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The company’s newest National Housing Market Outlook shows that buyers are gravitating toward government-backed loans in their search for affordability. Together, FHA and VA loans represented 34% of the market, up from less than 30% in 2022 and the highest share since late 2020.
Could the loss of jobs in the government sector and the withdrawal of funding from the economy significantly increase the unemployment rate and a surge in jobless claims? However, last week saw a decline in mortgage rates due to softer economic data, which led to an influx of money into the bond market as stocks sold off on Friday.
Today, the BLS jobs report showed that the labor market is getting softer, but it’s not breaking. However, there is a limit to the downside on mortgage rates until the labor market breaks, or we get more than 1% rate cuts from the Fed. Federal government employment declined. 14, we’ve seen them move lower.
The labor market is showing signs of softness but is not breaking down yet, which has kept mortgage rates higher for longer. Since 2022, my guiding principle has been that the labor market is more important than inflation in determining mortgage rates. Again, the theme holds: the labor market is getting softer but not breaking.
Realtor.com has revealed its Top Housing Markets for 2025 , highlighting the areas ready for growth in the year ahead. This years list highlights markets characterized by moderately affordable homes, strong inventorymainly boosted by new constructionand a sizable base of younger families, many with military and international connections.
housing market is anything but stable right now and residents are feeling it. housing market using weekly data from Altos, which includes more than 60 different data points on every metro area in the country, to see how employment is changing the housing market. ’s job market. more homes on the market than 2024.
job market performed better than expected in November, gaining 227,000 nonfarm payroll jobs from a month prior according to data released Friday by the U.S. There have been signs that the labor market was cooling some, which could give the Fed confidence to go ahead with another rate cut this month. A year ago, the jobless rate was 3.7%
ATTOM has released its latest Special Housing Market Impact Risk Report , a study examining county-level housing markets around the U.S. The report shows that California, New Jersey, and Illinois once again had high concentrations of the most-at-risk markets in the country, with parts of Florida also joining that mix.
In over half of the Opportunity Zones examined, median prices rose by more than 10 percent a year as the country’s protracted housing market bubble persisted. Regardless matter whether the housing market has experienced a sharp upturn, a slight improvement, or a slight decline, that pattern has persisted.
As the industry works to support the American Dream of homeownership, ensuring clear lines of communication between mortgage industry stakeholders and their government partners is more critical than ever. The 15th Annual Five Star Government Forum , set for Wednesday, April 16 from 8:00 a.m.-5:00 5:00 p.m., 5:00 p.m.,
Just waiting for the market to correct and find balance,” wrote one Auction.com buyer, in response to a survey regarding the impact of market conditions on bidding and purchasing behavior at auction. The remaining 45% claimed that their inclination to purchase was unaffected by market conditions.
Those who bought Class I Units own 50% of the mortgage brokerage defendants, and, according to the filing, were available for purchase by real estate professionals including agents and brokers at a set price of $450 per share, which the complaint calls far below a reasonable market price. The abuse and overreach should stop now.
Department of Housing & Urban Development (HUD) will co-host the “Mortgage Market Resilience and Access to Credit Summit” on Tuesday, October 15 at HUD’s headquarters. Independent mortgage banks play a key role in making this a reality, and this summit will shine a spotlight on their essential contributions to our housing market.”
HousingWire ‘s 2025 market forecast predicts slower price appreciation, although prices won’t turn negative. In terms of affordability, the difference between single and married people stems from one factor: two incomes are better than one. Comparatively, only 21% of single people and 14% of married people reported doing so.
real estate market. While the Sun Belt region is the most dramatic example of this phenomena, insurance markets responding to the increasing awareness of climate risk are materially changing the calculus behind home ownership and the desirability of entire communities across the country. The post How the Climate Is Reshaping the U.S.
The government-sponsored enterprise (GSE) said the Housing Choice Voucher program, which launched in 2022, assists very low-income families, seniors and people with disabilities in being able to afford stable and quality housing in the private market. It’s now available to borrowers in all parts of the U.S.
The 10-year yield and mortgage rates have been on a wild ride lately, even testing my top-end forecast at 7.25%, but today, the 10-year yield fell after remarks by Fed President Chris Waller about whether the Fed would do even more rate cuts than the market was anticipating. It’s not booming. It’s not falling.”
While the unemployment rate was up compared to the start of the year, the job market ended the year up, with 256,000 jobs added to the economy in December according to data released Friday by the U.S. Bureau of Labor Statistics (BLS). Unemployment finished the year at a rate of 4.1%, down from 4.2% the month prior. for the past seven months.
Government-owned company Ginnie Mae , which oversees the secondary mortgage market and provides a guarantee for a large segment of home loans, released a fiscal year 2024 financial report this week that shows positive results. Government. governments balance sheet and, by extension, U.S. This performance generated $3.1
The Market Composite Index, a measure of mortgage loan application volume, decreased 0.1% Mortgage applications were essentially flat last week as rates increased for the fourth time in five weeks, driven by bond market volatility in advance of the presidential election and the next FOMC meeting.
Conventional refinance applications rose 34% and government refinance applications increased by 42% over the week, Joel Kan , the MBAs vice president and deputy chief economist, said in the announcement. The move in government refinances was driven by a 75% increase in VA loans, which have been prone to large changes in recent months.
With fluctuating mortgage rates and economic pressure in the housing market, foreclosure activity ramped up in October 2024. Foreclosure Market Report on Tuesday. “As we approach 2024, the recent Fed rate cut , and the new administration could impact mortgage rates and market stability. Attom released its October 2024 U.S.
