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?

Mortgage Tech Virtual Demo Day

Tune in to our live Virtual Demo Day on December 1st at 10am CT to experience demos from the most innovative tech companies in the Servicing, Audit and Post-Close space.

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

Is the refinance market bouncing back? Number of refi candidates jumps 75%

Refinance demand dried up in the last year, but could a comeback be afoot?

Refinance demand has essentially dried up in the last year, but could things finally be turning around?

Maybe, according to the latest data from Black Knight, which revealed that there are now 3.27 million homeowners who could reduce their mortgage rate by at least 0.75% by refinancing their mortgage.

This is a 16% year-over-year increase and the greatest number of potential candidates since January 2018.

The number of homeowners who could benefit from a refinance has now jumped 75% since November 2018, which saw the potential refi market fall to a 10-year low.

“More than 250,000 homeowners who took out their mortgages just last year on the higher end of the rate spectrum could now likely reduce their rate significantly by refinancing,” the report said.

But Black Knight also warned that even though lower mortgage rates have raised incentive, it might not translate into high volume.

“Impacts may be muted, as the vast majority of incentive (>85%) continues to be held by homeowners who took out their mortgages more than seven years ago,” it noted.

But things could be looking up for the cash-out refinance market.

“Recent rate declines may also result in increased cash-out lending, volumes of which softened as equity utilization became more expensive in late 2018,” Black Knight stated.

Most Popular Articles

FHFA: Government to back mortgages up to $970,800 in 2022

The FHFA today announced the baseline conforming loan limit for 2022 will be $647,200, an increase of 18%. In high-cost areas, the new ceiling loan limit will be $970,800.

Nov 30, 2021 By

Latest Articles

Zillow: Over half of our iBuying inventory is on the move

Zillow said Thursday that more than 50% of its remaining iBuying inventory “has sold, is under contract to sell or has reached agreement on disposition terms.”

Dec 02, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please