Lending and Originations

The inclusion of telecommunications, TV, and utilities in expanded credit reports could open the dream of homeownership for millions of people.

Passage of HR 1059 will allow for the immediate nationwide use of RON; creation of national minimum standards; and provide certainty for the interstate recognition of RON.

“Buyers responded to better affordability from falling mortgage rates in December and January,” said NAR Chief Economist Lawrence Yun.

Tai Christensen of Arrive Home explains why now is the time for the Black community to shift their spending and invest in the American dream of homeownership.

“A lot of sellers who don’t get the price they had hoped for are taking their homes off the market. Many of them have a rock-bottom mortgage rate and figure they can wait to sell,” said Shay Stein, a Redfin real estate agent in the Las Vegas area.

A recent NAHB member poll found that building materials remain a big challenge for home builders, but new issues are coming to the forefront.

As existing-home sales fall for the 12th consecutive month, Freddie Mac reports that the rise in rates to 6.50% has exacerbated affordability issues for homebuyers nationwide.

A four-month high in mortgage rates has led to a steady decline in overall mortgage application volume, as the MBA reports purchase applications falling to levels last seen in 1995.

Existing-home sales have declined 0.7% month-over-month from December 2022, and 36.9% year-over-year, as the median existing-home sales price rose 1.3% from one year ago to $359,000.

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