Inventory is doing best in cities with fewer mortgages and older homeowners, reinforcing the impact of high interest rates on the market.
That’s according to a new report from Zillow, which found that metros where more homes are owned outright are seeing the fastest growth in new listings.
Pittsburgh, Buffalo, and Cleveland have the highest share of homeowners free from rate lock-in.
Generationally, Baby Boomers are the most likely not to be impacted by mortgage rates when deciding to purchase a home. That’s compared to just 6% of Millennial homeowners.
More than 10 million homeowners are mortgage-free and could afford monthly payments if they decided to move today. This demographic skews older and tends to live in more affordable markets,…
Data released today shows annual home price gains were stagnant in June but continue heating up in the short term, with month-over-month prices rising.
Year-over-year, prices remained unchanged after slipping 0.4% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
Prices were up 0.9% month-over-month before seasonal adjustment and 0.7% after. This is the fifth consecutive month of increases.
Home prices are now at all-time highs in half the cities analyzed, and the National Composite sits just 0.2% below its all-time high from last year.
Craig J. Lazzara, managing director at S&P DJI, noted that regional differences remain “striking.”
The West Coast hubs that saw a huge migration during the pandemic performed the worst (-5.9%).…
By KIMBERLEY HAAS
Leaders at Rocket Pro TPO are extending their promotion on 30-year conventional purchase loans at or under $200,000 as they gear up to be more competitive in that market this year.
During an IGNITE: Live! webinar on Monday, Executive Vice President Mike Fawaz announced that they are continuing their 37.5 BPS credit on these loans.
Fawaz said they want to make sure that they listen to their broker partners and their feedback.
“This is something we have been extending every single month since December. And the feedback continues to be incredible and positive and broker partners want it,” Fawaz said.
Fawaz explained the philosophy behind the promotion.
“When you think about it, we are very competitive when…
By KIMBERLEY HAAS
Programs that support ownership of multifamily properties are estimated to make up almost 30% of homebuyer assistance offerings and that may present unique opportunities in markets strapped for inventory.
According to the Down Payment Resource’s Homeownership Program Index, 33 new programs supporting multifamily homebuyers and builders were added in Q4 2022.
Multifamily programs now make up 29.3% of all available assistance offerings, a 5.5% increase over Q3 2022, according to the index.
Sean Moss, executive vice president of product and operations at Down Payment Resource, told The Mortgage Note that even first-time homebuyers can qualify for down payment assistance and become both an owner and a landlord at the same time.
Moss said the buyer receiving the…
By KIMBERLEY HAAS Leaders in the industry are committed to giving back during the holiday season and throughout the year. It was announced earlier this month that Down Payment Resource in Atlanta, Ga., will help a family in Memphis, Tenn., attain their homeownership dreams by donating $10,000 to the Homeownership Council of America’s Equity Down Payment Assistance program. They provide down payment and closing cost assistance for low-to-moderate income and minority first-time homebuyers. Leaders at Down Payment Resource say that is “a mission that aligns with our company’s founding goal of expanding affordable homeownership program awareness, understanding, and participation.” Rob Chrane, founder and CEO of Down Payment Resource, said in a statement for The Mortgage Note that they are supporting the program because…
