Real Estate

As mortgage volume continues to decline, Sales Boomerang’s latest Q4 2022 Mortgage Market Opportunities Report highlights areas of opportunity still available for loan originators.

“Home prices nationwide are still positive, though mildly,” said NAR Chief Economist Lawrence Yun. “Markets in roughly half of the country are likely to offer potential buyers discounted prices compared to last year.”

For the second consecutive week, mortgage rates have dipped, providing a much-needed boost to the housing marketplace and sparking a rise in overall mortgage app volume.

“Renting is more affordable in the majority of markets, despite rental rates continuing to rise over the past year,” said Rick Sharga, EVP of Market Intelligence for ATTOM.

The RE/MAX National Housing Report revealed new listings recorded the largest month-to-month decline in December 2022, while markets with the biggest decrease in year-over-year new listing percentages were found in Sunbelt cities such as Las Vegas and Los Angeles.

Mortgage applications for new home purchases decreased 25.2% in December compared to a year ago, according to a new report from the MBA Builder Application Survey. The data shows the number of applications and estimated sales are more than 20% behind last year's pace.

All of the top-10 ranked cities for first-time buyers had ample inventory, short commutes, and more restaurants than average.

As the fixed-rate mortgage fell to a near-five-month low, prospective buyers and those seeking refis brought life into the marketplace, boosting mortgage apps 27.9% over last week’s totals.

Fannie Mae’s Jake Williamson and Appraisal Institute President Craig Steinley share their perspective with MReport about how the industry is working to improve the appraisal process in 2023.

Fannie Mae’s latest Home Price Index has found that the tension between the reduced supply of homes available for sale and lower mortgage demand will impact home prices in 2023.