Existing-Home Sales Slip For 3rd Month Straight

April’s existing-home sales slipped for the third consecutive month, falling 2.4% from March to a seasonally adjusted rate of  5.61 million, the National Association of Realtors (NAR) reported. Sales were down 5.9% year-over-year, with each of the four major regions seeing declines. The median price for existing homes of all types was $391,200, up 14.8% YOY. This is the 122nd consecutive month of YOY price growth, the longest-running streak on record. “Higher home prices and sharply higher mortgage rates have reduced buyer activity. It looks like more declines are imminent in the upcoming months, and we’ll likely return to the pre-pandemic home sales activity after the remarkable surge over the past two years,” said Lawrence Yun, NAR’s chief economist. Housing…

Morning Roundup (5/17/2022) – Commercial Real Estate, Fraud Risks

Good Morning! Today is Tuesday, May 17. The gunman who killed 10 people in Buffalo was able to buy an assault-style weapon despite having been held for a mental health evaluation last year. Ukraine began evacuating its fighters from Mariupol, a sign that Russia had won control of the city. The Biden administration lifted some sanctions on Cuba, including expanding flights. The Mortgage Note Reports Commercial Real Estate: Writer Chuck Green reports that commercial and industrial spaces are doing well. Even retail is making a comeback. Fraud Alert: Ten of the 15 metros with the highest fraud risk saw an increase compared to last quarter, while a majority of U.S. firms said that the pandemic increased application fraud across channels, not just for online and mobile systems. Forbearance Volume…

Q1 2022 Sets New Foreclosure High

Foreclosure activity rose in all 50 states in Q1 2022, with foreclosure starts and bank repossessions reaching their highest numbers in two years, according to ATTOM’s Q1 2022 Foreclosure Market Report. A total of 78,271 U.S. properties had a foreclosure filing during Q1, up 39% from Q4 2021 and 132% YOY. March alone saw 33,333 properties with foreclosure filings, up 29% from February and 181% YOY. It was the 11th straight month of YOY increases in foreclosure activity. “Foreclosure activity has continued to gradually return to normal levels since the expiration of the government’s moratorium, and the CFPB’s enhanced mortgage servicing guidelines,” said Rick Sharga, executive vice president of market intelligence for ATTOM.  “But even with the large year-over-year increase…

Demand Keeping Market Hot Despite Rising Prices: “Plenty Of Fuel In The Tank”

Monthly mortgage payments are up by 19.5% from three months ago, and 38% YOY, according to Zillow’s March Real Estate Market Report. Annual home value growth set a new record for the 12th consecutive month. The typical home is now worth $337,560, up 20.6% YOY. At the same time, mortgage rates have grown from 3.51% at the beginning of March to breach the 5% mark at the end of the month. The combo has pushed monthly payments up 38% YOY on a home with a 30-year mortgage and 20% down payment. Despite this, Zillow reports that the pace and volume of sales picked up, “showing the depth of the pool of homebuyers willing and able to meet current asking prices.”…

March Home Sales Dropped 4% From Feb, Sign Of A Potential Slowdown

Home sales dropped by 4% last month and 8% YOY, closing out a fast-paced March with signs of a potential cooldown, Redfin reported. Homes sold at their fastest pace ever and for more above list price than any other March in history. The median home-sale price rose 6.2% to $412,700, a record high and the fastest month-over-month gain for this time of year since 2013. But seasonally adjusted home sales fell 4% thanks to severe inventory shortages, rising rates, and accelerating home prices. Seasonally adjusted active listings—the count of all homes that were for sale at any time during the month—fell 13% YOY to an all-time low. “Although pricey coastal markets began showing early signs of a slowdown in late…

Morning Roundup (4/4/2022)– Young Buyers Priced Out In 2022

Good Morning! Today is Monday, April 4. Ukraine accused Russian forces of executing civilians in a Kyiv suburb before retreating. At least six people were killed after gunfire erupted in downtown Sacramento, California. Tesla CEO Elon Musk disclosed a 9% stake in Twitter. The Mortgage Note Reports Young Buyers Priced Out: The share of younger home buyers is declining after peaking in 2020, but is higher in more affordable metros. Geneva CCO: Kelly Singh has joined direct mortgage lender Geneva Financial as its Chief Compliance Officer. In Case You Missed It: People in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market…

Share of Young Homebuyers Falls To 10-Year Low

The share of young homebuyers under the age of 30 has dropped below pre-pandemic levels as the affordability crisis prices them out of the market, according to a survey by CoreLogic. Young homebuyers took advantage of historically low-interest rates in 2020, accounting for 22% of homebuyers, a record high for the age group. But the share fell back to pre-pandemic levels in 2021 and further declined at the beginning of 2022.  Controlled for seasonality, the share of young homebuyers in January and February 2022 is at a ten-year low. Markets in the Midwest have a higher portion of young homebuyers than coastal areas. More affordable metros have the highest share as young homebuyers – who typically have lower incomes and…

Morning Roundup (3/31/2022)– Boom Or Bust?

Good Morning! Today is Thursday, March 31. The US is planning to lift an order that has restricted immigration for the past two years. Officials say Vladimir Putin’s subordinates have misled him about the Russian military’s struggles to avoid angering him. Google’s sister company Waymo is sending fully autonomous vehicles onto the streets of San Francisco. The Mortgage Note Reports Will The Housing Market Boom Or Bust? As the spring selling season begins, people in the mortgage and real estate industries are speculating on whether 2022 will be a year of growth or the start of the end for a red-hot market. Editor Kimberley Haas takes a deep dive into this topic. Flip Profits: Home flipping profits fell across the…

Jason Crawford Appointed CIO Of Corcoran Global Living

Jason Crawford has been appointed Chief Innovation Officer of Corcoran Global Living. Crawford started at the company in 2020 as Vice President of Product Innovation. In his new role, Crawford is responsible for identifying opportunities, strategies, and technologies for innovation at Corcoran, a rapidly growing real estate firm. “I embrace business practices that produce results – not just hype. My belief is that the practical application of business systems with measurable results will thrust any business toward success,” Crawford said in a statement.  “Corcoran Global Living’s culture of investing in people and giving back to the communities we serve is a winning combination. Together we will make a difference.” Crawford graduated from Azusa Pacific University with a B.S. in Applied…

Morning Roundup (3/23/2022)– Digital Real Estate, Applications, IMB Profits Down

Good Morning! Today is Wednesday, March 23. Russia extended a law banning criticism of the government, and a court sentenced the opposition leader Aleksei Navalny to nine more years in prison. At least one person died last night after a tornado in the New Orleans area damaged homes and knocked out power. The Mortgage Note Reports Digital Real Estate: What Is It And Who Is Interested? Millions of dollars are being spent on digital real estate as investors take their money to the land of the Metaverse and Tyrone Townsend is taking a look at this new virtual opportunity. Applications Down: Mortgage loan application volume plummeted by another 8.1% last week as interest rates rise. IMB Profits Down:IMBs and mortgage…