423,000 New Homes For Sale In August

The housing market is leveling out, with smaller, more affordable homes being listed and sellers pricing more competitively as 423,000 new homes go up for sale, according to Realtor.com’s August Housing Market Trends Report. The data show the number of homes actively for sale was up 4.3% nationally in August over the past year, and up 5.1% specifically in large metro areas. “A deceleration in the decline of inventory means the market is heading in an encouraging direction, but active inventory still remains historically low,” the report said. Freddie Mac estimates the US is short 3.8 million single-family homes. That estimate represents a 52% rise in the nation’s home shortage compared with 2018. “Low mortgage rates have motivated homebuyers to endure this…

REPORT: 941,392 Homes Threatened By Ida Storm Surge

A trifecta of damaging winds between 130-156 mph, dangerous storm surge, and extremely heavy and widespread rainfall between 10-15 inches is expected to put 941,392 homes in the Louisiana, Alabama and Mississippi coastal areas at risk for storm surge damage, according to data analysis for single-family and multifamily homes released by CoreLogic®.  The reconstruction cost value of all at-risk homes totals more than $200 billion. Storm surge is the abnormal rise in seawater level during a storm, measured as the height of the water above the normal predicted astronomical tide. The surge is caused primarily by a storm’s winds pushing water onshore and can cause significant property damage. “Atmospheric conditions are highly favorable for rapid intensification after Ida emerges from…

Trump: Biden To Have “Devastating Impact” On Suburbs

President Trump announced overnight that he is considering doing away with a federal rule designed to overcome historic patterns of segregation. “At the request of many great Americans who live in the Suburbs, and others, I am studying the AFFH housing regulation that is having a devastating impact on these once thriving Suburban areas. Corrupt Joe Biden wants to make them MUCH WORSE. Not fair to homeowners, I may END!” the President Tweeted Tuesday night. At the request of many great Americans who live in the Suburbs, and others, I am studying the AFFH housing regulation that is having a devastating impact on these once thriving Suburban areas. Corrupt Joe Biden wants to make them MUCH WORSE. Not fair to…

Pandemic Hits Housing Security For Minority Groups

The coronavirus will have a disproportionate impact on Latino, Asian and African-American households due to the nature of the jobs members of these communities hold and how much of their income they pay for housing, according to a new analysis by Zillow. With more than 22 million Americans filing for unemployment in the last four weeks, a large number work in the food, retail and arts industries. Nationwide, Zillow found, 8.3 percent of white workers are employed in these industries – compared to 12.7 percent of Latino workers, 10.2 percent of Asian workers and 10.1 percent of African-American workers. This is made worse by rent burdens for each community. White households in these industries spent 25.1 percent of their income on…

“Flying W”: Uneven Housing Market Recovery Expected

The housing market will be besieged by the twin forces of shrinking supply and shrinking demand during the coronavirus pandemic, causing an uneven recovery over the next 12 months, according to a forecast released Wednesday by real estate investor Haus. In an analysis by Haus’ chief economist, the organization expects a recovery that looks like a “flying W” – an initial sharp drop this spring, followed by a rebound in the summer, another downturn in the fall and finally a solid road to recovery by next spring. The analysis predicts that single-family home sales and purchase mortgage originations will see the most impact. “There is likely to be both a reduction in demand and supply,” Haus chief economist Ralph McLaughlin…

IMB Profits Grew 300% In 2019

By Jim Perskie The lending business was significantly more profitable for independent mortgage banks (IMBs) in 2019. IMBs and mortgage subsidiaries of chartered banks made an average profit of $1,470 on each loan they originated last year – up from $367 in 2018, according to a report released Friday by Mortgage Bankers Association. The report also found: Average production volume was $2.7 billion (10,411 loans) per company in 2019, up from $2 billion (8,171 loans) per company in 2018.On a repeater company basis, average production volume was $2.94 billion (11,227 loans) in 2019, up from $2.14 billion (8,805 loans) in 2018. For the mortgage industry as whole, MBA estimates production volume at $2.17 trillion in 2019, up from $1.68 trillion in 2018.The…