Home prices fall in the West, but Eastern markets boom
Hhome prices in the 12 major housing markets west of Texas, plus Austin, fell year-over-year in January. In the 37 biggest metro areas east of Colorado, except Austin, home prices rose year-over-year...
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BofA makes staff cuts in banking and lending
Bank of America is cutting its banking and lending divisions, the result of rising interest rates and their impact on its business. It has reportedly instructed executives to stop hiring to save money and get ready for a possible economic recession…
New construction, builder optimism pick up as lumber costs drop
The number of building permits increased by 13.8% compared to January. This was due in large part to a 7.6% rise in the number of building permits for single-family homes. Lumber prices are back down to pre-pandemic levels…
Homebuyer affordability decreased in February; mortgage payments increased 25% from one year ago
Homebuyer affordability decreased in February. The median payment for purchase applicants increased 4.9% to $2,061. That’s a jump of nearly $100 from January when the median payment was $1,964. It also represents an increase of…
Pandemic drains advances in single women’s homeownership rates
Single women’s homeownership took a big hit in 2022. It fell 4.1 percentage points from its high in 2021, dropping back down to 24.5% and wiping out most of the gains made over the past six years…
Fannie Mae adjusts recession forecast from Q2 to H2 2023
Fannie Mae now anticipates a recession to start in the second half of this year, not the second quarter. Stronger-than-expected economic data prompted the GSE’s Economic and Strategic Research (ESR) Group to revise its Q1 2023 GDP forecast…
More Americans report trouble paying their bills
According to the Census Bureau, 36% of consumers found it difficult to pay their usual bills in the last seven days. This marks a 25% increase compared to one year ago, and is higher than even in the early months of the pandemic…
Freddie Mac: Interest rates fall to 6.42%
The 30-year fixed rate fell to an average weekly rate of 6.42%. That’s a drop from last week, when it averaged 6.60%, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).
2022 home flips rose, but profits dropped to lowest point since 2008
407,417 U.S. single-family homes and condos were flipped in 2022. This marks the highest point since at least 2005. Despite the increase in home flips, gross profit margins in 2022 dropped to their lowest since 2008…
MBA: Mortgage apps increase 3% from week before
Week over week, the Refinance Index increased by 5%, and the seasonally adjusted Purchase Index increased by 2%. But the numbers are down on a year-over-year basis. The Purchase Index was 36% lower than the same week one year ago…
Fed raises rate a quarter-point in effort to curb inflation
In an effort to further curb inflation, the Federal Reserve has increased interest rates by a quarter percentage point, to a range of 4.75% to 5%. This is the highest it has been since September 2007. In March 2022, it was near zero…
Typical down payment falls 10% as market continues to cool
The typical U.S. homebuyer’s down payment fell to $42,375 in January. That’s a 10% year-over-year drop, and the lowest level in almost two years. The median down payment was down 35% from its peak in June, but still up over 30%…
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Home prices fall in the West, but Eastern markets boom
Hhome prices in the 12 major housing markets west of Texas, plus Austin, fell year-over-year in January. In the 37 biggest metro areas east of Colorado, except Austin, home prices rose year-over-year...
BofA makes staff cuts in banking and lending
Bank of America is cutting its banking and lending divisions, the result of rising interest rates and their impact on its business. It has reportedly instructed executives to stop hiring to save money and get ready for a possible economic recession…
New construction, builder optimism pick up as lumber costs drop
The number of building permits increased by 13.8% compared to January. This was due in large part to a 7.6% rise in the number of building permits for single-family homes. Lumber prices are back down to pre-pandemic levels…
Homebuyer affordability decreased in February; mortgage payments increased 25% from one year ago
Homebuyer affordability decreased in February. The median payment for purchase applicants increased 4.9% to $2,061. That’s a jump of nearly $100 from January when the median payment was $1,964. It also represents an increase of…
Pandemic drains advances in single women’s homeownership rates
Single women’s homeownership took a big hit in 2022. It fell 4.1 percentage points from its high in 2021, dropping back down to 24.5% and wiping out most of the gains made over the past six years…
Fannie Mae adjusts recession forecast from Q2 to H2 2023
Fannie Mae now anticipates a recession to start in the second half of this year, not the second quarter. Stronger-than-expected economic data prompted the GSE’s Economic and Strategic Research (ESR) Group to revise its Q1 2023 GDP forecast…
More Americans report trouble paying their bills
According to the Census Bureau, 36% of consumers found it difficult to pay their usual bills in the last seven days. This marks a 25% increase compared to one year ago, and is higher than even in the early months of the pandemic…
Freddie Mac: Interest rates fall to 6.42%
The 30-year fixed rate fell to an average weekly rate of 6.42%. That’s a drop from last week, when it averaged 6.60%, according to Freddie Mac’s Primary Mortgage Market Survey (PMMS).
2022 home flips rose, but profits dropped to lowest point since 2008
407,417 U.S. single-family homes and condos were flipped in 2022. This marks the highest point since at least 2005. Despite the increase in home flips, gross profit margins in 2022 dropped to their lowest since 2008…
MBA: Mortgage apps increase 3% from week before
Week over week, the Refinance Index increased by 5%, and the seasonally adjusted Purchase Index increased by 2%. But the numbers are down on a year-over-year basis. The Purchase Index was 36% lower than the same week one year ago…
Fed raises rate a quarter-point in effort to curb inflation
In an effort to further curb inflation, the Federal Reserve has increased interest rates by a quarter percentage point, to a range of 4.75% to 5%. This is the highest it has been since September 2007. In March 2022, it was near zero…
Typical down payment falls 10% as market continues to cool
The typical U.S. homebuyer’s down payment fell to $42,375 in January. That’s a 10% year-over-year drop, and the lowest level in almost two years. The median down payment was down 35% from its peak in June, but still up over 30%…
