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Federal Reserve Chair Jerome Powell is dismissing claims that loose monetary policy has led to rising home values and shrinking inventory and insists that the market is buoyed by creditworthy borrowers and investors.
The increase won’t hurt the incentive for the average home shopper, but it means those who were looking to “buy the dip” in prices amid the pandemic may have missed their chance.
The price increase illustrates the extent to which federal rescue programs and a supply-demand imbalance have been counterweights to economic pressures from the pandemic.
With a dearth of inventory, September generated the largest price growth in the housing market since May 2014, according to CoreLogic.
Low mortgage rates and strained supply drove the housing market price growth to a 26-month high in August, according to CoreLogic.
More defaults will lead to an increase in distressed sales, and that will drive down prices, CoreLogic said.
Potential sales last month rose compared with April as homes became more affordable due to low mortgage rates.
A Clever Real Estate survey found a significant share of new borrowers are not making their full payment.
Some cities saw drops in annual housing supply nearing 40% in early May, according to Zillow.
The S&P CoreLogic Case-Shiller home price index hasn't yet reflected the impact of the coronavirus, but an independent market maker has some thoughts on how it might.
The coronavirus disruption caused March's pending home sales to fall and the losses will reverberate through the rest of 2020, according to the National Association of Realtors.
Is JPMorgan Chase an outlier or the canary in the coal mine when it comes to home equity lending during the coronavirus spread?
Consumer sentiment about purchasing a home nears its record high as almost half of those surveyed said mortgage rates will stay at the current low levels, according to Fannie Mae.
More than half of the third quarter refinance activity was the cash-out variety, with borrowers removing the most total equity from their homes in nearly 12 years, according to Black Knight.
Loan limits for most mortgages Fannie Mae and Freddie Mac buy will exceed $500,000 for the first time ever next year, and the maximum for most high-cost areas will be $765,000.
Mortgage debt climbed to a new peak of $9.4 trillion in the second quarter and the distribution across the U.S. varies greatly.
While talks of an impending recession pick up steam, the housing market remains fairly stalwart and won't be to blame this time around, according to Zillow.
While mortgage rate optimism kept consumer confidence about the home purchase market high in June, affordability worries pulled overall sentiment lower, a Fannie Mae survey said.
Despite a lower rate of increase, 2019 equity gains could pull 350,000 households from being underwater on mortgages, according to CoreLogic.
Plans to begin rating securitizations backed by fix-and-flip mortgages may help lenders create new capacity and satisfy growing demand for short-term financing of house flipping projects.
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