Celebrity Home Loans’ former employees file class action lawsuit
Former Celebrity Home Loans employees last week filed a class action lawsuit against the company for the abrupt layoffs they say violated state and federal laws. The lead plaintiff and many of the terminated employees, were loan officers who...
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Share of million dollar homes decreased nationally in January
The share of U.S. homes in January worth at least $1 million has fallen to 7% from a peak of 8.6% last June. But that number is still up from 4.2% just before the pandemic. The San Francisco Bay Area is seeing the biggest decline…
Inventory shortages & steadying home prices further obstruct affordability
January marked the fourth consecutive month of declines in for-sale inventory and the seventh consecutive month of falling home prices. The inventory shortage is one of the reasons for continued challenges in affordability and still-high home…
Economists: Housing prices to bottom out in 2023, return to normal in 2024
Housing experts who weighed in on the latest Zillow Home Price Expectation survey expect home prices to fall 1.6% through Dec. 2023. But starting in 2024, the panel sees price growth rising at an average of 3.5% per year through 2027…
Housing market’s recent recovery could be “short-lived mirage”
A Pantheon Macro expects total home sales will drop to a new multi-year low by May if rates remain close to 7%. Meanwhile, a major bank forecasts existing home sales will drop more than 20% this year, which means they’d be falling another 10%….
NAR: Black-White homeownership rate gap is biggest in a decade
The U.S. homeownership rate hit 65.5% in 2021. But the homeownership rate among Black Americans is only 44%, nearly 29 percentage points less than White Americans (72.7%). And it has only increased 0.4% in the last 10 years…
Dallas Fed: 20% home price correction needed to stabilize housing market
U.S. home prices would need a 19.5% correction “to bring the U.S. in line with its fundamentals,” Dallas Fed researchers wrote in a report. U.S. and German housing markets are showing signs that could “pose a vulnerability to the global…
Housing inventory recovers at “record” pace
U.S. supply of homes for sale rose at a record annual pace for the sixth month in a row, up 67.8% year over year in February. The gains show that the housing market continues to rebalance…
Home prices fall annually for first time in a decade
U.S. home-sale prices have fallen annually for the first time in more than a decade. The median home-sale price declined 0.6% year over year in February—the first annual drop since 2012. Still, homes are no more affordable because…
Total mortgage loans drop in Q4 2022
The total loans originated in the fourth quarter of 2022 was down 24% quarter-over-quarter. It was the seventh quarterly decrease in a row. That number was also down 55% from Q4 2021…
Prosperity Home Mortgage acquires JFQ Lending
Va.-based Prosperity Home Mortgage, LLC, a subsidiary of HomeServices of America specializing in residential and refinance loans, announced its acquisition of the assets of JFQ Lending, LLC. JFQ is a direct-to-consumer lender…
Mortgage apps fall again, purchase apps remain at a 3-decade low
The Refinance Index decreased 6% from the previous week and was 74% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6% from one week earlier. The unadjusted Purchase Index decreased 3% from…
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Celebrity Home Loans’ former employees file class action lawsuit
Former Celebrity Home Loans employees last week filed a class action lawsuit against the company for the abrupt layoffs they say violated state and federal laws. The lead plaintiff and many of the terminated employees, were loan officers who...
Share of million dollar homes decreased nationally in January
The share of U.S. homes in January worth at least $1 million has fallen to 7% from a peak of 8.6% last June. But that number is still up from 4.2% just before the pandemic. The San Francisco Bay Area is seeing the biggest decline…
Inventory shortages & steadying home prices further obstruct affordability
January marked the fourth consecutive month of declines in for-sale inventory and the seventh consecutive month of falling home prices. The inventory shortage is one of the reasons for continued challenges in affordability and still-high home…
Economists: Housing prices to bottom out in 2023, return to normal in 2024
Housing experts who weighed in on the latest Zillow Home Price Expectation survey expect home prices to fall 1.6% through Dec. 2023. But starting in 2024, the panel sees price growth rising at an average of 3.5% per year through 2027…
Housing market’s recent recovery could be “short-lived mirage”
A Pantheon Macro expects total home sales will drop to a new multi-year low by May if rates remain close to 7%. Meanwhile, a major bank forecasts existing home sales will drop more than 20% this year, which means they’d be falling another 10%….
NAR: Black-White homeownership rate gap is biggest in a decade
The U.S. homeownership rate hit 65.5% in 2021. But the homeownership rate among Black Americans is only 44%, nearly 29 percentage points less than White Americans (72.7%). And it has only increased 0.4% in the last 10 years…
Dallas Fed: 20% home price correction needed to stabilize housing market
U.S. home prices would need a 19.5% correction “to bring the U.S. in line with its fundamentals,” Dallas Fed researchers wrote in a report. U.S. and German housing markets are showing signs that could “pose a vulnerability to the global…
Housing inventory recovers at “record” pace
U.S. supply of homes for sale rose at a record annual pace for the sixth month in a row, up 67.8% year over year in February. The gains show that the housing market continues to rebalance…
Home prices fall annually for first time in a decade
U.S. home-sale prices have fallen annually for the first time in more than a decade. The median home-sale price declined 0.6% year over year in February—the first annual drop since 2012. Still, homes are no more affordable because…
Total mortgage loans drop in Q4 2022
The total loans originated in the fourth quarter of 2022 was down 24% quarter-over-quarter. It was the seventh quarterly decrease in a row. That number was also down 55% from Q4 2021…
Prosperity Home Mortgage acquires JFQ Lending
Va.-based Prosperity Home Mortgage, LLC, a subsidiary of HomeServices of America specializing in residential and refinance loans, announced its acquisition of the assets of JFQ Lending, LLC. JFQ is a direct-to-consumer lender…
Mortgage apps fall again, purchase apps remain at a 3-decade low
The Refinance Index decreased 6% from the previous week and was 74% lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 6% from one week earlier. The unadjusted Purchase Index decreased 3% from…
