Closing Complex Loans Faster With a Digitized Client Workflow

Join us for a discussion on changes in market demographics, suppliers and how focusing on customer experience and a few simple steps during the mortgage loan process can close deals 3x faster.

Brokers, Here’s Everything You Need to Know About Rocket Pro TPO

Want to stay up to date with the latest on what Rocket Pro TPO is offering its broker partners? Check out our TPO hub for updates and more.

Home appraisal’s ugly history and uncertain future

This is Part I of a deep dive into the home appraisal industry. Today we explore the origins of the appraisal industry and its current lack of diversity.

Loan quality lessons learned from 2020

HousingWire recently spoke with Trevor Gauthier, CEO of ACES Quality Management, about the effects of 2020 on loan quality and what lenders should expect regarding loan quality and risk management this year.


New home sales plummet 14.5% in March

Spring buying season off with a whimper

Sales of new single-family homes in March plummeted 14.5% to a seasonally adjusted annual rate of 384,000, hitting the lowest level since July 2013, the U.S. Census Bureau reported Wednesday.

The March drop in new home sales was a year-over-year drop of 13.3%. The report showed there were drops in three of four U.S. regions.

The March results were well below analyst expectations. The report can be read here.

Home sales have been tepid in market facing rising interest rates, investor-driven home price increases, declining inventory, a rising affordability gap and the much tighter lending standards imposed on the industry.

“Another disappointing home sales report on the heels of yesterday's decline in existing home sales activity. As we noted yesterday, rising prices are becoming problematic,” said Sterne Agee chief economist, Lindsey Piegza. “While fueling existing homeowners' confidence with a sizable wealth effect, declining affordability is squeezing many potential home buyers out of the market. Without income growth or sizable savings to offset the cost increase, home sales are likely to remain tepid, at least in the near term.”

Sales did pick up in the Northeast region, while falling in the three much larger regions.

Home prices continued to climb through March, rising to a median price of $290,000, up 12.6% from March 2013.

“The sharp decline in March’s new home sales is further evidence that winter weather is not the catalyst for the sluggish housing data the past few months,” Quicken Loans vice president Bill Banfield. “The rise in interest rates and prices of new homes is leaving some potential buyers with sticker shock and ultimately prolonging their home search process.”

The new home supply is at six months given the March sales pace, which is up from five months supply in February.

Wednesday's report comes as the latest bit of bad news for the housing industry.

The Mortgage Bankers Association notes that mortgage applications are down 16% from this time last year, and mortgage activity is actually at its lowest level since 1997. Mortgage originations in general are at a 14-year low according to Black Knight Financial Services.

Housing starts in March rose less than expected and much less than expected given the supposed demand pent up from the bad weather in January and February.

Most Popular Articles

The housing market outsmarted the foreclosure crisis

This isn’t 2008. A bevy of loss mitigation waterfalls, forbearance safety nets and an abundance of equity gave Americans a fighting chance when the foreclosure crisis finally sunsets. HW+ Premium Content

Jun 18, 2021 By

Latest Articles

Refinance’s reign continued to wane in May

Though the number of high-quality refi candidates grew from 12 to over 14 million from March through May — a 15% increase — actual refinance rate locks dropped by 27% over the same period, according to recent data from Black Knight’s Originations Market Monitor.

Jun 21, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please