Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Real Estate

Optimistic housing reports lift homebuilder stocks

Homebuilders captured Wall Street’s attention Tuesday as optimistic home price and sales reports breathed new life into the sector’s stocks.

The day kicked off with the Standard & Poor’s Case-Shiller showing average annual home price increases of 11.6% and 12.1%, respectively, for the 10-city and 20-city composite indices in its most recent report.

Shortly thereafter, the Census Bureau and the Department of Housing and Urban Development released data showing May single-family home sales inched up 2.1% month-over-month and 29% from year ago levels. 

As a result, homebuilder stocks soared throughout the day, with PulteGroup (PHM) experiencing nearly a 4% surge.  

Toll Brothers (TOL) along with Lennar (LEN) and Ryland (RYL) also witnessed stock hikes throughout the day, despite ongoing market worries over rising mortgage rates and their effect on home demand.

Sterne Agee analyst Jay McCanless said despite intense discussions over the possibility of escalating rates tempering home sales,”the interest level in the homebuilder group remains fairly high.”

“I think people realize that builders can still sell a home at a fast clip even with higher interest rates,” McCanless told HousingWire.

In fact, home purchasers are fitting comfortably within their new purchases, often ending up in very safe deals.

“Buyers are generally overqualified for the home they end up purchasing,” McCanless added. “I think people are realizing that higher rates don’t necessarily mean the end of the housing rally.”

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The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

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3d rendering of a row of luxury townhouses along a street

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