Home Sales

Existing home sales will drop to 4.78 million in 2023, NAR predicts

In addition to a further drop in existing home sales, Yun said he expects the annual median home price to rise just 0.3% next year to $384,500.

Pending home sales rise to cap otherwise disappointing year

U.S. pending home sales unexpectedly rose in December for the first time in seven months, wrapping up an otherwise poor year for a housing market battered by higher mortgage rates.  The National Association of Realtors index of contract signings to purchase previously owned homes increased 2.5% last month to 76.9, according to a release Friday. … [Read more…]

Housing Market Tracker: Housing inventory falls once more

The Housing Market Tracker shows that housing inventory decreased by 6,468 units, a more pronounced decline from the previous week. 

Point of Sale, Appraisal, Outsourcing, Appraisal Products; Mergers and Lender Closures Continue

Every lender or investor with an “a” in their name seems to be subject to rumors and news in recent months. (More on Flagstar and American Pacific below.) Know anyone named “Bernadette”? The name is actually Latin for, “The act of torching a mortgage.” (Yes, it is cutting edge humor like that which brings you back.) Burning liens isn’t a topic, but paying them off early is, and with mortgage rates off of their highs, early pay offs, or EPOs, were a conversation topic at the conference this week. And with it, loan officer compensation follows. Can a lender pay an originator based on pull through? Yes. Can lenders pay different originators under different payment plans, as long as the originator sticks with one plan? Yes. Can a lender, if they comply with state labor law, ask for compensation back after an EPO or EPD? Yes, and it may depend on the contract signed by both parties at the beginning of employment. As always, consult your in-house counsel or a lawyer well-versed in mortgage banking. While we’re on originators, occasionally I am asked about training for brand-spanking-new loan officers. No, this is not a paid ad, but veteran LO Tanya Blanchard has created Madison Chase Academy, “6 Months to 6 Figures: A Loan Officer’s Guide to a Profitable Business” with a sneak peak on the website. (This week’s podcast is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology, and other services in the mortgage industry and in banking.)

Long-term mortgage rate hits lowest level in 4 months – Fort Worth Business Press

Long-term mortgage rate hits lowest level in 4 months  Fort Worth Business Press

Mortgage rates top 7% for the first time since 2002, chilling L.A. housing market

The average rate on a 30-year fixed-rate mortgage rose above 7% for the first time since 2002, according to a widely watched survey from Freddie Mac.

10 Housing Markets Where Bidding Wars Are Disappearing

Homebuyer competition is fading fast in these key places across the country.

Lower mortgage rates stabilize the housing market

Bond yields and mortgage rates have been falling since weaker inflation data was released, which is stabilizing the housing market. We’re on the verge of rates dropping below 6%.

U.S. pending home sales rise 2.5% in December. Realtors say the housing market is in recovery mode.

Pending home sales have plunged 33.8% from last December, the National Association of Realtors said.

Goldman Sachs forecasts home prices to jump 16% in 2022

The housing market is on fire, with home prices up 20% today compared to one year ago. But if you thought that the market couldn’t get any hotter, and that things might start to cool off soon, think again, as analysts believe there are yet more home price gains in store for 2022. Goldman Sachs […]

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