The latest economic and policy trends facing mortgage servicers

Join this webinar for an in-depth roundtable discussion on economic and policy trends impacting servicers as well as a look ahead at strategies servicers should employ in the next year.

2021 RealTrends Brokerage Compensation Report

For the study, RealTrends surveyed all the firms on the 2021 RealTrends 500 and Nation’s Best rankings, asking for annual compensation data for the 2020 calendar year.

Steve Murray on the importance of protecting property rights

In this episode, Steve Murray, RealTrends advisor and industry stalwart, discusses some of the issues facing private property rights, including how a case in Germany could potentially affect U.S. legislation.

Lenders, it’s time to consider offering non-QM products

The non-QM market is making a comeback following a pause in 2020. As lenders rush to implement, Angel Oak is helping them adopt these new lending products.

Real Estate

Millennials are migrating north

Over half of purchase requests in some northern metros were made by this generation

The hottest housing markets might be in the south, but Millennials are gravitating up north.

In a study from LendingTree, it was revealed that a significant number of Millennials are seeking homeownership in Minneapolis; Buffalo, New York; and San Jose, California.

In fact, 56.2% of purchase requests in Minneapolis were from Millennials. That generation also made 56.1% of the requests in Buffalo and 55.8% of the requests in San Jose.

Further south, there are fewer purchase requests made by Millennials.

Although Zillow suggests that southern markets are expected to outperform other national markets this year, LendingTree suggests Millennials are going to do the opposite.

In Tampa, Florida and Las Vegas, only 40.3% of purchase requests were made by Millennials, and 43.6% in Miami.

According to the study, the older end of the Millennial generation bought more homes in San Francisco, San Jose and Los Angeles. The average age in these metros was 31.6-years-old, which is about a year older than the national average of 30.8-years-old.

The average age of Millennial homebuyers in Buffalo, Detroit and Minneapolis is on the younger end of the generation, at 30.2-years-old.

Meanwhile, in San Jose, San Francisco and San Diego, potential Millennial homebuyers had the highest average credit score, rounding out at nearly 711. The average credit score for Millennial homebuyers nationwide was 658.

The lowest average credit score was found in Oklahoma City, Louisville, Kentucky and Memphis, Tennessee, where they were 633, 632 and 625, respectively.

LendingTree found that the biggest challenge Millennial homebuyers faced was having enough money for a down payment and having a good credit history.

Most Popular Articles

Ex-loanDepot COO: Tony Hsieh cut corners to boost volume

The suit, filed by former COO Tammy Richards, accuses loanDepot CEO Anthony Hsieh of ordering the sales team to “trust [their] borrowers” and close loans, disregarding proper underwriting etiquette. 

Sep 23, 2021 By and

Latest Articles

New home sales rise for second consecutive month

Regionally, on a year-to-date basis, new home sales fell 1.0% in the Northeast and 2.3% in the West, but rose 4.4% in the Midwest and 4.5% in the South.

Sep 24, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please