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

Mortgage default rate continues downward trajectory

Falls eight consecutive months

The first mortgage default rate maintained its downward trajectory, dropping eight consecutive months to .89% in June from .92% in May, and 1.24 a year ago, according to the S&P/Experian Consumer Credit Default Indices.

The second mortgage default rate stayed frozen in June from .57 in May, but is up from .54 a year prior.

As a whole, the national composite posted 1.02% in June: the lowest default rate in over 10 years of history.

“Consumer credit default rates continue to drift lower and have reached a historical low,” says David Blitzer, managing director and chairman of the index committee for S&P Dow Jones Indices.

“Recent economic reports are encouraging with the unemployment rate now at a six year low and strong job creation in recent months. The continued declines in consumer default rates confirm other indicators of an improving economy. Credit standards for mortgage loans continue to be somewhat restrictive and may be contributing to low first mortgage default rates," he added. 

When looking at the five metropolitan statistical areas, Dallas was the only city to see its default rate increase, posting 0.87% in June 2014.

In addition, Chicago, Los Angeles, Miami and New York are at their lowest default rates since the start of the last recession. 

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