Good Morning! Today is Monday, November 11. Kyle Rittenhouse was acquitted on all charges. An SUV that drove into a Wisconsin holiday parade killed at least five people and wounded 40. Two Fox News contributors resigned in protest of a Tucker Carlson documentary featuring debunked conspiracy theories. And in mortgage and housing news… Existing Home Sales: Existing-home sales rose in October for the second month straight, though sales year-over-year are down 5.8%. Zillow Lawsuit: Investors are suing Zillow, saying they made misleading statements about the financial security of Zillow Offers. The law firm helming the claim has put out a call for investors who lost big to join in. Auctions This Week: The Treasury Department is holding auctions for two-,…
Homeowner equity grew $2.9 trillion since Q2 2020, up 29.3%, CoreLogic’s Homeowner Equity Report found. That shakes out to $51,500 in gains for the average borrower. Homeowners with mortgages make up roughly 63% of all residential properties in the U.S. Fifty-nine percent of borrowers reported they felt highly confident in their ability to make their mortgage payments in the coming year. This is great news for underwater borrowers. The number of homes in negative equity has fallen 30% since Q2 2020. In Q2 2021 alone, the number of underwater homes fell 12% to 1.2 million homes, 2.3% of all mortgaged properties. The national aggregate value of negative equity dropped from $273.2 billion to $268 billion, a year-over-year decrease of about…
Renters now outnumber homeowners in previously owner-dominated suburbs, and more communities are set to flip soon, according to a report from RentCafe. Over the past ten years, 103 suburbs have flipped their majorities from homeowners to renters. Many of the communities are in suburbs around Miami, Washington, D.C., and Los Angeles. Suburbs in the U.S.’s 50 largest metros gained 4.7 million people in that time, of which 79% are renters. About 21 million people rent suburban homes in those metros, 3.7 million more than in 2010. The number of renters grew 22% between 2010 and 2019, while the number of suburban homeowners grew by only 3%. Fifty-five percent of renters are under 45 years old with median household earnings around…
