Weekend Warrior by Ron Vaimberg – July 21st

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MBA Survey July 19, 2023: Mortgage Applications Surge Mortgage applications increased by 1.1% from the prior week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for July 14, 2023. On a seasonally adjusted basis, the Market Composite Index—which gauges the volume of home loan applications—rose 1.1% as well. However, the seasonally adjusted Purchase Index […]

Weekend Warrior by Ron Vaimberg – July 14th

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Surging Home Prices Squeeze Supply Amid High Rates According to the Black Knight Home Price Index, home prices increased by 0.7% from April to a new record high in May. Despite high mortgage rates, home prices have steadily risen since January, with May’s month-over-month gain suggesting an annualized growth rate of 8.9%. The housing market […]

Weekend Warrior by Ron Vaimberg – July 7th

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Dim Prospects: The 3% Mortgage Rate’s Return is Unlikely The era of low mortgage rates has come to an end, with rates remaining above 5% since April 2022. While some forecasters predict a modest decline in rates over the next year, they do not expect rates to drop below 5% anytime soon. Accepting this reality […]

Weekend Warrior by Ron Vaimberg – June 29th

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April Sees Third Consecutive Rise in Home Prices, Reports S&P Case-Shiller Index The S&P CoreLogic Case-Shiller national home price index shows that April’s home prices were still down 0.2% from April 2022. However, after accounting for seasonal variations, they were 0.5% greater monthly, and prices are now just 2.4% below their June 2022 peak. Certain […]

Weekend Warrior By Ron Vaimberg – June 22nd

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Home Inventory Plummets by Nearly 40% from Pre-Pandemic Levels With 39% fewer properties on the market than five years ago, the inventory shortfall in the U.S. housing market is getting worse. The overall number of homes available for purchase is down 6% year over year, which is the most significant drop in 13 months. The […]

Weekend Warrior by Ron Vaimberg – June 16th

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Potential 5% Growth in 2023 Home Prices Home prices have increased due to market competition, which has caused Zillow to reevaluate its prediction for a price rise. In contrast to their prior prediction of 1.5%, Zillow’s Chief Economist, Skylar Olsen, forecasts that home prices could increase by as much as 5% in 2023. According to […]

Weekend Warrior by Ron Vaimberg – June 9th

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Mortgage Demand Drops Despite Lower Rates Despite a slight reduction in mortgage rates from their most recent highs, demand for mortgages fell for the fourth week in a row. According to the Mortgage Bankers Association, the volume of overall mortgage applications fell by 1.4% from the prior week. Despite dropping to 6.81% and 0.66 points, […]

Weekend Warrior by Ron Vaimberg – June 2nd

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Home Sellers Increasing Concessions to Buyers, Nearly Double Last Year’s Rate A report from Redfin shows that home sellers in the US are increasingly offering concessions to buyers. In the three months ending April 30, 42.9% of home sales included concessions, compared to 25.5% the previous year. The share of sellers providing concessions has slightly […]

Weekend Warrior by Ron Vaimberg – May 26th

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Only Four Major U.S. Cities Offer More Affordable Homes Than Rentals Data from Redfin reveals that in just four major metropolitan areas in the country, it is currently more cost-effective to purchase a home rather than rent one. These cities include Houston, Cleveland, Philadelphia, and Detroit. With an anticipated monthly rent of $1,697 in Detroit […]

Weekend Warrior by Ron Vaimberg – May 19th

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Gen Z and Millennials Remain Unfazed by Supposed Seller’s Market Bank of America’s 2023 Homebuyer Insights Report reveals that many prospective homebuyers remain committed to purchasing homes despite perceiving a seller’s market. While 55% believe the housing market has become more competitive, 54% still plan to proceed with their purchases as initially intended. Only 18% […]