Active listings were down only 12.2% in April, its smallest YOY decline since December 2019, according to Realtor.com’s Monthly Housing Trends Report. This suggests that inventory may be about to bounce back up after the crippling shortage of the last year. Though new listings declined, the number of homes under contract saw a YOY decrease as well, closing some of the distance between supply and demand. Pending listings were down 9.5% YOY. Improvements were seen in the share of mid-sized homes, adding to listings for families upgrading from starter homes and possibly easing the way for first-time homebuyers who have struggled to find affordable entry homes during the pandemic. “April data suggests a positive turn of events is on the…
By KIMBERLEY HAAS There are pockets of the country where more homes are being listed than there were before the housing market exploded in 2020 which is a good sign for buyers in those metro areas. According to an article by Margaret Heidenry for Realtor.com, metros that saw the most new homes hit the market include Riverside, CA (+23.3%), Austin, TX (+16.5%), and Sacramento, CA (+11.8%). Metros include the main city and surrounding suburbs, towns, and smaller urban communities, according to the article. Compass Agent Paul Reddam in Austin told Heidenry it is hard to nail down what is causing inventory to loosen, but this is typically the peak of their real estate cycle. The bad news is that the number of homes for sale…
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…
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…
U.S. delinquencies hit their lowest level ever recorded by CoreLogic in December 2021, the result of improving employment and soaring equity, the company’s Loan Performance Insights Report revealed. Only 3.4% of all mortgages were in some stage of delinquency (30 days or more past due), down 2.4% annually. This is the lowest recorded delinquency rate since at least January 1999. Delinquencies declined in every state, with the largest drops in Nevada, Hawaii, Florida, New Jersey, and New York. Early-stage delinquencies (30-59 days past due) accounted for 1.2% of mortgages, down from 1.4% YOY, while adverse delinquencies (60-89 days) fell from 0.5% to 0.3%. Serious delinquencies (90 or more days), which peaked at 4.3% in August 2020, saw a serious drop…
Good Morning! Today is Thursday, February 17. The Education Department will cancel loans for students defrauded by DeVry University. Ukraine accused Russian-backed separatists of shelling a Kindergarten, calling it “a big provocation.” Retail sales rose by a seasonally adjusted 3.8% in January. The Mortgage Note Reports Office Spaces Are Not A Thing Of The Past: Despite many employees working from home and companies adopting hybrid work models, investors are still attracted to the land of cubicles. “Stronger Than Ever”: Real estate investors bought a record 18.4% of all homes sold in Q4 2021, nearly three-quarters of which were all-cash purchases. Climate Damage: More than 14.5 million single- and multifamily homes were impacted by natural disasters in 2021, causing an estimated…
More than 14.5 million single- and multifamily homes were impacted by natural disasters in 2021, causing an estimated $56.92 billion in property damage, according to CoreLogic’s 2021 Climate Change Catastrophe report. The report analyzed thirteen “major hazard events” of 2021– including hurricanes, tornados, wildfires, and winter storms– and 120 million residential structures in the U.S. The findings show significant damage to residential properties and increased economic instability in impacted areas. For example, damage from Hurricane Ida in Houma, Louisiana, resulted in delinquency rates rising from 7.4% before the storm to 13.3% the following month. “By leveraging granular data for the increasing frequency and severity of catastrophes, we are able to see that more than 14.5 million homes were impacted to…
By KIMBERLEY HAAS This Valentine’s Day, if your heart is broken because you keep falling in love with homes to lose them to other buyers, you are not alone. Cindy Flynn, Director of Corporate Services at Comey & Shepherd in Cincinnati, Ohio, said buyers in her market are currently submitting an average of eight offers before landing a home. Although buyers are getting a thicker skin, Flynn said, the process is still an emotional one. She suggests keeping an open mind, a positive attitude, and faith that this spring there will be more inventory available. “I hold true to the idea that everything happens for a reason,” Flynn told The Mortgage Note in an interview. “There are other fish in…
Good Morning! Today is Tuesday, February 8. The Supreme Court reinstated Alabama’s congressional map, which a lower court had said hurts Black voters. Vladimir Putin met with President Emmanuel Macron of France but did not rule out a Ukraine invasion. The budget airlines Frontier and Spirit plan to merge. The Mortgage Note Reports UWM Sues Brokerage in Effort to Enforce its ‘Anti-American’ Restrictions on Lenders. UWM’s Mat Ishbia is defending his company’s decision to slap America’s Moneyline with a $2.8 million lawsuit over its decision to violate UWM’s restrictions on working with Rocket and Fairway Independent. AML’s Shawn Nevin calls it ‘anti-American.’ $53 Million Agreement With Fannie Mae To Help Rebuild Communities Of Color In Metro Areas: Fair housing organizations throughout the…
Good Morning! Today is Tuesday, January 25. President Biden was caught cursing about a Fox News reporter on a hot mic. Stocks continued a selloff at the opening bell this morning as investors worry over Fed policies and global politics. The Supreme Court will hear cases challenging affirmative action, focused on Harvard and the University of North Carolina. In mortgage and housing news… The Mortgage Note Reports Victims of Mortgage Ponzi Scheme Can Seek Compensation: People who were victimized by what investigators have called the biggest Ponzi scheme in New Hampshire history can apply for compensation. Big Cities Making A Comeback: More expensive, populated housing markets appeared on the quarterly Wall Street Journal/Realtor.com® Emerging Housing Markets Index, which could signal…
