Housing markets

Also: UWM offers deep discounts, no fix in Congress for flood insurance program, home flipping profits decline

UpEquity reportedly saw its growth projections decimated by the cooling refinance market and terminated positions in anticipation of a tepid fundraising environment.

For the 10th consecutive week, the brokerage’s Demand Index declined, this time by the largest share in over two years.

The rise comes as some homebuyers are worried about even higher borrowing costs. Still, homebuilder sentiment sank further to a two-year low.

The company was an aggressive buyer of rentals during the pandemic, but it is reversing course as the housing market cools.

Industry leaders suggested they’ve "never felt so worried at a time when everything feels so good otherwise," said Chris Herbert, managing director of the Joint Center for Housing Studies of Harvard University.

In some of the regions with the biggest slowdowns, the company is offering incentives to boost demand.

Depreciation risk in parts of New Jersey, Illinois and California is growing, according to a first quarter analysis by Attom Data Solutions.

Many cities with higher shares of list price drops also appeared on a list of the most overvalued areas in the country.

Contract closings decreased 3.4% in May from the prior month to an annualized 5.41 million, the weakest since June 2020, figures from the National Association of Realtors showed Tuesday.

Property prices could contract an annual 5% by the middle of next year, a senior property economist, said in a research note Monday. He’d previously projected no change in values by that time.

Also, Notarize announces layoff, Lower reveals a cyberattack and M&A activity heats up.

The S&P Supercomposite Homedbuilders Index dropped 16% this week as investors grow concerned over a recession and surging mortgage rates.

But even with bidding wars on the decline and inventory increasing, listing prices continue to creep up.

Prices for new construction dropped in May. In comparison, April construction raised to a 1.81 million rate, the highest since 2006.

Lumber prices have wavered, but gypsum, steel and transportation were still on the rise in the past month, according to a National Association of Home Builders analysis.

These buyers snagged 20% of listings in metropolitan areas tracked by Redfin in the first quarter, the highest share since 2000.

As the market continues to cool, the real estate brokers are laying off around 450 employees each.

The lender also announced its acquisition of Florida-based Hamilton Home Loans, which will operate as a new division within the company.