Commentary

Those who move from renting to the homeowning game are not necessarily getting the full return out of their mortgages. A new report from Point2 found that homebuyers who trade their rent for a mortgage of the exact same amount (complete with fees and taxes) do not necessarily get more bang for their buck.

Despite those surveyed reporting job stability and personal financial improvements, Fannie Mae’s Home Purchase Sentiment Index still shows 82% of consumers reporting that it’s a “bad time to buy.”

The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated.

Multiple years of applicant tax data will help lenders precisely calculate income quickly, expanding options for income verification.

Odeta Kushi, First American’s Deputy Chief Economist, has authored a new blog post discussing the definition of a housing recession and looking at the momentum of sales to determine if we are in fact flirting with a “double-dip” housing recession.

"The housing market is stabilizing after the turbulence of the pandemic, but the effects will be with us for a long time," said Zillow Senior Economist Jeff Tucker.

According to a new report from the National Association of Realtors (NAR), international buyers and investors purchased $53.3 billion worth of residential properties from the period between April 2022 and March 2023, a 9.6% reduction from the previous year.

Though prices have come down somewhat from their pandemic highs, new home sizes are shrinking as the price per square foot has nearly doubled in the last 11 years.

According to Redfin, the typical starter home sold for an eye-watering record of $243,000 in June 2023, up 2.1% year-over-year and up 45% from before the pandemic.

NAR reports that pending home sales nationwide rose in June, increasing in the Northeast and Midwest, while the South and West reported declines for the month.