Housing markets

The sector is well-positioned for further volume growth into next year, analysts led by Anthony Pettinari said in a note to clients Monday.

Some have moved to appeal their property assessments, with counties in Maryland like Dorchester, Somerset and Garrett seeing the rate of homeowners petitioning home values jump 987%, 827% and 454%, respectively in 2023.

While the monthly amount decreased by only a few dollars in June, it was the first decline since late last year, according to the Mortgage Bankers Association.

Purchases of new single-family homes fell 2.5% to an annualized 697,000 pace after a downward revision to the prior month, government data showed Wednesday.

Equity-rich mortgages — those that have a loan-to value ratio of 50% or lower, meaning the mortgage holder's equity stake is at least half the property's worth — made up some 49% of the national total in the second quarter of this year, according to a report by Attom, a real estate data provider.

The mortgage industry may be largely in the dark about the process, which could save homeowners potentially thousands of dollars a year.

Renovations, already the leading use for these borrowings, increased their share to nearly two-thirds of the products' market, the Mortgage Bankers Association said.

In the Pacific region and Mountain states recorded real estate value drops compared to last year, the Federal Housing Finance Agency found.

"I do believe you'll begin to see some improvement, or increases, in new housing as we head into the back half of the year," Chief Financial Officer Jim Peters said in an interview. "We're hearing optimistic stuff from the builders we deal with."

The bottom five metros have an average five-year median home value appreciation of 35.46%.

Overall sentiment in the segment shows 30% of businesses expect market conditions to become more favorable for them over the next six months, while 26% said they would get worse, according to a new study.

The top five metros have an average five-year median home value appreciation of 48.49%.

The nation's most flood-prone counties experienced a net influx of about 400,000 people in 2021 and 2022, Redfin found.

The uptick in loans 30-to-60 days past due was offset by a continued, significant decline in mortgages 90 days or more past due which aren't in foreclosure.

Plaintiffs accuse the NAR and the multiple listing services of antitrust violations because of rules around shared broker compensation fees.

Rising interest rates during June worked to hold potential new homebuyers out of the market, the Mortgage Bankers Association's Builder Application Survey found.

As affordability worsened for prospective buyers, owners saw their first quarterly rise in proceeds in almost a year.

Contract closings declined 3.3% to a 4.16 million annualized pace, roughly in line with economists' forecasts, National Association of Realtors data showed Thursday.

Residential starts fell 8% last month to a 1.43 million annualized rate, according to government data released Wednesday.

About 14 out of every 1,000 US homes changed hands during this period, down from 19 in the same period during 2019, according to the real estate brokerage's report examining housing turnover since the pandemic.