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.

MortgageReal Estate

Freddie Mac: Baby Boomers pushing Millennials out of housing market

40% of Baby Boomers planning to move again

Baby Boomers control nearly 66% of today’s home equity, so it’s no wonder so much of the market rides on their future plans.

Whereas a majority of them plan to age in place, about 40% responded that they would like to move at least once more, according to Freddie Mac’s 55+ Survey.

The company surveyed 4,900 homeowners born before 1961, asking about their current housing situation and their future plans.

About 19 million Baby Boomers want to buy a home, with 8 million saying they want to do it within the next four years. Unfortunately for Millennials, about half of the 19 million said they are looking to pay less.

With that many potential homebuyers moving into the market, first-time homebuyers could struggle with the competition.

“I’m concerned about the current ability of the millennial generation to buy a home,” Trulia Chief Economist Ralph McLaughlin said earlier this Spring. “Right now, inventory pressures are keeping them from doing that.”

Of those who do not want to move again, about 23% said their homes need major renovations to remain accessible, and 34% would pay for the repairs by refinancing their mortgage.

“Whether the borrower is financing age-in-place renovations or buying a new house, even a relatively modest increase in lending to 55+ homeowners could add trillions of dollars in new originations in a relatively short time,” stated Sean Backetti, Freddie Mac vice president and chief economist.

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