A strong and widespread recovery of rents has pushed prices beyond where they would have been had the coronavirus pandemic never occurred, reported Zillow, Seattle.
Category: News and Trends
RE/MAX: July Home Sales Take Seasonal Dip
RE/MAX, Denver, released it monthly National Housing Report, noting home sales took a seasonal dip in July. Of the 53 metro areas surveyed in July, the overall average number of home sales fell by 8.4% from June and by 3.1% from a year ago.
Dealmaker: Cushman & Wakefield Arranges $144M in Industrial, Retail Sales
Cushman & Wakefield, Chicago, arranged the $105.6 million sale of Apple Valley Industrial Portfolio, a four-building industrial portfolio in Duncan, S.C.
MBA: 2Q Mortgage Delinquencies Fall to One-Year Low
The Mortgage Bankers Association on Thursday released its Second Quarter National Delinquency Survey, showing the delinquency rate for mortgage loans on one-to-four-unit residential properties fell to a seasonally adjusted rate of 5.47 percent of all loans outstanding—the lowest rate since first-quarter 2020.
Quote
“It appears that borrowers in later stages of delinquency are recovering due to several factors, including improved employment and other economic conditions, the availability of home retention workout options after forbearance, and a strong housing market that is bringing additional alternatives to distressed homeowners.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
MBA: 2Q Mortgage Delinquencies Fall to One-Year Low
The Mortgage Bankers Association on Thursday released its Second Quarter National Delinquency Survey, showing the delinquency rate for mortgage loans on one-to-four-unit residential properties fell to a seasonally adjusted rate of 5.47 percent of all loans outstanding—the lowest rate since first-quarter 2020.
Quote
“Both single-family and multifamily starts declined in July relative to June, but single-family starts remain almost 12% higher than last year. There are now almost 690,000 single-family homes under construction – the largest number since 2007. This is clearly a positive sign given the remarkably low levels of inventory on the market.”
–MBA Chief Economist Mike Fratantoni.
Quote
“It appears that borrowers in later stages of delinquency are recovering due to several factors, including improved employment and other economic conditions, the availability of home retention workout options after forbearance, and a strong housing market that is bringing additional alternatives to distressed homeowners.”
–Marina Walsh, CMB, MBA Vice President of Industry Analysis.
FHFA Raises Proposed 2022-2024 Housing Goals for Fannie Mae, Freddie Mac
Fannie Mae and Freddie Mac have new homework assignments from the Federal Housing Finance Agency, which raise the stakes considerably for the government-sponsored enterprises’ 2022-2024 affordable housing goals.
Fewer Than 1 in 5 With Pre-Pandemic Mortgages Have Refinanced
Despite record low interest rates, just 19 percent of homeowners with a mortgage they had prior to the pandemic have refinanced since COVID-19 started, according to Bankrate.com.