Lunch & Learn: Are appraisals the next big opportunity in mortgage fulfillment?

This Lunch & Learn for mortgage lenders will explore the evolution of the appraisal process as well as opportunities for innovation.

HousingWire Annual Virtual Summit

LAST CHANCE! Join us TODAY for a virtual recap of HousingWire Annual 2021! We will be streaming sessions and demos from our in-person event! Register now for content on all things housing!

Keep Up With the Latest Third Party Origination News

Want to stay up to date with the latest on the third party origination front? We designed a specific news hub with lenders and brokers in mind, with Rocket Pro TPO leading the discussion.

How to increase minority homeownership?

Today’s HousingWire Daily features a roundtable discussion from HousingWire’s Lunch & Learn series that looks at “Unpacking the lender’s vital role in increasing minority homeownership.”

MortgageReal Estate

Lack of housing inventory is weighing down the market

Single-family home sales disappoint

Mortgage applications are up, but home sales are down, and lower rates don’t seem to be making an impact.

What gives? Blame a lack of housing supply, according to a recent report from Capital Economics, which noted that “qualifying for a mortgage is of little help if you can’t find a home to buy.”

The economists reported that a fall in mortgage interest rates gave mortgage applications a boost earlier this year, but thanks to a lack of inventory, that did not translate into home sales.

Total single-family home sales declined 0.5% from May to June, which Capital Economics attributed to the lack of inventory.

The number of single-family homes for sale totaled 15.8 million in June – close to a record low, the report noted – while the homeowner vacancy rate hit a 40-year low in the second quarter of this year.

And, lest you think lower rates will give single-family sales a boost, the economists say so far, not so much.

Lower rates have, however, spurred some refi action, which have veered close to three-year highs since June.

But purchase applications did not enjoy the same effect, dropping in July to a four-month low, according to the report.

What will boost single-family sales is an increase in inventory, which Capital Economics seems to think is on the horizon.

“Tight market conditions should, however, support home building,” the report notes. “Indeed, the [National Association of Home Builder’s] measure of home building confidence has ticked up in recent months. Single-family building permits rose for a second month in a row in June, which suggest starts will see a further gain in July.”

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