Home price growth cooled again in September, increasing only 11.4%, according to CoreLogic’s Home Price Index. This is the fifth month of lower YOY growth. Two-thirds of American metros saw at least some month-over-month declines as well, contributing to a 0.5% national decrease from August. Southeastern states continued to see higher price appreciation than other areas. Florida topped the list for the eighth straight month with 23% growth, followed by South Carolina (+17.6%) and Tennessee (+17.4%). Washington, D.C. ranked last with only 1.8% appreciation. “The rapid increase in prices during the COVID-19 pandemic caused many U.S. housing markets to reach completely unaffordable levels for potential local homebuyers,” said Selma Hepp, interim Lead of the Office of the Chief Economist at…
Atlanta-based Peachtree Group has promoted Brian Waldman to chief investment officer and appointed Jeremy Stoler to EVP, debt capital markets, the company announced in a press release. Waldman will manage the company’s multi-billion-dollar investment portfolio and investment strategies across its distinct operating, lending, and real estate divisions. He brings two decades of experience to the position, including Managing Director and Head of Capital Markets for Beacon Property Members, where he executed capital markets and other advisory assignments with an asset value of more than $8 billion. He joined Peachtree in 2015. During his tenure, he has overseen transactions grossing about $6 billion. “Brian has extensive investment and portfolio management experience and an in-depth understanding of the investment process. We are…
Home price drops are up more than 95% from last year as the market cooldown continues into fall, according to HouseCanary’s latest Market Pulse report. The report compares data between August 2021 and August 2022 and is an ongoing review of insights from HouseCanary’s platform. The data shows that the monthly nationwide supply continues shrinking as interest rates increase. Combined with seasonal slowdown after the spring and summer buying seasons, net new listing volume and contract volume fell YOY across all price points. “The nationwide supply shortage accelerated by the Fed’s rate hikes and economic concerns persisted through the end of the summer despite a slight increase in inventory back in June,” said Jeremy Sicklick, Co-Founder and Chief Executive Officer…
Homebuilding plummeted in July as both homebuyers and sellers continue to lose confidence in the market. Housing starts fell by a shocking 9.6% to a seasonally adjusted annual rate of 1.446 million units last month, according to new data released by the Commerce Department. This is their lowest rate since February 2021 and significantly below market expectations of 1.53 million. Last month’s revised data put starts at a rate of 1.599 million units. A drop this big suggests the housing market still has room to contract in the third quarter of this year. Ian Shepherdson of Pantheon Macroeconomics called the data “terrible” in a tweet Tuesday. Single-family starts fell 10.1%, their lowest in two years, while starts for units in…
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…
The national median payment applied for by mortgage applicants dropped slightly in June, down to $1,893 from May’s $1,897, the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI) found. PAPI measures the variations in new monthly mortgage payments across time and relative to income. The national PAPI fell 0.2% to a read of 163.9 in June, indicating that new mortgages account for a smaller share of a typical person’s income. A decrease in PAPI shows affordability improving for borrowers due to loan application amounts or mortgage rates falling, or earnings rising. But affordability remains high compared to the same time last year, with the index up 37.4% YOY. “Median mortgage applications payments have held steady during the last two…
By KIMBERLEY HAAS Officials at the US Department of Justice say a Michigan real estate consultant and accountant will serve 18 months in prison after he filed false tax returns with the Internal Revenue Service. Steven Mills, of Harbor Springs and formerly of East Lansing, was retained by a corporation to supervise several real estate agents. Between 2012 and 2015, Mills demanded and received about $577,000 in kickbacks which he did not report on his tax returns, according to officials. Mills did not report all of the income he earned when he operated Mills Real Estate Consulting LLC. Officials say he did not report $100,000 he received from a real estate developer between 2013 and 2015. IRS-Criminal Investigation led the…
Tom Simon has been named CEO of Exceleras, moving up from his position as Chief Experience Officer, the company announced. “My work as Chief Experience Officer has prepared me for this move, because everything we have developed was designed to give our clients the experience they desire. Too often, software fails to deliver positive experiences for users because it forces them to change the way they do business to operate within the constraints of a system,” Simon said. “At Exceleras, we pride ourselves on an industry leading, flexible user experience that’s simple, intuitive and cost effective. As a result of our retooling efforts to upgrade our highly configurable architecture, add features and integrate new reporting and analytics capabilities, we were…
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…
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…
