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U.S. Asking Rents Hit Highest Level Since 2022

Appraisal Buzz

year-over-year in May to $1,653, representing the highest level since October 2022, according to a new Redfin survey. Still, the median asking rent in May was just $47 lower (-2.8%) than the record high of $1,700 set in August 2022, presenting affordability issues for some tenants. The median asking rent in the U.S. this summer.

Tenants 392
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Required Renter Income Surges to Highest Level Since 2022

Appraisal Buzz

The amount renters must earn to afford the median-priced flat has reached its highest level since October 2022. As a result, wage growth should continue to outpace rent growth in the coming months, as it has been doing since 2022,” said Sheharyar Bokhari, Senior Economist at Redfin. year-over-year and 22.9%

Landlords 418
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The mortgage rate lock-in didn’t start in 2022

Housing Wire

In the 24 months beginning March 2022, the U.S. After an initial rush to get to market in Q2 2022, new listings volume fell precipitously. In July 2022, new listings volume per week dropped from 90,000 at the end of June to approximately 74,000 just after the July 4th holiday. The lock-in didn’t start in 2022 when rates rose.

Mortgage 441
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New Home Construction Expectations for 2022

Appraisal Buzz

What is on the horizon in 2022? Things may be taking a turn for the better in 2022, though. Many buyers hope the housing market will cool down in 2022, and while experts don’t think it will be as competitive, this is unlikely to be a dramatic shift — at least not one that turns the market away from being seller-friendly.

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2023 Underwriting Losses Mirror 2022 Trends

Appraisal Buzz

property/casualty insurers show that underwriting losses in 2023 resembled those in a challenging 2022. percent in 2022 to 101.6 Homeowners and auto insurance performed particularly poorly: in both 2022 and 2023, loss ratios exceeded levels not seen in more than 20 prior years. percent in 2022. percent in 2023.

Insurance 195
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Title industry: We contributed $30 billion to GDP in 2022

Housing Wire

gross domestic product (GDP) in 2022, according to a report commissioned by the American Land Title Association that was published on Wednesday. The title insurance and settlement services industry directly generated $30 billion of U.S. ALTA noted that 90% of the title industry is made up by small businesses. billion of GDP), New York ($2.5

Insurance 502
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Mortgage rates start 2022 with an increase

Housing Wire

Mortgage rate increased during the first week of 2022 to the highest level since May 2020 and are more than half a percent higher than January 2021,” Sam Khater, Freddie Mac’s chief economist said in a statement. How local lenders can remain competitive in 2022’s changing market. Presented by: Maxwell. during the two weeks ending Dec.

Mortgage 506