Pending home sales rebounded in October after a September drop, though the year-over-year (YOY) numbers were mild, according to the National Association of Realtor’s (NAR) Pending Home Sales Index. The Index, which is based on contract signings, rose 7.5% to 125.2 in October. An index of 100 is equivalent to the level of contract activity…
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…
Existing-home sales rose in October for the second month straight, though sales year-over-year (YOY) dropped, according to the National Association of Realtors. Sales of existing homes rose 0.8% from September to October, at a seasonally adjusted rate of 6.34 million. However, sales fell 5.8% YOY, down from 6.73 million in October 2020. “Home sales remain…
Mortgage loan application volume fell 2.8% last week, driven again by low refinance applications, the Mortgage Bankers Association’s (MBA) weekly survey reported. The Market Composite Index, which measures application volume, fell 2.8% on an adjusted basis. The Refinance Index dropped 5% and was 31% lower than a year ago, rebounding from last week’s drop to…
A typical home spent just one week on the market before going under contract, according to a new report from the National Association of Realtors. Their annual Profile of Home Buyers and Sellers — “real estate’s definitive guide on home buyer and seller trends” — reported on the pace of home sales between July 2020 and…
Good Morning! Today is Monday, November 8. A federal appeals court in Louisianna temporarily blocked the Biden administration’s vaccine mandate. Foreign travelers may now enter the US with proof of vaccination or a negative Covid test. A “concert surge” in Houston left eight dead and prompted a criminal investigation. And in mortgage and housing news… Rocket…
Housing stakeholders gathered at the nation’s capitol to call for the budget reconciliation package being negotiated in Congress to substantially support housing. The group included National Association of Realtors (NAR) CEO Bob Goldberg, members of the National Housing Conference (NHC), Mortgage Bankers Association (MBA), Habitat for Humanity, National Association of Homebuilders, and others. Representative Sherrod…
Housing affordability improved in August for the second straight month, according to the National Association of Realtors (NAR) housing affordability index report. Month-over-month, mortgage payments fell by only 1.1%, while median family income fell by 0.7%. The index hit a low of 146.5 in June but rose to 151.3 in August. But affordability declined year-over-year…
Home sale commissions are under investigation by the Biden administration, which has asked the Federal Trade Commission to adopt rules to address any unfair practices it sees in the real estate industry, the Wall Street Journal reports. The Justice Department is investigating commissions after several civil lawsuits challenging industry rules passed muster in procedural challenges….
After eight years of examining its impact, the National Association of Realtors (NAR) says that student loan debt is one of the most significant barriers for potential homebuyers. A poll by NAR found that more than half of non-homeowners say their student loan debt has delayed their ability to buy a home. Of 1,995 respondents,…
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