What to expect at HousingWire’s Spring Summit

The focus of the Summit is The Year-Round Purchase Market. Record low rates led to a banner year for mortgage lenders in 2020, and this year is expected to be just as incredible.

Increasing lending and servicing capacity – regardless of rates

Business process outsourcing and digital transformation are proven solutions that more companies in the mortgage industry are turning to. Download this white paper for more.

HousingWire's 2021 Spring Summit

We’ve gathered four of the top housing economists to speak at our virtual summit, a new event designed for HW+ members that’s focused on The Year-Round Purchase Market.

An Honest Conversation on minority homeownership

In this episode, Lloyd interviews a senior research associate in the Housing Finance Policy Center at the Urban Institute about the history and data behind minority homeownership.

Real Estate

Study: Most first-time homebuyers feel overwhelmed and underprepared

47% said they think the homebuying system is "rigged" for first-time buyers

Although homebuying is a sign of independence and a big step in many people’s lives, a new report from Framework shows that homebuyers wish they were better educated about the process before embarking on their real estate journey.

The study found that only 41% of first-time homebuyers felt they were well prepared for the homebuying process, while 55% said they felt they wished they had an independent advocate to coach them through the process of homebuying and homeownership. 

Speaking of preparation, the study found that 54% of recent first-time homebuyers and 62% of prospective first-time homebuyers said they wished they looked for a house sooner rather than later.

Meanwhile, almost half of first-time homebuyers even said that they think that the homebuying process is “rigged” against the buyer. 

Northwestern Mutual’s 2019 Planning and Progress Study recently showed that 22% of Americans said their main source of debt was their mortgage. Framework found that 57% of first-time homebuyers worry they can’t afford homeownership. 

Of recent first-time homebuyers, 64% said they came out of the process knowing more about the financial burden of homeownership than before they even began the process. Only three in 10 of recent first-time homebuyers said they took a homebuying or homeownership class before they bought their home. 

In July, a study from Freedom Debt Relief showed that of the 1,028 people surveyed, 29% said homeownership makes them feel anxious and stressed, while 26% said the cost of owning a home is a burden and they wished they were renting instead. In April, The National Association of Realtors and realtor.com said that first-time homebuyers can afford only 20% of housing stock in some of the nation’s housing markets.

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