True Stories: Hybrid, eNote and RON Implementation

Join expert panelists that will discuss the status of federal legislation, trends in digital adoption and how best to prepare your organization for the next generation of lending processes.

Spruce’s Patrick Burns on innovation in title technology

In the season finale of Housing News season 5, Spruce CEO discusses heightened investor interest in title tech, innovation and fintech adoption.

UWM has a plan to win a war of mortgage attrition

UWM's margins will fall all the way down to 75 to 110 bps. Mat Ishbia says it's the perfect environment to prove that his mortgage firm is truly elite.

Don’t sleep on non-QM products

Now is the perfect time for originators to consider expanding to non-QM products – to grow business, diversify their offerings and to ensure an opportunity to better serve their customers.

Real Estate

And the worst U.S. housing market is…

Hint: It has 33 months' worth of inventory

Traditionally, Greenwich, Connecticut, was the suburb of choice for those on Wall Street, and the home values reflected that. The same can’t be said today, according to an article by Patrick Clark for Bloomberg.

The small town is just 30 miles northeast of New York, and has about 60,000 residents. It is now known for having “lousy property investments,” according to the article.

In fact, Barry Sternlicht, Starwood Capital Group founder, said at the CNBC Institutional Investor Delivering Alpha Conference that Greenwich may have the worst housing market in the country.

From the article:

“You can’t give away a house in Greenwich,” he said.

This is an overstatement, of course—the median home value is $1.4 million, according to Zillow. It’s also not quite news to local sellers, who have been complaining about a soft market for at least five years. Lower pay on Wall Street has left the market short of buyers willing to pay millions for a home in the U.S. hedge fund capital, even as the national economy has emerged from the recession.

Lower Wall Street compensation is just one reason for the soft market, according to the article. Another factor driving down demand is the longer commute.

From the article:

Given the current pace of sales, it would take 33 months to sell through the inventory of homes in “back-country” Greenwich, according to Miller. That compares to 15 months for the inventory in “mid-country” Greenwich.

Most Popular Articles

Volume-hungry mortgage lenders loosen credit standards

Mortgage credit availability loosened up in April by 2.2%, per the MBA. The drivers were in conventional mortgages and GSE programs for ARMs and high-balance loans.

May 11, 2021 By

Latest Articles

Why does credit matter so much in the home-buying process? Here’s the scoop

If you’re finding that your credit score is more of a hindrance than an asset to your home-buying endeavors, never fear. There are methods to improve and maintain your credit as you move toward buying a home.

May 14, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please