Homeowners Utilizing Home Equity for Cash Amidst robust home values nationwide, homeowners leverage their home equity for renovations and managing debt. The housing market’s low inventory has bolstered home prices, sustaining their surge during the pandemic. This has resulted in a collective home equity of approximately $30 trillion, as the St. Louis Federal Reserve reported.…

New Record High Home Prices: Your Potential Cash According to Black Knight’s new report, home prices have surged across the U.S., with 60% of markets hitting record highs in June. This renewed growth in home prices is mainly due to a supply shortage to meet the high demand. Despite higher mortgage rates acting as a…

Trapped at Home: Americans and Low-Rate Mortgages Many homeowners are reluctant to sell their homes and move due to their historically low mortgage rates. With rising home prices and interest rates, staying put is becoming an attractive option for homeowners with low-rate mortgages, leading to a market shortage of homes for sale. Most homeowners today…

Mortgage Demand for New Homes Surged 26.1% in June In June, new home purchase mortgage applications surged by 26.1% compared to last year, as reported by the Mortgage Bankers Association (MBA) builder application survey. However, there was a 5% drop in applications compared to the prior month. MBA estimated that approximately 687,000 new single-family homes…

MBA Survey July 19, 2023: Mortgage Applications Surge Mortgage applications increased by 1.1% from the prior week, according to the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for July 14, 2023. On a seasonally adjusted basis, the Market Composite Index—which gauges the volume of home loan applications—rose 1.1% as well. However, the seasonally adjusted Purchase Index…

Surging Home Prices Squeeze Supply Amid High Rates According to the Black Knight Home Price Index, home prices increased by 0.7% from April to a new record high in May. Despite high mortgage rates, home prices have steadily risen since January, with May’s month-over-month gain suggesting an annualized growth rate of 8.9%. The housing market…

Dim Prospects: The 3% Mortgage Rate’s Return is Unlikely The era of low mortgage rates has come to an end, with rates remaining above 5% since April 2022. While some forecasters predict a modest decline in rates over the next year, they do not expect rates to drop below 5% anytime soon. Accepting this reality…

April Sees Third Consecutive Rise in Home Prices, Reports S&P Case-Shiller Index The S&P CoreLogic Case-Shiller national home price index shows that April’s home prices were still down 0.2% from April 2022. However, after accounting for seasonal variations, they were 0.5% greater monthly, and prices are now just 2.4% below their June 2022 peak. Certain…

Home Inventory Plummets by Nearly 40% from Pre-Pandemic Levels With 39% fewer properties on the market than five years ago, the inventory shortfall in the U.S. housing market is getting worse. The overall number of homes available for purchase is down 6% year over year, which is the most significant drop in 13 months. The…

Potential 5% Growth in 2023 Home Prices Home prices have increased due to market competition, which has caused Zillow to reevaluate its prediction for a price rise. In contrast to their prior prediction of 1.5%, Zillow’s Chief Economist, Skylar Olsen, forecasts that home prices could increase by as much as 5% in 2023. According to…