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.

Real Estate

Lack of inventory hindering housing recovery

Shortage of construction workers

A shortage of housing supply is hindering the housing market from making a full recovery, according to an article by Paul Davidson for USA Today.

A lack of constructions workers reduced the number of new builds being constructed, and economists project that the National Association of Home Builders will report today an unchanged index of builder sentiment for the third consecutive month in April, according to the article. It is expected to report at 58, slightly below January’s 61.

From the article:

It may be that high labor costs and land prices are crimping some builders’ profits, says Lewis Alexander, brokerage Nomura’s chief U.S. economist. In turn, the higher costs are helping push up home prices, which may be dampening sales a bit.

Housing starts soared in February, with groundbreakings for single-family units hitting the highest level in more than eight years. Besides the meager home inventories, driving the revival is strong job growth, low mortgage rates and a growing number of Millennials who are itching to move out of their parents’ basements.

Economists expect the Commerce Department to report Tuesday that housing starts decreased by 1.1% to 1.17 million.

Existing home sales fell 7.1% in February, however Alexander has a few reasons for that.

From the article:

Alexander cites quirky factors, such as the challenge of seasonally adjusting February’s figures in a leap year and a drop in contract signings in January due to snowstorms, which affected closings the following month. Yet the generally healthy market is also hindered by the longer-lasting headwind of tight inventories.

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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.

Jul 20, 2021 By
3d rendering of a row of luxury townhouses along a street

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