Top markets for affordable renovated housing inventory

Despite the rapidly deteriorating affordability, there is some hope for homebuyers in the form of renovated homes: properties that have been rehabbed into move-in ready condition after being purchased at auction.

HousingWire Magazine: December 2021/ January 2022

AS WE ENTER A NEW YEAR, let’s look at some of the events that we can look forward to in 2022. But what about what’s next for the housing industry?

Back to the Future of Mortgage Lending

This webinar will be a discussion on understanding what’s to come in the future of mortgage lending by analyzing past trends in the industry, evolving consumer behaviors and demographics of the industry’s production capacity.

Logan Mohtashami on Omicron and pending home sales

In this episode of HousingWire Daily, Logan Mohtashami discusses how the new COVID variant, Omicron, will impact inflation and whether or not it will send mortgage rates lower.

Mortgage

New home purchases decrease 18%

Average home price continues to rise

Even while mortgage applications for new home purchases in November were down 18% from October, according to the Mortgage Bankers Association, the size of the average loan continued to trend upward.

The average loan size for new homes reached $295,523 in November, according to the MBA’s Builder Application Survey.

Since the MBA started publishing the monthly survey this summer, average home loan size has increased more than $12,000 from the June average of $283,000.

The number of new homes sold in November decreased to 32,000, from 40,000 in October.

The MBA estimates that sales of new single-family homes were running at a seasonally adjusted annual rate of 455,000 in November.

By product type, conventional loans composed 66.2% of loan applications, FHA loans composed 19.9%, RHS/USDA loans composed 1.1% and VA loans composed 12.9%.

MBA’s Builder Application Survey tracks application volume from mortgage subsidiaries of homebuilders across the country.

Utilizing this data, as well as data from other sources, MBA is able to provide an early estimate of new home sales volumes at the national, state, and metro level.

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3d rendering of a row of luxury townhouses along a street

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