Talk about a wallop to the wallet: the typical homebuyer’s monthly mortgage payment has climbed $337 (15%) over the past six weeks, according to a report from Redfin, Seattle.
Category: News and Trends
Staying Put: 85% of Homeowners with Mortgages Have Rate Far Below Current Level
With mortgage interest rates pushing well above 6 percent—even approaching 7 percent—a growing number of homeowners are reluctant to sell because they have a lower rate locked in, said Redfin, Seattle.
ATTOM: Homeownership Still Unaffordable Across Most of U.S.
Median-priced single-family homes and condos remain less affordable in the third quarter compared to historical averages in nearly all U.S. counties, reported ATTOM, Irvine, Calif.
CoreLogic: Mortgage Delinquencies Post 16th Consecutive Annual Decline
CoreLogic, Irvine, Calif., said Mortgage Delinquencies fell in July, marking the 16th consecutive annual drop. The Loan Performance Insights Report said foreclosures rose slightly from a year ago in two-thirds of metro areas, but the national rate remains near a record low.
American Housing Survey: 2020, 2021 Benefited Homeowners, Challenged Renters
In general, 2020 and 2021 were good years for homeowners but challenging years for many renters, HUD and the Census Bureau said in the annual American Housing Survey.
A New Framework for Managing Climate Risk
Real estate practitioners can better manage climate risk in their portfolios by incorporating climate change threats including wildfires, hurricanes and excessive heat into their business models, the Urban Land Institute and LaSalle Investment Management reported.
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“While home prices have declined a bit quarter-over-quarter, they’re still higher than they were a year ago, and interest rates have essentially doubled. Many prospective homebuyers simply can’t afford the home they hoped to buy, and in many cases no longer qualify for the mortgage they’d need.”
–Rick Sharga, Executive Vice President of Market Intelligence with ATTOM, Irvine, Calif.
Black Knight: August Mortgage Delinquencies Near Record Low
Black Knight, Jacksonville, Fla., said mortgage delinquencies fell in August to near record lows, although foreclosure starts increased by 15 percent from July.
Record Share of Homebuyers Relocate, Driven by Moves Away from Expensive Coastal Areas
A record 33.9% of Redfin.com users nationwide looked to move from one metro to another in July and August, up from 32.6% in the second quarter and 26% before the pandemic.
2Q Home-Flipping Rate Declines Following Year of Increases
ATTOM, Irvine, Calif., released its second-quarter U.S. Home Flipping Report, showing 115,198 single-family houses and condominiums in the United States flipped in the second quarter.