The number of vacant single-family homes for sale rose 1.8% in the third quarter, according to a government report, signaling that inventory buildup has at least stabilized for now.The Census Bureau reported that vacant homes for sale rose from 2.04 million in the second quarter to 2.07 million in the third quarter. Earlier this year, economists at the National Association of Home Builders were alarmed that the number of vacant homes on the market jumped to 2.18 million in the first quarter, up nearly 600,000 units in one year. This jump indicated not only deteriorating market conditions, but the dumping of properties by investors and speculators -- making it more difficult for builders to address their inventory problems. NAHB chief economist David Seiders said the inventory overhang is still quite heavy. "There has been some improvement, but the big run-up is still with us," he added. The Census Bureau report also shows that the homeownership rate was unchanged at 68.2% in the third quarter, although down from 69.0% a year earlier. Meanwhile, the homeownership rate for blacks rose to 46.7% in the third quarter from 46.3% in the second quarter, while the homeownership rate for Hispanics edged up slightly to 50.1%.
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Agency activity dropped off by 4% in September while non-qualified mortgage issuance was down 18% in the third quarter versus the prior period, BTIG said.
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Developments like the downward swing in total jobs reported Friday, inflation and AI have made nonbank employment more complex and volatile this year.
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Single-family mortgages originated with new scores have been put into private securitizations but these typically have been submitted alongside classic FICOs.
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The collaboration comes after HUD issued several other updates earlier this year aimed at increasing affordability through loosened homebuilding policy.
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Southeast impairments run 150 bps above other regions and alt-doc loans are up 200+ bps since 2025, while DSCR and full-doc improve. Time to review overlays.
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Federal Reserve Gov. Lisa Cook said Thursday that private credit does not seem to pose additional risks to the financial system at the moment, but added that more information about the opaque market is needed.
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