Housing markets

U.S. consumers expect mortgage rates to increase substantially over the next several years, with households on average projecting rates of 6.7% a year from now and 8.2% in three years, according to a survey released by the New York Federal Reserve.

While both refinance and purchase customers were banging down the doors in 2021, leading producers are already working much harder as they change up their offerings.

Suburban pushback against a proposal that would have loosened regulations of new units in New York State led to its removal from the state budget.

Decreasing affordability and remote work is spurring interest in moving to these often overlooked markets.

Out of all investor group types, those with the deepest pockets — property giants with 100 or more homes — tamped down their spending most at the end of last year, CoreLogic reported.

But experts continue to downplay the extent of the risk of a housing bubble.

With rising costs and few houses for sale, millennials and Gen Z are increasingly willing to purchase at auction, a ServiceLink survey found.

Purchases completed above the asking price made up 9.3% of all transactions, the highest portion in four years.

The bank’s grant programs include providing funding to increase housing developer diversity and for counseling services.

But the share of homes purchased by those under age 30 has fallen steadily after peaking in 2020 as prices accelerated.

Lawmakers during a committee meeting on senior housing doubled down on past arguments blaming investors and government spending for the nation’s tight market.

Down payment assistance programs allow lenders to take concrete action to promote the Mortgage Bankers Association's "Home for All" initiative. Chrane details the issues to navigate in using them.

While the intensely competitive market has deterred some from looking for a place to move to, rising valuations allow for more funds to be accessed to pay for repairs.

The share of existing properties acquired by single-family rental providers has fallen by 24 percentage points since 2019, while surging BFR numbers made up much of the difference.

Nationally, prices jumped 19.2%, the fourth-biggest jump in data going back 35 years.

A majority of housing experts also believe first-time homeownership should hit 2019 levels again within four years; however, a substantial number don’t expect it this decade.

As the effects of the pandemic continue to reshape the rhythms of the industry, mortgage lenders and brokers others predict a busy, competitive landscape but say more non-QM loans will fill volume gaps caused by low supply.

While the median income rose 1% over the last year, the median price of a home rose a staggering 25%, according to the the Federal Reserve Bank of Atlanta.

More properties on the market are also selling quicker, with almost 60% now receiving accepted offers within two weeks.

A gauge of U.S. pending home sales fell unexpectedly in February for a fourth straight month as limited inventory continued to restrict a real estate market that’s now facing another challenge — rising borrowing costs.