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21 Sep 2021
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Housing Market Shifts From White-Hot to Red-Hot

By Kyle G. Horst, MReport Daily Dose, 21 Sep 2021

Excerpt: RE/MAX’s newest monthly housing report for August 2021 signals a slight cooling in the top 51 markets nationwide, but the market still remains near record highs. According to the report, home sales dropped 3.5% month-over-month from July, while the median home price slipped 1.2% to $335,000 in August While some metrics did decline, the news was not wholly unexpected—July-to-August averages for 2015-2019 (2020 was omitted due to skewed data related to the pandemic) show a similar trend. The month-over-month median home price typically saw a 1.0% decrease in previous years. As summer closes, slow downs in the market are expected. Home buyers have been in a frenzy in offering over the list price and driving up values. As more inventory or new construction hits the market, it may qual the frantic drive, maybe just a bit.

Video: Weekly Economic and Housing Market Update

By Geroge Ratiu/Danielle Hale/Sabrina Speianu/Nicolas Bedo, realtor.com, 03 Sep 2021

Excerpt: To keep up with the rapid changes COVID-19 is causing in the economy and housing market, the realtor.com® economics team provides a weekly blog and video update on the relevant real estate and economic information you need to know to navigate the housing market in these challenging times. YouTube Video. The housing market and the overall economy this week’s influences and impacts, from new cars to lumber prices effects on new construction.

400,000 Homeowners Enter Final Month in Forbearance

By Jann Swanson, Mortgage News Daily, 03 Sep 2021

Excerpt: Black Knight estimates that nearly 630,000 forbearance plans, more than one-third of those currently active, are slated for review this month. Of those, 400,000 will have reached the end of their 18 months of forbearance eligibility unless the maximum term is extended again. As renters were protected from evection from none-payment and as those payments pile up over time, it is hard to believe that they will be paying the landlord the back rent, especially those who are still unemployed and unemployment insurance has run out. Common sense is to move out and start over again. The bad news, the landlord loses. Forbearance properties are about to hit the market.

Mortgage Applications Decrease in Latest MBA Weekly Survey

Contact: Falen Taylor, MBA, 01 Sep 2021

Excerpt: WASHINGTON, D.C. (September 1, 2021) - Mortgage applications decreased 2.4 percent from one week earlier, according to data from the Mortgage Bankers Association's (MBA) Weekly Mortgage Applications Survey for the week ending August 27, 2021. The Market Composite Index, a measure of mortgage loan application volume, decreased 2.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 4 percent from the previous week and was 2 percent higher than the same week one year ago. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index decreased 2 percent compared with the previous week and was 16 percent lower than the same week one year ago. Mortgage applications are decreasing but is this due to seasonal changes or other influencing factors. Rates are very low and can attract more buyers, but caution may be a factor. Additionally, affordability and potential economy shift are another.

5 States with the Biggest Home-Price Growth in 2021

By Brandon Cornett, HBI, 04 Sep 2021

Excerpt: Home prices across the United States have risen substantially over the past year and a half. The coronavirus pandemic actually accelerated this trend, by giving a lot of people a new incentive to relocate and purchase houses. This, combined with low inventory levels, put tremendous upward pressure on house values. But this trend has not been even across the board. Some cities and states have experienced much greater home price growth compared to others. The national average of home prices is still increasing, but what about areas that exceed that? Rapid growth in an area could be an anomaly or are there other contributing factors?

Should You Pay Above The Appraised Value Of A House?

By Natalie Campisi/Rachel Witkowski , Forbes Advisor, 01 Sep 2021

Excerpt: In today’s highly competitive housing market with scarce supply, buyers around the country are finding that the only way to win a bid on a house is to go all out, often paying well above the home’s appraised value. On the surface, this might seem like a risky move. You’re essentially starting with negative equity, which slows your ability to build equity in the house that can be used to refinance your mortgage or get a home equity line of credit (HELOC) down the road—not to mention selling the house without taking a hit to your wallet. But, there can be some instances where paying above the appraised value makes sense. As the housing inventory is still low and multiple biddings on a home is not uncommon, paying more for a home or paying over the appraised value is a decision for the home buyer to make. That decision can cost the buyer the difference (as lenders tend not to loan more that the appraised value) on top of the down payment.

August New Home Purchase Mortgage Applications Decreased 17 Percent

Contact: Adam DeSanctis, MBA, 21 Sep 2021

Excerpt: WASHINGTON, D.C. (September 21, 2021) - The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for August 2021 shows mortgage applications for new home purchases decreased 17 percent compared from a year ago. Compared to July 2021, applications increased by 9 percent. This change does not include any adjustment for typical seasonal patterns. Seasonal slowdowns are expected and reflect in the overall new home purchases. A decrease in the number of applications is typical but since the numbers have been so high, the difference may not have an impact as before.

The Global Housing Market Is Broken, and It’s Dividing Entire

Countries

By Alan Crawford, Bloomberg, 19 Sep 2021

Excerpt: Soaring property prices are forcing people all over the world to abandon all hope of owning a home. The fallout is shaking governments of all political persuasions. It’s a phenomenon given wings by the pandemic. And it’s not just buyers — rents are also soaring in many cities. The upshot is the perennial issue of housing costs has become one of acute housing inequality, and an entire generation is at risk of being left behind. Home values are skyrocketing to the point of owning a home is out of reach. This trend is nationwide and even global. Though the housing market is only part of the economy, it can have the greatest impact to the overall world economy. The consumer is the ultimate driving force in the economy, good or bad. Once consumer confidence is affective, changes follow.

Americans are pissed about the housing market — they haven't

hated it this much in 4 decades

By Ben Winck, Insider, 20 Sep 2021

Excerpt: Last year, everyone was excited to buy a house. This fall, they're pissed. Just 29% of Americans said in September that it was a good time to buy a home, according to data from the University of Michigan's Surveys of Consumers. That's the smallest share since 1982 and close to record lows. The majority was excited about homebuying just months ago: 62% said it was a good time at the start of the year and 65% said so in March 2020, when the pandemic first slammed the US. “it is a good time to buy a home.” This quote has been circulating continuously over the past two years. Buy now before the prices go up further is the slogan but with prices increasing and driving typical home buyers out of the market, when will it stop?

It's A Hot Housing Market, But Inflation Taking Its Toll

By Alex Veiga, KLove, 21 Sep 2021

Excerpt: Even in the hottest U.S. housing market in more than a decade, new home construction has turned into a frustratingly uncertain and costly proposition for many homebuilders. Rising costs and shortages of building materials and labor are rippling across the homebuilding industry, which accounted for nearly 12% of all U.S. home sales in July. Construction delays are common, prompting many builders to pump the brakes on the number of new homes they put up for sale. As building a new home gets more expensive, some of those costs are passed along to buyers. As the economy starts to emerge from the pandemic, inflations has followed. Tying inflation to the housing market was predictable in the past but the norms have been thrown out. Typically, increased inflation slows the home buyers down has they catch up financially, but with inventory still down, home buyers are still going strong.