Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Mortgage

Millennials not buying houses…yet

More millennials start to find jobs

The first quarter of 2014 struggled to compete with 2013’s strong start, with housing starts down, news home sales lower and existing home sales off. But one of the biggest factors prohibiting housing growth could start to change: millennials.

According to a new report from the Joint Center for Housing Studies of Harvard University, “Much of the sluggishness of household growth in fact relates to lower headship rates among this age group—driven not only by a slowdown in immigration but also by the increasing share that continue to live in their parents’ homes.”

About 2.1 million more adults in their 20s and 300,000 more adults in their 30s lived with their parents in 2013 than if the shares living at home had remained at 2007 levels, the report found.  

This could slowly start to change as the fed hopes that the housing market recovery would accelerate once employment growth revived and younger adults were able to get jobs.

But it has yet to happen, despite more millennials getting jobs.

Looking at historical trends, the share of adults living with their parents drops sharply after age 24 and continues to fall to 6% by the mid- to late 30s.

“Regardless of the economic setbacks they may have experienced, today’s 20–29 year olds are still likely to follow the same pattern,” the report said. 

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The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

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

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