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.

Top CFPB official “hates” QM rules, jeopardizing safe harbor

A top CFPB official in charge of the rule-making process has heavily criticized the agency's own qualifying mortgage rule, jeopardizing safe harbor.

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

NAR: The most and least affordable metro areas in the U.S.

Ilinois was the best, California was the worst, NAR says

Three of the top five affordable metro areas in the nation during the third quarter were in Illinois: Decatur, Springfield and Peoria.

That’s according to a National Association of Realtors ranking that put Wichita Falls, Texas, at No. 4 and the Waterloo-Cedar Falls, Iowa, metro area at No. 5.

At the bottom of the list, the nation’s five least-affordable metro areas were all in California: the San Jose-Santa Clara metro area was the worst, followed by the Anaheim-Irving area. The third-worst was Los Angeles, followed by San Francisco and San Diego.

Eroding affordability and tight inventory could leave some of the nation’s previously fast-growing metro areas unable to sustain economic growth because workers need a place to live, said Lawrence Yun, NAR’s chief economist.

“Even fast-growing markets could be hurt and unable to further expand because of weakening affordability conditions,” he said. “We must improve affordability by building more homes in line with local job market growth.”

The median sale price of a home in Illinois was $200,000 in November, below the U.S. median of $271,300 for the same month. In Calfornia, the median price was $589,770 in November.

Homebuilders who have been on the sidelines since the 2008 financial meltdown are just beginning to get back in the game. U.S. single-family housing starts likely will total 1 million in 2020, the highest since 2007, NAR said in a forecast last month

That’s far more than the 822,000 average of the last five years, and more in line with the 1.1 million annual average between 1958 and 2007, based on government data.

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

Genworth mortgage insurance arm IPO on ice

Genworth Financial said it will delay the initial public offering of its recently rebranded mortgage insurance arm, Enact Holdings.

May 13, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please