick to its plan to reduce…
The average American has now lived 13.2 years in their home, up from 2012’s 10.1 years but down from 2020’s 13.5-year record, Redfin reported. The report notes that last year’s high migration rates contributed to the downturn from 2020’s peak, though Americans continue aging in place, keeping the average inflated. One-third of U.S. household heads were at least 65 years old in 2019. Housing analysts are already thinking about the changing face of the market as that number grows. Rising rents, stock shortages, and the number of homeowners who refinanced are also likely keeping people in their homes longer. “Homeowner tenure may have already peaked, or the decline in 2021 could be a blip before it climbs back up,” said…
Mortgage loan application volume fell 0.7% last week, faring slightly better than the prior week’s 13.1% drop but continuing a trend down, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, dropped 0.7%. The adjusted purchase index fell 2%, while the unadjusted purchase index rose 1% and was 9% lower YOY. The refinance index rose 1% and was down 56% YOY. Refinances made up 49.9% of total applications. Rising mortgage rates continue to impact application activity. Mortgage rates reached 4.15% last week, their highest since 2019, and are driving refinance applications down. “Although there was an increase in government refinance applications, higher rates continue to push potential refinance borrowers…
Single-family growth cooled in Q4 2021 while multifamily growth in high-density areas surged, according to the National Association of Home Builders (NAHB) Home Building Geography Index (HBGI). The HBGI is a quarterly measurement of building conditions across the country and uses county-level information about single- and multifamily permits to gauge housing construction growth in various urban and rural geographies. “Multifamily production posted strong gains in all regional markets as the demand for apartments increased,” said NAHB Chief Economist Robert Dietz. “Meanwhile, supply-side constraints that include ongoing labor shortages and a lack of key housing products that include garage doors, appliances and windows has delayed single-family construction times across the nation and put upward pressure on home prices.” The price of…
The world’s affluent population– people worth $5 million or more– grew 19.8% in 2021, and with it grew the luxury housing market, according to Coldwell Banker Global Luxury’s 2022 Global Luxury Market Insights report, titled “The Report.” There are now 3,612,730 affluent individuals worldwide, with a combined wealth of over $75 trillion. Wealth growth in the U.S. rose 24.8% in both population and wealth in 2021, up from 8.1% in 2020. At the same time, luxury single-family home sales– the top 10% of any given market– increased 14.5%, with prices jumping 20.3% from 2020. Attached luxury homes saw a 29.6% increase YOY and a 16.6% increase in prices. “Double-digit wealth and affluent population gains have happened concurrently with a once-in-a-generation…
