Rocket Companies is acquiring Mr. Cooper Group in an all-stock transaction valued in the billions. According to a press release, the $9.4 billion equity value deal is based on an 11.0x exchange ratio. Rocket shareholders will own 75% of the combined company, while Mr. Cooper stockholders will own about 25%. The deal is expected to…
Young Americans seemed to be on track to overcome all obstacles and achieve the American Dream of homeownership, but now they’re losing their momentum. That’s according to a new report from Redfin, which found that Gen Z and Millennial homeownership rates were essentially unchanged from 2023 to 2024. Just about a quarter of Gen Zers…
More Americans are stepping out for the early stages of home shopping as rates have cooled, but few are actually pulling the trigger. That’s according to a new analysis by Redfin, which found that while purchase applications and Google searches of “homes for sale” are up 10% on the month, home sales haven’t increased at…
American homes climbed in value to $49.7 trillion in 2024, gaining $2.5 trillion over the course of the year. This is a 5.2% annual increase but the slowest growth in a calendar year since 2019 and the second-slowest since 2011, according to a new Redfin analysis. “There are more homes for sale right now than…
As buyer demand pulls back, inventory is increasing, causing houses for sale to pile up on the market with nowhere to go. Redfin reported that there are five months of for-sale supply on the market, up from 4.4 months at the same time last year and the most stock available since 2019. What would typically…
By CHUCK GREEN Something’s lingering in the air, and what we seem to have here flaunts all the earmarks of, what else? Love. With Valentine’s Day right around the corner, thoughts turn to heaping bouquets of flowers, generously sprinkled with a frenzy of vivid bright colors, and, of course, chocolates for the house. Speaking of…
The rate lock-in effect is slowly melting away as homeowners find they can’t avoid near-7% rates. Across the country, 17.2% of homeowners have mortgage rates greater than or equal to 6%, the highest share since 2016, according to new data from Redfin. This is up almost 5% from 12.3% in Q3 2023. Redfin suggests this…
Home sale activity is finally rising in some areas of the country as buyers take advantage of a cooling rate period. Pending home sales rose 2% YOY in the four weeks ending October 6, Redfin reported. This is the biggest increase in three years. Early-stage demand indicators are also improving, with tours and other buying…
September was a turning point for demand, as cooling rates sent refinances soaring and cautious potential buyers stepped out of the shadows. Mortgage lock volume increased 3.17% month-over-month, according to a new analysis from Mortgage Capital Trading. “This data signals a potential shift in strategy for loan officers, who are increasingly targeting borrowers looking to…
By KIMBERLEY HAAS Just 2.5% of U.S. homes changed hands in the first eight months of 2024 as elevated mortgage rates, low inventory, and political uncertainty kept people in place. According to a new report from Redfin, this is the lowest turnover rate in decades. In comparison, the turnover rate was 4% in 2021 and…
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