Existing home sales drop to lowest point since last year

Supply levels continue to subdue activity
Existing home sales decreased for the third consecutive month to the lowest point since last year. While some experts point to hurricanes Irma and Harvey, others say these happened too soon to affect the data in August. One thing they agree on: the lack of housing inventory continues to hold back home sales.
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When is the best time of year to buy a starter home?

Inventory high while prices are low
One time of year stands above the rest as being the best time for first-time homebuyers to buy a home. During this time, starter home inventory increases about 7%, which leads to listing prices falling between 3.1% and 4.8% lower than in other parts of the year, a new report from Trulia shows.
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Bay Area residents consider great exodus in response to rising home prices

Median home price hits $804,000
A recent report from the California Association of Realtors showed the state’s infamous housing situation isn’t getting any better, with the number of people that can afford the Golden State’s averaged-priced home dropping even lower. Now, these growing home prices sparked more than half of its residents to express their desire to leave the Bay Area.
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HouseCanary raises $31 million to grow housing data business

Series B funding brings total funding to $64 million
Earlier this year, HouseCanary, a provider of software and analytics for the real estate industry, raised $33 million in its first ever funding round thanks to participants like Executive Chairman of Alphabet Eric Schmidt and NBA legend Kobe Bryant. Now, just nine months later, the company announced that it completed its second round of funding, which nearly equaled its first capital raise.
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Eager to please, did SoFi close early mortgages without appraisals?

Fast Company publishes article with explosive claims
[Opinion] There are many advantages to having a Silicon Valley competitive vibe in the mortgage market. For one, the start-ups help keep us on our toes. Another interesting aspect is the use of fintech to disrupt our mortgage lending industry. While there are many advantages, having SoFi around probably isn’t one of them, if their underwriting standards are as bad as some claim.
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Consumers remain too optimistic when estimating home value

But becoming more realistic
Quicken Loans finds homeowners continue to overestimate their home values, however they are narrowing the gap as appraised home values grow. Homeowner perception varied widely from one region to the next, as appraisal values ranged from 3% higher than homeowner estimates in the West to 3% lower in the Midwest and Northeast.
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Purchase lending hits 10-year high as refis sink to 16-year low

Originations jump 20% in second quarter
During the second quarter of 2017, purchase lending hit its 10-year high even as refis sank to a 16-year low. But while purchase lending is up significantly, Black Knight explained the lending market is still performing below its peak capacity. The company explained why the purchase market is operating at less than two-thirds of peak capacity.
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Rising home prices force homebuyers to find co-borrowers

Mortgage originations jump in Q2
Home prices continued to increase during the second quarter, leading to an increase in co-borrowers on new single-family originations. This rising trend in co-borrowing is helping to eke out increases in purchase loan originations despite affordability and supply constraints.
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UWM: 1% down mortgages are still alive and well

Represent bigger competitive advantage than ever before
United Wholesale Mortgage released its monthly 3 Points video, where UWM CEO Mat Ishbia explained 1% down mortgage programs are still alive and well in the real estate industry. What’s more, due to Freddie Mac’s decision to kill the program, it is now more competitive than ever before.
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