Good Morning! Today is Thursday, May 5. New England’s three Republican governors said they would protect abortion rights in their states regardless of the Supreme Court’s decision. The Russian bombing of a Mariupol theater in March killed about 600 people. A growing number of people have tested positive for Covid after the White House Correspondents Dinner. The Mortgage Note Reports Applications Tick Up: Mortgage loan application volume rose by 2.5% last week, good news at the start of a so-far slow spring buying season. Spring Selling: Selling a home in May, June, or July brings premiums of 10% or more above market value, as colder months see significantly lower profits for sellers. And in other mortgage and housing news… 50 Point Hike: The Fed raised its benchmark interest rate…
Selling a home in May, June, or July brings premiums of 10% or more above market value, according to a new analysis by ATTOM Data Solutions. ATTOM looked at home sales over the past eleven years to determine the best month to sell a home. It found that spring and summer are the most popular times for homebuying, giving sellers the best opportunity to make money on their homes. “April showers may bring May flowers, but May brings home sellers the best opportunities to watch their profits grow,” said Rick Sharga, Executive Vice President of Market Intelligence at ATTOM. “Homeowners looking to maximize the price premium they can claim on their homes should sell their properties in May, June, and…
Mortgage loan application volume rose by 2.5% last week, the Mortgage Bankers Association’s (MBA) weekly survey shows. The adjusted Market Composite Index, a measure of mortgage loan application volume, rose by 2.5%. The adjusted purchase index increased by 4%, while the unadjusted purchase index was up by 5% and was 11% lower YOY. The refinance index increased 0.2% and was down 71% YOY. Refinances made up 33.9% of total applications, down from 37.1%. ARM activity accounted for 9.3% of total applications. “The 30-year fixed rate was 5.36%, up over two percentage points from a year ago. The 127-basis-point jump in rates over the past two months has triggered a 49% drop in refinance activity,” said Joel Kan, MBA’s Associate Vice…
Good Morning! Today is Wednesday, May 4. J.D. Vance won the Ohio Senate Republican primary. The Supreme Court said the leaked draft striking down Roe v. Wade was authentic but not final. The EU proposed a total ban on Russian oil. The Mortgage Note Reports Maintain Your Home, Build Wealth: An app that helps homeowners maintain their property inside and out has been developed by Consumer Reports and leaders there say this could potentially increase value during the sale process. Editor Kimberley Haas reports. Home Price Growth: More metro areas saw double-digit YOY increases in their median single-family existing-home sales price in Q1 2022 than in Q4 2021. Migration Trends: More home shoppers are searching for houses outside their current metros in Q1 2022 as remote work…
By KIMBERLEY HAAS An app that helps homeowners maintain their property inside and out has been released by Consumer Reports and leaders there say this could potentially increase home values during the sale process. Upkept users add items to their digital Home Hub and the app creates a plan to keep everything in tip-top shape. The roof, windows, boiler, cooling system, and appliances are examples of what can be added. Changing water filters, deep-cleaning the interior, and cleaning the gutters can be added as reminders. “It automatically schedules and then gently reminds you about doing tasks throughout the year, and then it walks you through each one step-by-step when you’re actually ready to roll your sleeves up and get to…
More home shoppers are searching out-of-market in Q1 2022, according to a new report from Realtor.com. Realtor.com looked at data from its website on where prospective buyers are searching for homes to identify migration patterns. In Q1 2022, 59.7% of Realtor.com listing page views came from shoppers looking for homes in metros other than where they live. This was up 1.9% from Q4 2021 and 4.6% YOY. Pageviews in areas with relatively lower median listing prices rose. Regions with warmer climates that have historically been inexpensive are the most popular search areas. Southern and Sun Belt markets are especially attractive to out-of-market and out-of-state viewers. Realtor.com shoppers in the Northeast were the most likely to look at listings in other…
More metro areas saw double-digit YOY increases in their median single-family existing-home sales price in Q1 2022 than in Q4 2021, according to the National Association of Realtors’ (NAR) quarterly report. Prices grew by double-digits in 70% of the 185 metros analyzed by NAR, up from 66% in Q4 2021. The median sales of single-family existing homes rose at a pace of 15.7% to $368,200, compared to 14.3% in the quarter prior. Affordability dropped as a result, with monthly mortgage payments on the typical home with a 20% downpayment rising to $1,383, up $319 (30%) YOY. Homeowners spent 18.7% of their income on mortgage payments, up from 14.2% the same time last year. The South region accounted for 45% of…
Good Morning! Today is Tuesday, May 3. A leaked draft of a decision shows the Supreme Court is primed to overturn Roe v. Wade. Russia may try to annex the Donetsk and Luhansk regions through sham elections, U.S. officials said. Amazon workers at a Staten Island warehouse voted against joining a union, a setback for labor organizing efforts. The Mortgage Note Reports Price Growth Record: Home prices rose by 20.9% YOY in March, setting another record and marking the 122nd consecutive month of YOY home price increases nationally. Xactus CTO: James Owens has joined Xactus, a verification company, as Chief Technology Officer. Follow Us On Social Media: The Mortgage Note is on Facebook and Twitter. And in other mortgage and housing news… Black Knight: Home prices rose 3% in March, the fifth time…
James Owens has joined verification company Xactus as Chief Technology Officer, the company announced in a press release. “The opportunity to transform an industry is a rare chance in a career. Verification solutions and the associated workflow in mortgage originations has not been challenged for many years, and Xactus is making substantial technology investments to innovate, increase efficiency, and enhance transparency,” Owens said. “I look forward to joining Xactus, and playing a role in leading our industry’s technology migration to the modern mortgage experience.” As CTO, Owens will set and oversee Xactus’ tech strategy, including technical aspects of product development and implementation, as well as IT and data security. He brings 30 years of executive-level experience in financial services and…
Home prices rose by 20.9% YOY in March, setting another record and marking the 122nd consecutive month of YOY home price increases nationally, according to CoreLogic’s Home Price Index (HPI) and HPI Forecast. Home prices were up 3.3% from the month prior. The annual appreciation of detached properties (22%) was 4% higher than that of attached properties (17.3%). But the company predicts that home price growth will moderate to 5.9% by March 2023 due to rising interest rates and low affordability. Late April rates jumped about 30% YOY, a “trend that might derail more prospective buyers.” “The annual growth in the U.S. index was the largest we have measured in the 45-year history of the CoreLogic Home Price Index,” said…
