The next wave of servicing regulation is coming – Are you ready?

Join this webinar to learn what servicers need to know about recent and upcoming servicing compliance regulations and strategies experts are implementing to prepare for servicing regulatory audits.

Inside Look: RealTrends 2021 Brokerage Compensation Study

Steve Murray, senior advisor to RealTrends, gives an exclusive first look at the 2021 RealTrends Brokerage Compensation Report.

Logan Mohtashami on trends in forbearance exits

In this episode of HousingWire Daily, Logan Mohtashami discusses several hot topics in the housing market, including recent trends in forbearance exits and future homebuyer demand in the midst of inventory shortages.

How lenders can prepare for increasing regulatory pressures

As compliance becomes an increased focal point for mortgage lenders and investors, staying ahead of state and federal regulations can be the difference between a flourishing business and one mired in fines.

Real Estate

Pending home sales continue to slip as 2021 approaches

Contract signings still remain higher than last year

U.S. pending home sales slid for the third consecutive month in November, dropping 2.6% from October, according to a report from the National Association of Realtors. However, year-over-year contract signings were still up by 16.4%.

“The latest monthly decline is largely due to the shortage of inventory and fast-rising home prices,” said Lawrence Yun, NAR’s chief economist. “It is important to keep in mind that the current sales and prices are far stronger than a year ago.”

Home prices reached a 14-year high in October, according to CoreLogic’s Case-Shiller index covering home prices. The National Index is now up 24.5% from its former high in July 2006, and was up 8.4% year over year.

As 2021 approaches, Yun predicts that there will be a slight uptick in mortgage rates to around 3%, existing-home sales will increase by roughly 10% and new home sales will increase by 20%.

Now that a second stimulus package has been passed and two vaccines are being administered, Yun said economic growth is guaranteed, but high government borrowing will put modest upward pressure on interest rates.


Streamlining the refinance process in this low mortgage rate environment

Here’s how lenders can spend less time on redundant requests, resulting in reduced application-to-close turn-times, less operational waste and more closed loans.

Presented by: WFG

Pending home sales fell the most in the West by 4.7%, but still remained 10.4% higher than a year ago. Pending home sales decreased the least in the South, falling 1.1% in November, but were 21.3% higher than last year.

In the Northeast, pending home sales fell 3.3% in November, but is still up 15.3% from last year. The Midwest saw about the same, as its index fell 3.1% but is still up 14.1% from last year.

“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates,” Yun said.

New home sales and existing home sales both also ticked down last month. Sales of newly built homes dipped 11% below October’s revised rate, but was still 21% higher than the same time period last year, according to the Census Bureau. Existing home sales decreased 2.5% in November, ending its five-month streak of month-over-month gains. Compared to last November, existing home sales were still up 25.8%, NAR said.

Leave a comment

Most Popular Articles

Treasury removes restrictions on investment properties

The Treasury Department and FHFA announced Tuesday that they are suspending certain requirements that were added in January to the Preferred Stock Purchase Agreements (PSPAs) between Treasury and Fannie Mae and Freddie Mac.

Sep 14, 2021 By

Latest Articles

Natural disasters and forbearance: What borrowers and mortgage servicers need to know

The United States is grappling with a sharp rise in natural disasters, including wildfires, an active hurricane season, floods, tornadoes and mudslides. The mortgage industry needs to be proactive in examining programs to help borrowers recover.

Sep 17, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please