Cooling Buyer Demand Pushes September Home Prices Down
CoreLogic, Irvine, Calif., said September home prices fell by 0.5 percent from August, while annual growth slowed for the fifth consecutive month.
Sharp Slowdown Expected in Home Remodeling
The Leading Indicator of Remodeling Activity, a quarterly forecast from the Remodeling Futures Program at the Joint Center for Housing Studies of Harvard University, Cambridge, Mass., projects year-over-year growth in homeowner remodeling and repair spending to shrink from 16.1 percent in 2022 to 6.5 percent by the third quarter 2023. And The National Association of Home Builders Remodeling Market Index for the third quarter posted a 10-point year over year decline in the third quarter, falling to 77.
Record-High Number of Homebuyers Ready to Move Elsewhere
Redfin, Seattle, said rising mortgage rates and persistently high home prices are motivating many buyers who remain in the market to relocate to more affordable areas.
MBA Chart of the Week Oct. 28 2022: Year-Over-Year Changes in Origination Volume
This week’s MBA Chart of the Week examines year-over-year changes in origination volume ($ and units) dating back to 2016, and the forecasted volume from 2022 to 2025. In 2022, we expect a 15% decline in purchase origination dollars from 2021 but a steeper 27% decrease in the number of loans.
