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?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

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.

Politics & MoneyMortgage

9 Federal Reserve districts post moderate economic growth

Residential real estate contacts remain optimistic

Only nine out of 12 Federal Reserve districts experienced moderate economic growth in the latest Fed Beige Book, but most real estate markets continued to improve from late November to the end of 2013.

This is a slightly disappointing change, considering all 12 districts witnessed moderate-to-modest economic growth in the previous beige book.

While a few districts witnessed a slowdown in home sales and residential construction, most reported increased residential sales activity, construction and rising home prices.  

Atlanta, Cleveland and Kansas City districts indicated that year-over-year residential sales growth had slowed relative to earlier quarters in 2013, compared to most districts that recorded increases.

On the other side, Boston, Philadelphia, Minneapolis and Dallas noted that some areas within those districts saw home sales below year-earlier levels.

Home selling prices continued to climb in the Boston, Atlanta, Chicago, Minneapolis, Kansas City and San Francisco districts but remained stable in the Cleveland and Richmond districts. Meanwhile, New York posted mixed changes in sales price.

Residential construction recorded mild changes with most districts reporting slight to moderate increases.  But not every district joined the bandwagon. Dallas cited a slight decline, compared to New York, which reported no change, and Cleveland, which reported strong growth.  

Despite the dip in overall residential construction, Dallas noted elevated construction levels for multi-family units. Similarly, Atlanta, Cleveland and Chicago also posted strong multifamily construction.

The good news is that reporting districts indicated that residential real estate contacts remained optimistic looking forward, while voicing concerns about declining inventory and potential changes in the mortgage market.

Eight of the districts said their contacts expect residential construction to pick up in the near term, including Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas, and San Francisco.  

Commercial real estate activity posted similar results, with commercial construction generally increasing and two-thirds of the districts reporting increases in commercial sales and leasing activity.  

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