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Home price growth slowed in June, but remains robust

By Mike Wheatley | August 31, 2022
Existing home prices were up 18% from a year ago at the end of June, according to data from the S&P CoreLogic Case-Shiller Index. That represents a slower pace of home price growth than was seen in the previous month, May, where we saw a 19.95 annual gain. The 10-city composite index increased 17.4%, down […]
Housing, Mortgage, Real Estate

Black mortgage applicants still face discrimination, study finds

By Mike Wheatley | August 30, 2022
Aspiring Black homeowners still face more obstacles than other demographics in their pursuit of homeownership, a new report from the online loan marketplace LendingTree has found. The research found that the denial rate for Black mortgage applicants is almost twice as high as the nation’s average in the country’s 50 largest metropolitan areas. LendingTree based […]
Housing, Mortgage, News

Rising rates hurt buyers more than home price rises, economist says

By Mike Wheatley | August 26, 2022
Home buying is getting harder, with mortgage rates on the rise again this week. This Thursday, they hit an average of 5.55%, according to data from Freddie Mac. Mortgage rates are now almost double what they were one year ago, and the latest data highlights the impact the increases are having on the cost of […]
Housing, Residential

Pending home sales fall again as NAR says we may be at rock bottom

By Mike Wheatley | August 25, 2022
Pending home sales, which is a gauge of signed contracts to buy existing homes, dropped by 1% from June to July, according to the National Association of Realtors. As a result, pending home sales are now down 19.9% from a year ago. It means that pending home sales have fallen for eight of the last […]
Housing, News

Amid rising costs and higher inflation, new home sales grind to a halt

By Mike Wheatley | August 25, 2022
This time last year, new homes were in such big demand that builders simply couldn’t make them fast enough. They were reportedly overflowing with new contracts, and some even resorted to selling their few available lots via lotteries to their legions of wait-listed buyers. However times have changed and buyer traffic has suddenly ground to […]
Housing, News

Home affordability falls to lowest point in 33 years

By Mike Wheatley | August 24, 2022
Mortgage repayments have risen by an average of 54% compared to the previous year, according to the National Association of Realtor’s June Housing Affordability Index. Meanwhile, household incomes have only increased by 5.8% over the same period. What that means is that housing affordability is now at its weakest level in 33 years, the NAR […]
Housing, News

Housing market rebalances with home values falling and inventory growing in July

By Mike Wheatley | August 23, 2022
After two years of unprecedented growth, home values fell slightly from June to July, according to the latest market report from Zillow. The market is quickly rebalancing. With buyers' purchasing power diminished by nearly two years of double-digit price growth and higher mortgage rates, competition for homes is dropping off. The typical U.S. home value […]
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