The housing market in Washington D.C. is being closely watched amid widespread layoffs of federal government workers. Sweeping cuts by Elon Musks DOGE agency have sent many government employees packing, while other staff need to find housing in the area to comply with return-to-work mandates. housing market. Lets dive in.
But that only represents part of how consumers feel about market conditions. Higher mortgage rates and home prices are still keeping many buyers and sellers away from the market, according to Fannie Mae. The share of respondents who believe it’s a good time to sell a home remained unchanged from December at 22%.
These off-market listings not only harm sellers, but they limit exposure to potential buyers, possibly deepening inequities that have long existed in real estate. We must maintain transparency in the housing market so we dont go back to the dark ages of real estate. To conduct its study, Zillow analyzed 2.72
Meanwhile, the labor market “is now by many metrics back to more normal levels that are consistent with our employment mandate,” Powell said. Financial markets quickly responded to Powell’s comments, with stocks getting hit and Treasury yields spiking. Data released this week indicates that personal consumption expenditure rose 2.3%
Its an interesting twist in the market dynamics! Additionally, this week has witnessed job losses due to federal government layoffs , which means less money circulating in the economy. I know its been a whirlwind of headlines lately that have left many questioning the future of the economy and the housing market.
Michigan-based United Wholesale Mortgage (UWM) has extended its 60 basis points (bps) pricing incentive until March 31 “due to its strong success and the substantial competitive edge its offered independent mortgage brokers in todays market,” a spokesperson from UWM confirmed. Initially set to end on Oct. 29, 2024.
Eighty percent of respondents also believe the government should be doing more to help retirees a tall order considering the place of the Social Security program in gridlocked political conversations, particularly in a narrowly-divided Congress.
As more properties came ontothe market and overall inventory increased for the 17th consecutive month, the U.S. housing market showed signs of a sustained recovery this spring, according to Realtor.com s March Housing Trends Report. Were seeing a market thats rebalancing, offering more choices for shoppers. 2024 Change over Mar.
Open to all mortgage lending and servicing professionals, GSEs , government entities, and Legal League members, the annual Spring Servicer Summit gathers the nations elite financial services law firms to discuss default policies, procedures, and emerging issues with leading mortgage servicing executives.
They discovered a high level of government involvement and a host of industry participants eager to chat with their professional counterparts from thousands of miles away. government involvement The NRMLA Annual Meeting in September 2024 featured several guests from the federal governments housing arm, the U.S.
Federal government employment declined. All in all, it signals a stable labor market, but it does not reflect recent federal workforce restructuring efforts, nor recent staff reduction announcements from companies like companies like Starbucks, Meta Platforms, and Southwest Airlines. About 151,000 new jobs were added to the U.S.
As concerns mount, 62% of policyholders support federal intervention in the insurance market, up from 52% last year. Gen Z respondents (79%) were most in favor of government action. ValuePenguin found that younger homeowners fear losing their coverage more than older age groups. This compares to 48% of six-figure earners.
Ginnie Mae acting president Sam Valverde has been operating in his current position at the government-owned company for much of 2024. He is overseeing the sizable government portfolio of mortgage-backed securities (MBS) while navigating the company’s stated need for more budgetary resources. We were true partners.
Despite rising costs , there are signs that more house hunters are reentering the market as spring begins. While high prices deter some buyers, more sellers are entering the market, giving buyers more options. Matt Ferris, a Redfin Premier agent in northern Virginia , said many sellers believe the market has peaked and want to cash in.
If mortgage rates rise from todays level, this will be a negative for the labor market, which has already been shedding government jobs in 2025. With rising mortgage rates, more supply and some pressure on profit margins, its challenging for housing permits to grow. The chart below is not very encouraging.
Fluctuating interest rates have been a feature of the housing market over the last three years. Our 2025 housing market predictions are based on the assumption that lower mortgage rates will spur demand and boost the number of homes sales transactions. How will the housing market change as these economic assumptions change?
Market data at HousingWire ‘s Mortgage Rates Center showed an average fixed rate of 6.87% for 30-year conforming loans on Wednesday, a slight increase from the week ending on Dec. Meanwhile, government loan activity increased across all loan types, excluding U.S. Purchase activity was up 1% during the week. of all applications.
If someone calls claiming to be a government official, the FCC recommends hanging up and instead calling the number listed on that government agency’s official website. The FCC warns about “federal officials” asking for money or calls/texts asking for financial account information.
market; if a significant number of workers move away, expect rents to drop. The District is always in transition, especially when a new administration takes office, with people moving in and out of the city for both government and private sector work opportunities, Redfin Senior Economist Sheharyar Bokhari said. metro rental market.
Treasury yields continue to be volatile as economic uncertainty dominates markets. Last weeks level of purchase applications was its highest since the end of January, driven by a 3% increase in conventional purchases, while government purchase applications were down 2%, said Joel Kan , MBAs vice president and deputy chief economist.
Maxine Waters (D), who represents a portion of the Los Angeles area that is impacted by the damage, is ready to reintroduce a bill at the federal level that would require a study to evaluate the damaging effects of wildfires and the response from the homeowners insurance market. Waters said. The state has an estimated $1.4
The state of South Carolina is experiencing an influx of retired baby boomers , which could test the capacity of its infrastructure in areas such as health care and transportation services, as well as resources for dealing with isolation and the job market, according to reporting by Charleston-based newspaper The Post and Courier.
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