article thumbnail

Builders apply the brakes amid canceled contracts

Housing Wire

For the builders, they have a new problem: they had homes under contract and then mortgage rates jumped in the biggest fashion ever recorded in history. If the builders could, they would take some of the past contracts back, but they’re just stuck with these homes. I personally wouldn’t do it.

Contracts 527
article thumbnail

Keller Williams faces three lawsuits tied to its profit-sharing program 

Housing Wire

On March 22, Moulder, who worked with Keller Williams from 2002 to 2011, filed a complaint aiming for class-action status in the U.S. Allegations include breach of contract and unjust enrichment, with damages sought at $250 million. Hill, a former KW agent from 2002 to 2013, filed a similar complaint in the U.S.

Brokerage 500
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Housing starts data lags reality of higher mortgage rates

Housing Wire

As you can see below, the housing demand data from 2002 to 2005 was never apparent in any housing data lines from 2018 to 2022. This demand curve prevents a boom and bust cycle from happening, as we saw from 2002 to 2008. family housing starts in April were at a rate of 1,100,000; this is 7.3 percent (±7.7 From Census: Privately?owned

Mortgage 465
article thumbnail

Are new home sales flagging a recession?

Housing Wire

As you can see, sales levels were never elevated like what we saw from 2002-2005. This housing cycle is and will always be based on real demand, versus the credit boom we saw from 2002 to 2005. The new home sales sector is much different — it’s a contract to purchase a home that isn’t built yet. Slow and steady wins the race.

article thumbnail

Mortgage apps reach the lowest level in 25 years

Housing Wire

Depositary banks such as JPMorgan Chase , Wells Fargo and Bank of America have already experienced double-digit contraction in their production in the third quarter, which is also expected of their non-depository peers. That indicates lenders may still face substantial declines in their origination volume in the last quarter of 2022.

Mortgage 375
article thumbnail

D.R. Horton acquires homebuilding assets from Truland Homes

Housing Wire

Horton also announced the acquisition of 156 lots and control of around 400 lots through option contracts from Truland affiliates, as well as 201 lots and control of approximately 260 lots through option contracts from third parties. Horton has been the largest homebuilder by volume in the United States since 2002. ” D.R.

Contracts 359
article thumbnail

Mortgage demand declines at a slower pace

Housing Wire

“The 30-year fixed rate decreased for the first time in over two months to 7.06%, but remained close to its highest since 2002.”. The Fed will announce the new federal funds rate’s target on Wednesday, which industry observers expect to increase by 75 basis points to 3.25%-4%.

Mortgage 397