article thumbnail

Tight inventory is challenging Illinois’ ‘steady Eddie’ housing market

Housing Wire

We also have a lot of architecturally interesting properties, ranging from modern to vintage and historical homes. In order to alleviate some of the pressure on buyers, agents like JD Gieson would love to see more inventory come on the market. There is no inventory, McCormick said. We just have a lot to offer. As of Jan.

article thumbnail

One mortgage lender abandons the Florida condo market

Housing Wire

.” A combination of soaring insurance rates and new regulations on condo association reserves and building maintenance work has created a surge in condo inventory in Florida. Inventory has also been surging — it was up to nearly 10,000 units last week, a sharp rise from about 6,300 a year ago.

Marketing 524
Insiders

Sign Up for our Newsletter

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

article thumbnail

Why housing inventory is so low right now

Housing Wire

Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset. Wait, what?

Inventory 514
article thumbnail

Housing Market Tracker: Inventory drops by 11,000

Housing Wire

The housing market faced some serious obstacles last week as the 10-year yield broke over 4%, mortgage rates rose to over 7%, purchase apps fell again and we are still trying to find the elusive seasonal bottom for housing inventory. I discussed my theory on why inventory bottoms out later in the year on this HousingWire Daily podcast.

Inventory 513
article thumbnail

Housing Market Tracker: Housing inventory falls once more

Housing Wire

Housing inventory decreased by 6,468 units, a more pronounced decline from the previous week. Weekly housing inventory There is, again, another downside report on weekly inventory, as inventory has fallen noticeably again this week from the week prior. However, it has now fallen again, and inventory decreased by 6,468.

Inventory 508
article thumbnail

Why appraisal modernization alone is not enough

Housing Wire

Appraisal modernization is generating a lot of buzz in the real estate lending industry. Most would agree (me included) that the appraisal process is long overdue for modernization — a 2022 Fannie Mae survey showed 94% of lenders are in favor of appraisal modernization. However, is appraisal modernization on its own enough?

article thumbnail

Why housing inventory is so low right now

Housing Wire

Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset. Wait, what?

Inventory 435