Daily Dose

According to a new survey analysis from the National Association of Realtors, while the share of first-time homebuyers has dropped to record lows, the share of homes purchased in small towns and rural areas reached record highs.

HUD funding granted to three awardees will assess the impact of the Emergency Rental Assistance program on people and communities, with a focus on housing stability and eviction outcomes.

According to October’s Monthly Housing Market Trends Report from Realtor.com, data showed nationwide inventory of active listings grew 33.5% year-over-year to a two-year high.

“The Brookings Institute showed a robust relationship between lower valuations and Black neighborhoods,” wrote Jonathan Liles, Senior Financial Analyst for the FHFA.

New data from HUD revealed an 11% drop in Veteran homelessness from 2020, the largest decline in 5 years, representing an overall 55% reduction in Veterans experiencing homelessness since 2010.

Diminished demand in the housing market has been further dampened by erratic mortgage rates, which dipped slightly this week, as affordability issues continue to put buying significantly out of reach for many.

At the end of the Federal Open Market Committee’s November meeting, Federal Reserve Chairman Jerome Powell indicated ongoing rate hikes will be necessary to tamp inflation down to the target rate of 2%.

As inflation continues to affect Americans nationwide, the Young American Renter Survey from Grubb Properties revealed it is also the main financial concern for young renters, influencing their decision to draw back from buying a home.

The latest NAR Report revealed eSignature, Lockbox, and MLS apps/technology as the three most impactful technology tools on Realtors’ businesses, with cybersecurity, 5G, and drones expected to have the biggest impact on real estate in the next two years.

Mortgage rates exceeding the 7% mark have driven overall mortgage app volume down, with refi apps continuing to run more than 80% below last year’s pace.