Lunch & Learn: The State of Housing

As housing supply dwindles, affordability concerns grow while competition heats up the market. This Lunch & Learn will examine the current state of housing, featuring experts who have an eye on the market.

HousingWire Annual Virtual Summit

Join us on October 25 for a chance to see a handpicked selection of sessions from HousingWire Annual along with technology demos from the most innovative tech companies! Register now for FREE to experience HW Annual just like you were there.

How credit scores impact lenders’ pipelines in a purchase market

When a lender works with a borrower to improve their credit score, they are able to offer the most competitive rate and terms. Learn more here!

Volly’s Grant Moon on challenges facing veterans

In this episode of HousingNews, we are joined by Grant Moon who discusses the difficulties veterans face during the home-buying process and misconceptions about VA loans.

Politics & Money

New-home sales plummeted in March

Stay-at-home orders kept buyers away in the second half of the month

New-home sales tumbled 15.4% in March, the biggest drop in more than six years, as the COVID-19 pandemic kept buyers at home in the second half of the month and job losses mounted.

Builders sold 627,000 houses at an annualized and seasonally adjusted pace, the lowest level in 10 months, according to a government report released on Thursday that registers homes as sold when they go under contract. The median sale price rose 3.5% from a year ago to $321,400.

“We’ll probably see declines in April as well, after seeing more than 26 million job losses in the last several weeks,” said Robert Dietz, chief economist of the National Association of Home Builders. “We have low mortgage rates, which creates an attractive environment for buyers, but job insecurities will weigh on housing this quarter.”

The number of completed homes builders had for sale at the end of the month rose to 333,000, the highest in 10 months, from 324,000 in February.

The Federal Reserve in mid-March cut its benchmark rate to near zero as it rushed to support a faltering U.S. economy.

The Fed also began buying mortgage-backed securities to keep rates low and support housing by bolstering demand for the bonds that aggregate most U.S. home loans. Since then, the central bank has purchased more than $458 billion of agency bonds.

“I expect stabilization in the housing market in the third quarter, if not a quick rebound,” Dietz said. “We entered this particular recession underbuilt – not overbuilt, like it was a decade ago. The low mortgage rates and a shortage of supply will help to support the market.”

Latest Articles

Are you ready for the new CFPB director?

Over the last month, two of the biggest housing regulators either changed or were rumored to change leadership. Senior Mortgage Reporter Georgia Kromrei helps shed some light on these changes in this Q&A. HW+ Premium Content

Oct 15, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please