Finance of America to sell retail division, shut down wholesale channel
Multichannel lender Finance of America (FoA) plans to sell its retail mortgage division and shut down its forward wholesale channel, reports indicate. According multiple sources including former top executives and business partners, FoA signed a letter...
Home flips decrease in 2Q
Home flipping rates nationwide declined after a year of increases. Nationally, during the second quarter of 2022, 115,198 single-family houses and condominiums were flipped. That equates to 8.2% of all home sales, or one in 12 transactions…
August renters spent more than one-quarter of incomes on rent
There’s a real issue of rental affordability going on. Renters in August spent an average of 26.4% of their monthly budgets on rent according to Realtor.com’s Monthly Rental Report. At the top of the list of least affordable metros were…
Housing market reaches a “new weird”
A new level of “weird” has entered the housing market, or so says Redfin. According to its latest housing market trend report, home prices are up 1%, yet mortgage rates have hit 6.29%. The result? Reduced buying power. Plus, new listings have taken…
Housing market potential shows glimmer of hope with first increase in a year
Housing market potential increased 2.1% in August. This marks the largest monthly increase since December 2020, according to First American’s Potential Home Sales Model. Potential existing-home sales increased to a 5.61 million seasonally…
Seattle’s housing market is cooling faster than any other
Seattle is leading the way in cooling housing markets. The West Coast market was pricey even before the pandemic. Now it’s seeing even more affordability backlash from rising mortgage rates. Redfin analyzed the 100 most populous U.S…
Mortgage applications increased last week
Mortgage applications reversed course and rose last week. They were up 3.8% for the week ending September 16 from the prior week. This is according the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey…
More potential sellers opt for renting — not selling — properties
Lots of would-be sellers want to avoid price hits in today’s market. Some are imparting a new strategy: holding properties and renting them out. “People are hearing that rents are going up, so they’re saying, ‘Well if I can’t sell it for…
Number of million-dollar homes increases over last two years
The last two years have pushed housing prices up. As a result, homes valued at $1 million or more have become more common throughout much of the U.S. On average, million-dollar homes are more common in the nation’s most expensive towns than…
Multi-family housing starts boosted market, but building permits declined
A surge in multi-family construction boosted housing starts 12.2% month-over-month in August, an unexpected jump, according to the latest Commerce Department report. But overall the housing market is still facing pressure from high rates…
Housing market downturn: What’s on tap for the next phase
We’re in the second stage of the housing market downturn, which outlines three major elements that could shift during this next phase. Fortune journalist Lance Lambert dissects the Federal Reserve rate shifts and their impact on mortgage…
Home values drop again as competition declines
Home values dropped for the second straight month as mortgage rates continue challenging affordability. The typical home value fell 0.3% from July, the largest monthly decrease since 2011. Low-cost markets are still competitive. Prices…
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Finance of America to sell retail division, shut down wholesale channel
Multichannel lender Finance of America (FoA) plans to sell its retail mortgage division and shut down its forward wholesale channel, reports indicate. According multiple sources including former top executives and business partners, FoA signed a letter...
Home flips decrease in 2Q
Home flipping rates nationwide declined after a year of increases. Nationally, during the second quarter of 2022, 115,198 single-family houses and condominiums were flipped. That equates to 8.2% of all home sales, or one in 12 transactions…
August renters spent more than one-quarter of incomes on rent
There’s a real issue of rental affordability going on. Renters in August spent an average of 26.4% of their monthly budgets on rent according to Realtor.com’s Monthly Rental Report. At the top of the list of least affordable metros were…
Housing market reaches a “new weird”
A new level of “weird” has entered the housing market, or so says Redfin. According to its latest housing market trend report, home prices are up 1%, yet mortgage rates have hit 6.29%. The result? Reduced buying power. Plus, new listings have taken…
Housing market potential shows glimmer of hope with first increase in a year
Housing market potential increased 2.1% in August. This marks the largest monthly increase since December 2020, according to First American’s Potential Home Sales Model. Potential existing-home sales increased to a 5.61 million seasonally…
Seattle’s housing market is cooling faster than any other
Seattle is leading the way in cooling housing markets. The West Coast market was pricey even before the pandemic. Now it’s seeing even more affordability backlash from rising mortgage rates. Redfin analyzed the 100 most populous U.S…
Mortgage applications increased last week
Mortgage applications reversed course and rose last week. They were up 3.8% for the week ending September 16 from the prior week. This is according the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey…
More potential sellers opt for renting — not selling — properties
Lots of would-be sellers want to avoid price hits in today’s market. Some are imparting a new strategy: holding properties and renting them out. “People are hearing that rents are going up, so they’re saying, ‘Well if I can’t sell it for…
Number of million-dollar homes increases over last two years
The last two years have pushed housing prices up. As a result, homes valued at $1 million or more have become more common throughout much of the U.S. On average, million-dollar homes are more common in the nation’s most expensive towns than…
Multi-family housing starts boosted market, but building permits declined
A surge in multi-family construction boosted housing starts 12.2% month-over-month in August, an unexpected jump, according to the latest Commerce Department report. But overall the housing market is still facing pressure from high rates…
Housing market downturn: What’s on tap for the next phase
We’re in the second stage of the housing market downturn, which outlines three major elements that could shift during this next phase. Fortune journalist Lance Lambert dissects the Federal Reserve rate shifts and their impact on mortgage…
Home values drop again as competition declines
Home values dropped for the second straight month as mortgage rates continue challenging affordability. The typical home value fell 0.3% from July, the largest monthly decrease since 2011. Low-cost markets are still competitive. Prices…
