Total housing sales in 2010 will be down about 8% from last year, and will mark the bottom the downturn, says a monthly report from Fannie Mae economists.The economic outlook from Fannie Mae’s Economics and Mortgage Market Analysis Group is fairly upbeat looking ahead.
Articles written by HousingWire Staff are non-bylined, and typically involve press release coverage and aggregation of coverage appearing elsewhere. So who put all these together? Our entire staff does!
Saddled with legacy systems and burdened with changing regulations, the mortgage industry has been slow to adopt digitization compared to many other industries. Now, however, the industry must provide more transparency to regulators and satisfy consumers while managing tighter margins. In this perfect storm, there’s only one lifeboat — a digital process.
Has the Great Recession launched a new era of renting versus buying that will eventually result in a nation where more people rent their homes than purchase them? Or is the increase in renters these days due to an “over-correction” in the market? According to the latest “State of the Nation’s Housing” report from Harvard’s Joint Center for Housing Studies, the U.S., in less than a decade, lost all its homeownership gains of the last 20 years.
Armed with an overall measure of housing market performance relative to long-term trend; an accompanying metric explaining whether that market is overheated or not; and importantly a way to attribute deviations in home prices precisely to selected market variables, market participants would be in a better position to take precautionary actions to limit their exposure in highly volatile markets.