The average starter home in the United States sold for a record high last month, yet sales notably increased. The average price of a starter home rose 2.2% from last August to $206,508, while starter-home sales increased 3.8% year over year, according to a new report from Redfin, a subsidiary of Rocket Cos. August marked […]
Starter home sales climb despite record-high prices Read More »
The potential government shutdown that’s looming this week due to an impasse between political parties in budget negotiations has some new risks for housing. In addition to more typical concerns, an Office of Management and Budget memo issued last week means the usual furloughs could be layoffs that compound the impact of previous public sector
New dangers for housing in looming shutdown: How mortgage lenders can prepare Read More »
Analysts at Morgan Stanley have downgraded UWM Holdings, the parent of United Wholesale Mortgage, citing valuation risk, given the 55% increase in its stock price since the end of July through today. But at various points between those two milestones, the gain in UWM on a percentage basis was even higher. On July 31, UWM’s
UWM downgraded by Morgan Stanley on stock valuation risk Read More »
Long-time mortgage industry executive Jerry Halbrook has been named president and chief operating officer of insuretech Covered Insurance. Halbrook’s hiring is the latest sign of the convergence between the lending process and insurance, the company said. Jerry Halbrook is president and COO of Covered Insurance Property insurance costs have increased in recent years, and in
Former Black Knight exec Halbrook joins Covered Insurance Read More »
In the real-estate investment market, business operators are more frequently buying and selling among themselves, according to new Batchdata research. While businesses that buy homes with the intent of flipping or renting them out might purchase from a variety of sources, over half resell those properties to other investors, a second-quarter report published by the
Who buys investor properties? Increasingly, other investors Read More »
Adobe Stock OCMBC is retiring a controversial name it does business under, Jet Advantage Mortgage, and is replacing it with a new one, the company announced this week. But the new moniker does not resolve outstanding legal issues OCMBC has with a local rival. GIANT Lending will serve as the company’s nationwide wholesale lender with
OCMBC launches new business name, retires old one Read More »
Two more lenders have joined the parade of early conforming loan limit boosters, Crosscountry Mortgage and Rate. They join United Wholesale Mortgage and Pennymac in being willing to underwrite loans up to $819,000 for future sale to Fannie Mae and Freddie Mac. Of the major lenders who have done so in the past, only Rocket
Rate, Crosscountry latest to boost conforming limits early Read More »
Cities with younger, more mobile populations are set to benefit more from sinking mortgage rates, a new Realtor.com report found. More than 80% of existing mortgages have a rate of 6% or lower, meaning as rates approach similar levels, more homeowners will be brought back to the market. This especially is true in metros with
Youthful cities to benefit more by falling mortgage rates Read More »
Home buyers saw hints of easing affordability throughout the summer, as mortgage payment levels dropped month to month, but prices and inventory still prove to be formidable obstacles. The median payment on new mortgage applications in August came in at $2,100, a 1.3% decrease from July. August’s number still clocked in 2.1% higher compared with
Mortgage payment levels see fourth straight monthly drop Read More »
Mortgage rates increased this week as investors digested all the commentary from the September Federal Open Market Committee meeting. The yield on the 10-year Treasury, one of the benchmarks used in pricing mortgages, was at 4.19%, after closing Wednesday at 4.15% and at 4.1% on Sept. 18, the day after the FOMC meeting. On Sept.
Mortgage rates rise after FOMC’s decision Read More »