Housing markets

Sales of existing single-family homes in Maine were down almost 5 percent in August compared to the previous year, a sign that the hot real estate market may be leveling off, according to a state real estate group.

While the Biden Administration has issued a series of measures to encourage the production of more affordable housing, municipalities must changing their zoning or other restrictive laws to facilitate additional development, writes the Chairman and CEO of Walker & Dunlop

Price appreciation over the past year also dropped the share of underwater mortgage borrowers to an all-time low, according to CoreLogic.

The decline from 4.4% in July and 6.88% a year ago brings the number much closer to pre-pandemic norms, but foreclosure starts are a different story.

Contract closings decreased 2% from the prior month to an annualized 5.88 million, in line with economists’ estimates, figures from the National Association of Realtors showed Wednesday.

Growing confidence that they’ll be able to find a new place to live will finally push homeowners to put their homes up for sale, the survey of real estate experts found.

Residential starts rose 3.9% last month to a 1.62 million annualized rate after an upwardly revised July print, according to government data released Tuesday.

Property taxes — up the most in 15 years in 2020, according to recently released Labor Department data — will likely see even sharper jumps this year.

U.S. homebuilder sentiment rose in September amid lower lumber prices and strong housing demand.

Last month’s housing market reversed a trend in purchases, but it wasn’t enough to stop the double-digit price growth, according to Redfin.

Rather than add debt through a HELOC, the company’s product allows clients to get cash in exchange for a portion of the property's value.

The company co-founded by former Zillow CEO Spencer Rascoff raised $125 million from investors including SoftBank Vision Fund 2.

The number of borrowers leaving plans outweighed a smaller uptick in new requests and re-entries.

Southwestern housing markets had the largest annual changes in median monthly home loan payments, with one increasing more than 30%, according to Redfin.

While the monthly numbers are higher, they remain a far cry from pre-pandemic levels, suggesting it could be awhile before they return to normal.

Orchard, which offers cash to homebuyers upfront so they can purchase a new residence before selling their old one, raised $100 million to fuel growth in an ultra-competitive housing market that’s pushing shoppers to find new ways to stand out.

But distressed loans released from backlogs by discontinued foreclosure bans could drive numbers higher eventually, depending on the strength of the housing market

Single-family home construction also increased across communities of all sizes, but notably in outlying metro areas.

A rising — but still small — share of borrowers believe interest rates and housing price appreciation will fall in the next year, according to Fannie Mae.

The jump is the largest 12-month gain in the index since the series began 45 years ago.