Data released today shows national home prices slipped year-over-year in May but continue heating up in the short term, with month-over-month prices rising.
Year-over-year, prices fell by 0.5%, down from -0.1% the prior month, according to the S&P CoreLogic Case-Shiller National Home Price NSA Index.
The 20-City Composite posted a -1.7% year-over-year decline, unchanged from the month prior, as home prices have recently seen a boost.
Craig J. Lazzara, managing director at S&P DJI, noted that regional differences are still “striking,” with the West Coast hubs that saw huge migration during the pandemic having the weakest growth.
The Southeast (+2.1%) continues to see strong growth, though this month its top-performer crown was stolen by the Midwest (+2.7%).
Looking at cities,…
Black Knight introduced a new app to speed up applications for home equity lines of credit, the company announced.
The app, Validate, allows borrowers to include photos of their property as part of their application. The photos are then analyzed with AI to calculate the home’s condition in real-time, speeding up the approval process.
Borrowers complete a questionnaire to verify public record data and list any necessary repairs after submitting photos, Black Knight said.
Photos are time-stamped and GPS verified to ensure current property condition and location are accurate. The address is then scored based on comparable properties to create a condition-adjusted valuation model.
Lenders receive the property value and available equity immediately via API or PDF, saving time and…
Dan Kellett has been named Chief Technology Officer of the data and workflow solutions company FirstClose.
In his new position, Kellett will oversee FirstClose’s technology and strategy regarding applications, data, cybersecurity, and infrastructure.
“It’s exciting to join FirstClose at this time of immense change, challenges, and innovation in the mortgage industry,” Kellett said. “FirstClose’s focus on providing a true digital home equity experience makes this a unique opportunity, and by expanding the ecosystem leveraging our platforms and provider network, we’ll increase our speed of adoption which will keep us at the forefront of mortgage innovation.”
Kellet brings more than a decade of software engineering and leadership experience to the position. Prior to FirstClose, he served as Head of Technology and…
Property taxes are on the rise, another source of financial stress for Americans.
According to new data released by ATTOM Data, total property taxes on single-family homes across the United States increased by 4% in 2022, totaling $340 billion.
This marks a significant increase from the previous year, with the average property tax bill for a single-family home rising to $3,719.
Property taxes were highest in the Northeast, with New Jersey, New York, and Connecticut topping the list. The lowest were seen in the South, with Alabama, West Virginia, and Arkansas having the least expensive property taxes.
Increasing taxes are an effect of soaring home prices, which have increased by 19% over the past year.
Though homeowners have benefitted from…
Fintech LenderClose announced it is rebranding as Coviance, the company announced in a press release. The rebrand “reflects the company’s next phase of growth” as a transformative technology partner that allows lenders to efficiently scale home equity volume and close in a matter of hours. “The evolution of our technology has advanced us into a new era on our mission to perfect the lending experience,” says Omar Jordan, Founder & CEO of Coviance. “Our technology empowers Credit Unions and Community Banks to compete with fintechs, delivering the best borrower experience with a more humanized touch.” Coviance was founded in 2015 by Omar Jordan with the goal of offering community lenders a user-friendly tech solution to lend more efficiently, faster, and at…
Mountain America Credit Union is offering home equity through cloud banking software Blend, according to the companies. Mountain America will use Blend’s Instant Home Equity solution to provide members access to a fully digital end-to-end home equity solution that will cut down its application approval times. “Our focus is always on our members and providing them with the financial resources that help them define and achieve their financial dreams,” said Amy Moser, senior vice president and chief lending officer at Mountain America. “Working with Blend supports our prioritization of identifying ways to provide our members with personalized financial experiences in the context of home equity lending that help us achieve our goals and provide an outstanding member experience.” Users will…
Americans who bought a home this year are facing rising underwater risk as home prices cool. Black Knight’s October Mortgage Monitor found that 8% of homes bought in 2022 are now at least marginally underwater, while almost 40% have less than a 10% equity stake in their homes. “Make no mistake: negative equity rates continue to run far below historical averages, but a clear bifurcation of risk has emerged between mortgaged homes purchased relatively recently versus those bought early in or before the pandemic,” said Black Knight President Ben Graboske. “Risk among earlier purchases is essentially nonexistent given the large equity cushions these mortgage holders are sitting on. More recent homebuyers don’t fare as well.” This is a particular issue…
Mortgage originations saw their largest annual decline in 21 years, further evidence that the housing boom is coming to an end. Originations fell 47% YOY in Q3, according to ATTOM Data’s Q3 2022 U.S. Residential Property Mortgage Origination Report. Quarter-over-quarter they were down 19%, the sixth consecutive drop. Lenders issued a total of $636.5 billion worth of mortgages in Q3. By dollar count, that’s down 22% from Q2 and 46% YOY. It’s the largest dip in loan dollar volume since at least 2001. HELOC lending increased for the fifth time in six quarters, but the boost was overwhelmed by the slump in purchase and refinance origination. “There are no surprises in this quarter’s loan origination numbers, as the unprecedented jump…
Even as the housing market is rapidly cooling, homeowner equity rose again in Q3, according to ATTOM Data’s Q3 2022 Home Equity & Underwater Report. The report found that 48.5% of mortgaged residential properties were considered equity-rich, up from 48.1% in Q2 and from 39.5% a year earlier. This is a slower increase than previous quarters, but still the 10th quarter of gains. “Even though home price appreciation has slowed down dramatically in recent months, homeowners have continued to build equity,” said Rick Sharga, executive vice president of market intelligence at ATTOM. At least half of mortgagees in twenty states are now equity-rich, compared to only seven states at the same time last year. In total, 94.3% of all mortgage…
Most Americans want their parents to age comfortably in their own homes, but it can be a challenge for both families and the housing market. Three out of four adults want their parents to be able to age in their own homes, but more than half of Gen Xers don’t feel financially prepared to assist their parents in old age, according to a new study from American Advisors Group. AAG surveyed 1,500 adults aged 40-55 who have senior parents. “The retirement savings crisis is real, and many Gen X adult children are telling us that caring for their parents will be extremely difficult and potentially unattainable,” said Eddie Herda, AAG VP of Brand Strategy. Herda said there is interest in…
