Mortgage Rates are on the Rise as Home Sales Fall

April 25, 2022

by: Aimee Hartwig Real Estate

Mortgage rates rose for the seventh straight week according to Freddie Mac, “While springtime is typically the busiest homebuying season, the upswing in rates has caused some volatility in demand,” says Sam Khater, Freddie Mac’s chief economist. Despite the rising rates the National Association of Realtors reported the median sales price in March was the highest median price ever recorded. We take a closer look This Week in Real Estate.

“We know that the builders have been underproducing since the foreclosure crisis, which is the reason we have this shortage, but when mortgage rates increase, we have seen several months of inventory rising.”

 Lawrence Yun, chief economist at the National Association of Realtors.

Is the Housing Market Cooling as Mortgage Rates Rise?

April 18, 2022

by: Aimee Hartwig Real Estate

Fannie Mae releases their national home price index and it’s showing 20% growth year over year. The 30-year fixed-rate mortgage jumped to a 5% average, the first time since 2011. And, the Mortgage Bankers Association is re-forecasting their purchase origination volume to a record $1.72 trillion, down from its previous forecast of $1.77 trillion. We take a closer look This Week in Real Estate.

“Even though existing sales volume will be slightly lower than last year, the continued growth in new home sales and the rapid rise in home prices should deliver a smaller, but solid, 4% annual growth in purchase origination volume.”

 Michael Fratantoni, Mortgage Banker’s Association’s chief economist.

Waiting on the Housing Market to Crash? Expert’s say, Don’t!

April 11, 2022

by: Aimee Hartwig Real Estate

According to Realtor.com This Week in Real Estate the median U.S. home listing price reached its all-time high in March. Purchase mortgage rates have risen faster in the last three months than at any time in the past 28 years. Prices continue to surge and rates are rising, but today’s market differs significantly from the “Great Recession.” 

“There was a lot of financial engineering, there was a lot of predatory lending, there was a lot of bad borrowing on people not having a lot of equity, not having as much of a cushion, that led to the housing bubble.”

 Daryl Fairweather, chief economist at Redfin. 

Will the Housing Market Continue its HOT Streak in 2022?

December 28, 2021

by: Aimee Hartwig Real Estate

Will the housing market continue its hot streak in 2022? Industry experts say yes!  We review 3 predictions that will continue to drive the housing market in Lane County in 2022.

“All markets are seeing strong conditions and home sales are the best they have been in 15 years. The housing sector’s success will continue – but I don’t expect next year’s performance to exceed this year’s.”

LAWRENCE YUN, NATIONAL ASSOCIATION OF REALTORS CHIEF ECONOMIST

Strong Demand Boosts Builder Confidence Despite Supply Chain Disruptions

October 27, 2021

by: Aimee Hartwig Real Estate

Strong consumer demand helped drive builder confidence higher in October according to the most recent National Association of Home Builders Housing Market Index. The National Association of Realtors also released This Week in Real Estate that September existing-home sales realized a 7% increase over August sales. The Mortgage Bankers Association announced their expectations for 2022 this week, forecasting a 9% increase of purchase mortgage originations to a record of $1.73 trillion, a 62% decrease in refinance originations to $860 billion and the 30-year fixed-rate mortgage increasing to 4.0% by the end of 2022. 

Some improvement in supply during prior months helped nudge up sales in September,

LAWRENCE YUN, NATIONAL ASSOCIATION OF REALTORS CHIEF ECONOMIST

October is Ripe for Homebuyers!

October 11, 2021

October is Ripe for Homebuyers!

October is one of the BEST months of the year for homebuyers, the number of mortgages in forbearance declines drastically and home buying demands pushed home prices to an all-new high in August. We take a closer look This Week in Real Estate.

Buyers willing to close in October avoid prices well above market value.”

ATTOM STAFF

Housing Market Can Look Forward to a More Boring 2022

October 4, 2021

Housing Market Can Look Forward to a More Boring 2022

The housing market is starting to cool down a bit as we take a look at what experts are predicting for 2022. This as mortgage rates jump above 3%, but will they keep rising? We take a closer look This Week in Real Estate.

“An increase in mortgage rates over the next few months—even though expected to be slight—“will likely have an impact on home prices, causing them to moderate slightly after increasing over the last year.”

Sam Khater, chief economist for Freddie Mac

Homeowners Gain Trillions in Equity!

September 27, 2021

Homeowners Gain Trillions in Equity in Q2 2021

The National Association of Home Builders that builder sentiment in September realized its first increase in three months. Additionally, a new report from CoreLogic reveals homeowners with mortgages gained $2.9 trillion in equity in the second quarter of 2021, a 29.3% year-over-year increase. We take a closer look This Week in Real Estate.

“Home equity wealth is at a record level and will bolster economic activity in the coming year.”

Dr. Frank Nothaft, chief economist for CoreLogic

For 34% of Homeowners, Equity Surges More Than 50%

August 9, 2021

For 34% of Homeowners, Equity Surges More Than 50%

Sellers are still thriving as home prices remain high, ATTOM Data Solutions reported that 34.4% of all residential properties with a mortgage are equity-rich; that is up from 27.5% at the same time last year. That means 34.4% of residential property owners with a mortgage have more than 50% equity in their homes. In other favorable news, after the unemployment rate surged as a result of COVID-19 the unemployment rate is now just 1.9 percentage points above the rate in February 2020 following a strong July jobs report.  We take a closer look This Week in Real Estate.

The huge home-price jumps over the past year that helped millions of sellers earn big profits also kicked in big-time during the second quarter for other owners who saw their typical equity improve more than at any time in the last two years.

Todd Teta, chief product officer with ATTOM