Dr. Skylar Olsen has returned to Zillow as Chief Economist, the company announced. “I’m honored to return to Zillow as chief economist and help home buyers, sellers, and renters across the country better understand their options and how to best navigate what has become an increasingly trying housing market,” Dr. Olsen said. “I truly revel in the opportunity to provide the tools and information to help people make some of the biggest, most impactful decisions of their lives.” Dr. Olsen worked at Zillow from 2012 to 2020, with her most recent position being Senior Principal Economist. She lefts two years ago to found her consultancy, Reimagine Economics, and to serve as head of economics at digital mortgage startup Tomo. She…
Inflation is soaring in America’s most popular migration locations, in part because of their boost of new residents and high home price appreciation, Redfin reported. Phoenix, Atlanta, Tampa, and Miami saw double-digit inflation in Q2 2022. They are also all high migration areas that are popular among Redfin’s users. Inflation in Phoenix was up 11.3% YOY and is the third most popular city for Redfin.com users looking to move to a new city. Atlanta was the twelfth most popular and had an inflation rate of 10.9%. Next came Tampa, the second most popular destination on Redfin, with the third highest inflation rate at 10.6%, followed by Miami, the single most popular destination, with the fourth highest inflation at 10% flat.…
New home purchase applications fell 12% YOY in June, and were down 10% from May, according to the Mortgage Bankers Association’s (MBA) Builder Application Survey. New single-family home sales ran at a seasonally-adjusted annual rate of 620,000 units in June, down 14.7% from May’s pace of 727,000 units. The unadjusted rate was estimated to be 57,000 home sales, down 6.6% from 61,000 in May. New home sales are estimated using mortgage application information and assumptions regarding market coverage and other factors. “Higher mortgage rates and heightened economic uncertainty cooled borrower demand in June, leading to new-home purchase applications declining to the lowest level since April 2020,” said Joel Kan, MBA’s Associate Vice President of Economic and Industry Forecasting. “Additionally, new…
Nations Lending has opened a new branch in Spencer, WI, to be led by veterans Sue Foley and Jason Schultz, the company announced. Branch manager Sue Foley brings more than three decades of experience to the position. She will oversee all branch operations. “For a company of its size, Nations brings a family friendly environment where I feel how appreciated my presence is,” said Foley. “The blend of its company culture, employee relationships, and commitment to success will allow us to thrive.” Sales Manager Jason Schultz will be in charge of growing loan volume and increasing sales. He has more than $80 million in loan production under his belt from the last two years alone. “We have a fantastic team…
Millennials are often touted as getting the short stick when it comes to the housing market. Over the housing boom of the last two years, many Millennials who recently reached prime homebuying age started looking to buy their first home. But high competition and limited inventory have made this a notoriously difficult market for first-time buyers. This has been intensified by rising home prices. As of 2021, the average millennial with a mortgage owed $255,527 in mortgage debt, up 10% from the 2020 average and 16% from 2019. But while Millennials may be the largest buying cohort right now, Gen Z is right on their heels. Gen Z places much stock in the value of owning a home. Nearly 60%…
Good Morning! Today is Friday, July 15. Texas sued the Biden administration over federal rules protecting access to abortions in medical emergencies. At least 10 missiles struck the southern Ukrainian city of Mykolaiv, hitting two local universities. Amazon is considering scrapping its own brand of items to alleviate regulatory pressure. The Mortgage Note Reports Rates Up Again: Mortgage rates drifted up again last week after plummeting the week prior, rising from an average of 5.30% to 5.51%. Inventory Rebound: The number of homes for sale nationwide in June rose 2%, the first annual increase since July 2019, as rising rates push buyers to the sidelines. And in other mortgage and housing news… JPMorgan Chase Earnings: Second quarter earnings at JPMorgan Chase fell 28% YOY, but the bank said it…
Mortgage rates drifted up again last week after plummeting the week prior, rising from an average 5.30% to 5.51%, Freddie Mac reported Thursday. Freddie’s Primary Mortgage Market Survey (PMMS) found that the 30-year fixed-rate mortgage (FRM) averaged 5.51%. A year ago at this time, the 30-year FRM averaged 2.88%. “Mortgage rates are volatile as economic growth slows due to fiscal and monetary drags,” said Sam Khater, Freddie Mac’s Chief Economist. “With rates the highest in over a decade, home prices at escalated levels, and inflation continuing to impact consumers, affordability remains the main obstacle to homeownership for many Americans.” Affordability is at record lows across the country. The average monthly mortgage payment is up 6.2% month-over-month and 51% year-over-year. Low…
Housing inventory rebounded in June, rising 2% across the country, according to a new report from Redfin. This is the first annual inventory increase since July 2019. Rising mortgage rates, home price appreciation, and a looming recession have pushed some potential homebuyers to the sidelines. Home sales were down almost 16% YOY, the largest drop since May 2020. “The country’s economic woes have already cooled the housing market, and they’re likely to continue dampening demand,” said Redfin Chief Economist Daryl Fairweather. “The Fed has signaled it may increase interest rates further to combat stubbornly high inflation, which could harm consumer confidence, and lower stock prices mean fewer prospective homebuyers can afford a down payment.” Housing affordability is at its lowest…
Good Morning! Today is Thursday, July 14. At least 40 people are unaccounted for in Virginia after flooding and landslides. The producer price index rose 11.3% from a year ago in June, near the record 11.6% posted in March, while weekly jobless claims hit their highest level in eight months. The Mortgage Note Reports Crushing The Dream: A U.S. Congressman serving the 8th district of Texas says housing inflation is crushing the American dream for families. Record Price Growth: Annual single-family home prices rose by 19.4% in Q2 2022, d down from Q1’s upwardly revised 20.5% but still close to a record high. Market Takeover: Western metros that topped charts last year for popularity and home prices have taken a back seat to more affordable, cooler areas in the East.…
As the housing market starts to cool off, last year’s buying trends are being upended. Western metros that topped charts last year for popularity and home prices have taken a back seat to more affordable, cooler areas in the East, according to a new report from Realtor.com. For the first time in the history of Realtor.com’s data, Western locations are completely gone from June’s list of hottest real estate markets. Topping the list for the first time ever, Concord, NH, is now the U.S.’s hottest housing market, based on the number of individual home listing views on Realtor.com and how quickly homes are selling there. The top five metros were Concord; Manchester, NH; Burlington, VT; Portland, ME; and Burlington, NC.…
