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

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Real EstateValuations

FHFA: Home prices jump 6.4% annually in February

One region sees home prices decrease

Home prices increased in February both month-over-month and annually, according to the Federal Housing Finance Agency’s seasonally adjusted monthly House Price Index.

Home prices rise 0.8% in February, the index shows, and the previous halt in January’s home price growth was revised upward to a 0.2% increase. Home prices increased 6.4% annually.

But FHFA isn’t the only index showing an increase in home prices in February. Tuesday, the Case-Shiller indices reported home prices increase to an all-time high for the fourth consecutive month.

And Black Knight’s report Monday also showed home prices hit a new high in February.

This chart shows that since around 2012, home prices have steadily grown each year.

Click to Enlarge

FHFA

(Source: FHFA)

The FHFA monthly HPI is calculated using home sales price information from mortgages sold to, or guaranteed by, Fannie Mae and Freddie Mac. Because of this, the selection excludes high-end homes bought with jumbo loans or cash sales.

Across the nine census divisions, seasonally adjusted monthly price changes in February ranged from a decrease of 0.1% in the South Atlantic division to an increase of 1.8% in the East South Central division. Annually, all changes were positive, ranging from an increase of 4.6% in the Middle Atlantic division to 9.5% in the Mountain division.

Here is a list of which states are in each of those divisions:

South Atlantic: Delaware, Maryland, District of Columbia, Virginia, West Virginia, North Carolina, South Carolina, Georgia, Florida

East South Central: Kentucky, Tennessee, Mississippi, Alabama

Middle Atlantic: New York, New Jersey, Pennsylvania

Mountain: Montana, Idaho, Wyoming, Nevada, Utah, Colorado, Arizona, New Mexico

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