Buffalo, NY, is slated to be the hottest market of 2024 as affordable metros gain popularity among money-minded Americans.
Cincinnati and Columbus took numbers two and three on Zillow’s Hottest Markets of 2024 list, driving home the importance of savings for homebuyers this year.
The list is made up of relatively low-cost cities, primarily in the Midwest and South. Indianapolis, IN; Providence, RI; Atlanta, GA; Charlotte, NC (2023’s hottest city, now in 7th place); Cleveland, OH; Orlando, FL, and Tampa, FL, rounded out the top ten.
Zillow’s analysis looks at the 50 most populous metros and measures local home value growth and the speed at which home sellers are entering contracts with buyers, as well as job growth per new…
Competition for limited inventory has led to surprisingly hot home prices this spring season.
Zillow’s latest market report found that home values grew 1.4% between April and May, the highest since June 2022.
This is cooler growth than the previous two springs, but more than in 2018 or 2019. The typical home is valued at $346,856, up 0.9% YOY and 3.4% from January’s low point.
Buyers are desperate to make this market work for them despite its challenges, with sales up nearly 10% from April to May. At the same time, inventory reached a record low.
“Many homeowners are still opting not to sell and give up historically low mortgage rates. But those who do have been rewarded with bidding…
By KIMBERLEY HAAS
Officials at the U.S. Department of Justice announced on Tuesday that they reached a $9 million agreement with an Ohio-based bank to resolve redlining allegations.
Redlining is an illegal practice in which lenders avoid providing credit services to individuals living in certain communities because of their race, color, or national origin.
It is alleged that from at least 2015 to 2021, Park National Bank, headquartered in Newark, Ohio, engaged in the pattern or practice of lending discrimination in the Columbus metropolitan area. The bank’s branches and mortgage lenders were concentrated in majority-white neighborhoods, and company leaders failed to take any meaningful measures to compensate for its lack of physical presence in majority-Black and Hispanic communities, according to…
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…
Multifamily saw a stunning reversal in the fourth quarter of 2022 as apartment supply finally surpassed demand, creating a “swift and unprecedented” downturn. A new report from Apartments.com found that multifamily fundamentals declined in Q4, driven largely by limited absorption and supply/demand imbalances. “We ended the year with absorption barely remaining positive and vacancy rates trending upwards. As 2022 progressed, economic uncertainty suppressed household formations which limited multifamily demand,” said Jay Lybik, National Director of Multifamily Analytics at CoStar Group, which owns Apartments.com. “With 2023’s national forecast predicting the highest new supply totals since the 1980s, expect vacancy to rise above 7% and rent growth to push much lower.” More than 95,000 new units were delivered last quarter but many…
By KIMBERLEY HAAS Industry leaders are sharing their thoughts as 2022 winds down and they are expressing gratitude despite challenges in the current market. Bill Banfield, EVP of Capital Markets at Rocket Mortgage in Detroit, Michigan, said he appreciates the mental stimulation of navigating a tough market because people are forced to get creative in finding solutions for customers. “Your company, your teams, you get to try to figure out how you can help people or how you can improve your company. It’s actually a much more fascinating time than when you’re in a super boom and all you can do is talk about rates and payments,” Banfield said. Banfield had just sat down with The Mortgage Note to talk…
