Building Slowed Down By Shortage Of Electrical Transformers

By KIMBERLEY HAAS Near one of the hottest housing markets in the country, a local builder says a shortage of electrical transformers is slowing down progress on 166 condo units. Joshua Manning, General Manager at Lewis Builders Development in Atkinson, NH, says they are trying to complete a new construction project in Epping, NH, where the median listing home price is $581,500, according to Realtor.com. When Manning ordered the 20 electrical transformers he needs last year, there was no indication there would be an issue. Now he wonders when the order will be completely filled. “It’s never taken this long to get electrical transformers for new houses,” Manning said in a recent interview with The Mortgage Note. Manning said he…

Millennials Dominate In America’s Biggest Metros

Despite challenging conditions for first-time homebuyers, Millennials are actively engaging in the housing market, especially in the nation’s largest metros, according to a new analysis from LendingTree. The analysis found that Millennials– people aged 25 to 40 in 2021– make up a majority of homebuyers in most of the US’s largest metros, especially Denver, Seattle, and Boston.  Of mortgages offered in Denver, 63.3% were offered to Millennials. In Seattle, 61.35% were offered to Millennials, and in Boston, 61.08%. Miami, Jacksonville, and Tampa have the smallest share of buyers in this age group, at 46.54% across all three markets. San Francisco, New York, and San Jose have the greatest portion of older Millennials, with an average age of 33.51%, while Indianapolis,…

Wishing For A White Christmas? Home Sales Will Likely Stay Warm This Winter, As Will The Weather

By KIMBERLEY HAAS As people throughout the country wish for a white Christmas this upcoming weekend, it is expected that home sales will stay warm in many parts of the nation throughout the winter. Continued bidding wars, the Great Resignation, and Millennials on the market will all likely contribute to keeping home prices high during a season where sales typically cool off until spring. And above-average temperatures expected in many parts of the United States may also keep buyers on the market at a time when they would typically try to avoid moving due to snow and ice. Bidding Wars Redfin reported on Friday that in November, 59.5% of home offers written by their agents faced competition, which is the…

A New Gold Rush For Lenders? Benefitting From The Great Resignation

By KIMBERLEY HAAS As the COVID-19 pandemic continues and workers reevaluate their commitment to metropolitan life, lenders in smaller cities stand to benefit from what is being termed the “Great Resignation.” It is estimated that about 4.4 million Americans quit their jobs in September after months of dramatic departure numbers, which means those employees are looking for and taking new jobs, often choosing to live in a different location if they have the option of working remotely. Since 87% of employees say they would like to work remotely at least one day a week, and one in three workers would not want to work for an employer that required them to be onsite full time, potential homebuyers are taking these…

Delinquency Rate Dropped 4.25% In October

The national delinquency rate continued to improve at a slow but steady pace last month, with especially impactful declines for loans overdue by 30 days or more, according to Black Knight’s October 2021 “first look” report. Delinquencies dropped another 4.25% at the end of October to 3.74%. The decline was pushed by significant changes in longer delinquencies. Loans 30 or more days past due dropped by 82,000, bringing their total below 2 million for the first time since the beginning of the pandemic.  Serious delinquencies also saw huge drops, declining by 10%, or 127,000 loans. Black Knight attributes that dip to the first wave of homeowners in forbearance beginning to make payments again. The report predicts more improvement in this…