Each month, Fannie Mae's Economic and Strategic Research Group releases a forecast for the economy and housing market. According to their most recent release, the group sees improvement ahead. In fact, their forecast calls for home sales to increase 6.3 percent this year and new home construction to rise almost 25 percent higher than the year before. But despite the optimistic numbers, there are still challenges facing the market. Among the biggest is the lack of existing homes available for sale. Fewer homeowners … [Read more...]

By now, everybody knows the housing market's hot. They're probably also familiar with the factors that have kept it buzzing. Low mortgage rates and the increasing number of Americans working remotely are just a couple of the now well-known drivers of recent buyer demand. But just how competitive is the spring market? Well, according to one recent analysis, 72 percent of the homes sold in April faced competition. In other words, nearly three-quarters of the homes sold during the month had more than one interested … [Read more...]

Because home builders have a unique perspective on the housing market, the National Association of Home Builders conducts a monthly survey to gauge how confident they are in the market for newly built homes. Their responses are scored on a scale where any number above 50 indicates more builders view conditions as good than poor. In May, the NAHB's Housing Market Index held steady at 83, unchanged from the month before. Chuck Fowke, NAHB's chairman, says there are a few factors that have builders feeling optimistic … [Read more...]

In times of crises, people tend to come together. That's certainly been true over the past year. The coronavirus pandemic meant we all had to look out for one another a little bit more than usual, and we did. Especially, closer to home. In fact, according to one recent analysis, the pandemic led to an immediate uptick in neighborhood outreach. We started relying more on the people in our own communities for everything from picking up prescriptions to walking dogs and letting each other know where supplies that had … [Read more...]

When you own a home and its value increases, you build equity. And when the amount of equity you've built is more than double what you owe on your mortgage, you're considered equity rich – at least, according to ATTOM Data Solutions' 2021 U.S. Home Equity & Underwater Report. The report, which looks at the number of equity-rich properties across the country, found that almost one in three homes qualified during the first quarter. In fact, 31.9 percent of the 55.8 million mortgaged homes included in the analysis … [Read more...]

According to the Mortgage Bankers Association's Weekly Applications Survey, average mortgage rates fell last week from the week before. Rates were down across all loan categories, including 30-year fixed-rate loans with both conforming and jumbo balances, loans backed by the Federal Housing Administration, and 15-year fixed-rate mortgages. Joel Kan, MBA's associate vice president of economic and industry forecasting, says rates are now lower than they've been in months. “Mortgage rates fell last week to the lowest … [Read more...]

In order to be approved for a mortgage, borrowers have to meet certain standards. How well they meet those standards not only determines whether they're approved to borrow but also the terms of the loan they receive, should they be approved. Lending standards aren't fixed, though. Which means, there are times when they're stricter and times when they loosen. That's why the Mortgage Bankers Association tracks mortgage credit availability each month – to help potential borrowers know what to expect. In April, … [Read more...]

In a competitive market, home buyers have to make their offers as attractive as possible. Good homes are in high demand and homeowners will, most likely, have more than one offer to choose from. That means, you have to make a strong case, if you hope to have yours chosen. So what's the most effective strategy for winning a bidding war in a hot market? Well, according to one recent analysis, the single most effective strategy is an all-cash offer. In fact, 41 percent of surveyed real-estate agents named it as the … [Read more...]

In April, Fannie Mae's Home Purchase Sentiment Index found a widening gap between the number of respondents who say it's a good time to sell a home and those who say it's a good time to buy one. The index – which is based on a survey that asks Americans for their opinions on the housing market and economy – shows the share of participants who say it's a good time to buy fell from 53 percent to 47 percent month-over-month. Conversely, the share who said it's a good time to sell rose from 61 percent to 67 percent. … [Read more...]

While the housing market outperformed expectations last year, it wasn't untouched by the economic impact of the pandemic. There were scores of American homeowners who were suddenly without work or a way to cover their mortgage payment. Which is why the most recent Mortgage Monitor from Black Knight Financial is an encouraging sign. The report – which looks at loan-level residential mortgage data – found that, in April, the number of Americans paying their mortgage on time rose to the highest level since the … [Read more...]