Morning Roundup (8/4/2022) – Equity-Rich!

Good Morning! Today is Thursday, August 4. The Senate ratified adding Finland and Sweden to NATO, 95 to 1. Indiana Representative Jackie Walorski and two of her aids were killed in a car crash. Taiwan canceled airline flights as China fired missiles near the island in retaliation for Nancy Pelosi’s visit. The Mortgage Note Reports We’re Equity-Rich!: Nearly half of all mortgaged homes in the U.S. were equity-rich in Q2 2022, with the most equity gains concentrated in the South. Radius Mortgage: Real estate tech brokerage Radius has launched an in-house mortgage brokerage in California. Cracking Down: Officials at the Consumer Financial Protection Bureau are cracking down on a mortgage company that allegedly discriminated against minority families and a bank that is accused of pressuring employees into unlawfully accessing the credit reports of…

Half Of Mortgaged Homes Are Equity-Rich

Nearly half of mortgaged homes in the U.S. were equity-rich in Q2, with the most equity gains concentrated in the South, according to ATTOM’s Q2 2022 U.S. Home Equity & Underwater Report. The report found that 48.1% of mortgaged residential properties had an estimated worth that topped their loan balances by 50% or more. That’s up from 44.9% in Q1 2022 and 34.4% YOY. At least half of all mortgagees in 18 states were equity-rich, up from just 3 states at the same time last year. It’s the ninth consecutive quarter in which the number of equity-rich homes increased. ATTOM also found that only 2.9% of mortgaged homes were considered seriously underwater in Q2, down from 3.2% in Q1 and…

Radius Opens In-House Mortgage Firm

Real estate brokerage Radius has launched an in-house mortgage firm in California, the company announced in a press release. Radius Mortgage is intended to provide real estate professionals and California homebuyers with a simple, transparent solution for mortgage lending. The software allows agents to track and update documents and information on their client dashboards. It also features a dedicated team for supporting agents. “We’re building Radius Mortgage from the ground up to be a premier lender in California,” said Sam Kasle, Radius’ Chief Revenue Officer.  “For far too long, the lending process has been frustrating and burdensome for agents and their clients alike. By keeping cost structures low and bringing transparency to the entire lending process, we hope to help…

Getting A Mortgage These Days May Boil Down To Education

By SCOTT KIMBLER Times have changed when it comes to the home buying process. The age-old way of buying a first-time home, or even a larger home was to save to have 20% down and sign on to a 30-year-mortgage. Other parts of the equation included maintaining a high credit score and paying off debts so you could get a good rate.   But now some people are finding they need to be re-educated about the process of home buying in their search for the best home and the best price. Elizabeth Rose is with Mortgage 300 in Dallas, TX and says even though interest rates have gone up and will continue to, home ownership is still something to strive…

Eight Of The Ten Most Expensive Metros For Rent Are In California And Florida

California and Florida metros collectively account for 80% of the top 10 highest average rents across the country, forcing Americans to look to the middle of the country for affordable rentals. That’s according to HouseCanary’s first National Rental Report, which compares listings volumes, new listings, and median listing price information on single-family detached listings from H1 2021 and H1 2022. National rent prices saw a double-digit increase, up 13.4% YOY in the first half of 2022. At the end of H1 2022, the average rent was $2,495. Property demand remained strong, with the number of days on the market staying basically the same from last year. At the end of H1, rentals were on the market for an average of…

Applications Tick Up After Mortgage Rate Downturn

Mortgage loan application volume rose 1.2% last week when rates took a downward turn, the Mortgage Bankers Association’s weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, decreased by 1.2%. Both the adjusted and unadjusted purchase indices rose 1%. The unadjusted index was 16% lower YOY. The refinance index rose by 2% and made up 30.8% of total applications, down 82% from the same time last year.  ARM activity dropped from 9.1% to 8.4% of total applications. “Mortgage rates declined last week following another announcement of tighter monetary policy from the Federal Reserve, with the likelihood of more rate hikes to come. Treasury yields dropped as a result, as investors continue to expect a…

Morning Roundup (8/2/2022) – Times A’Changing, Home Price Growth Slows

Good Morning! Today is Tuesday, August 2. A drone strike in Afghanistan killed an Al Qaeda leader who helped plan 9/11. A judge sentenced a Texas man who brought a pistol and zip ties to the January 6 riot to more than seven years in prison. A bipartisan group of senators released a bill to protect abortion rights. The Mortgage Note Reports Educate Yourself: Times have changed when it comes to the home buying process. Writer Scott Kimbler explains. Price Growth Slows: Annual home price gains remain in the high double-digits, up 18.3% YOY in June, with eight states continuing to see gains exceeding 20%. Centric Promotion: Maura Cohen has been promoted to VP, Director of Mortgage Services and Consumer Lending for Centric Bank and Centric Financial Corporation. And in…

Home Price Growth Remains High, But Slows For Second Month Straight

Home price appreciation slowed for the second month straight in June, but remains in the high double-digits. CoreLogic’s Home Price Index found that home prices increased by 18.3% YOY in June, the 125th month of consecutive annual price growth. This is down from May’s 20.2% YOY increase. CoreLogic attributes the cool-off to reduced buyer demand from rising interest rates and concerns about the economy. Month-over-month, prices are down 0.6%. “Signs of a broader slowdown in the housing market are evident, as home price growth decelerated for the second consecutive month. This is in line with our previous expectations and given the notable cooling of buyer demand due to higher mortgage rates and the resulting increased cost of homeownership,” said Selma…

Maura Cohen Promoted To VP, Director Of Mortgage Services

Maura E. Cohen has been promoted to Vice President, Director of Mortgage Services and Consumer Lending for Centric Bank and Centric Financial Corporation, the company announced. “Helping individuals and families realize their dreams of homeownership and helping them take the first step to create generational wealth and economic stability is a real passion for me,” says Cohen. “Being part of a team that is a true partner to our mortgage clients throughout their home-buying and refinancing processes makes work a pleasure.”  She moves up from her previous role as Vice President of both areas, in which she monitored mortgage originations, processing, and settlements. During her tenure, she contributed to Centric Bank’s record-breaking loan growth. Her previous experience includes working for…

Morning Roundup (8/1/2022) – Bidding Wars, Mortgage Monitor

Good Morning! Today is Monday, August 1. A ship loaded with grain has left Ukraine for the first time since the war began. Flooding in Kentucky has killed at least 28 people. The McKinney fire in Northern California has grown to more than 52,000 acres in two days. The Mortgage Note Reports Bidding Wars: Renters continue to engage in bidding wars as Americans struggle to find affordable places to live. Writer Tyrone Townsend explains why. Mortgage Monitor: Home price growth saw its largest single-month slowdown since at least the 1970s, coinciding with the largest single-month gain in inventory in 12 years. Stirling Joins Embrace: James “Jace” Stirling has been named regional sales manager of the Southeast for Embrace Home Loans. And in other mortgage and housing news… Construction Spending: Construction spending in…