2021 Housing Market Outlook
2020 has been a remarkable year for the housing market nationwide. Sales volume has been up compared to last year every month since June and home values are growing faster than they have in the last 15 years. In addition to home values rising, the time on market is almost three weeks lower than it was in 2019. This year over 5.66 million homes have been sold and market analysts believe next year that number will rise even further, hitting a possible 6.9 million homes sold. As supply continues to dwindle and demand continues to rise along with the adaption of more technology increasing the ease of purchasing a home, 2021 should be another strong year for the housing...Homeowners are $1 Trillion Richer Thanks to Housing Boom
In the past year homeowners with mortgages, representing about 63% of properties, have seen their equity increase 10.8%. Collectively among all homeowners this equates to $1 trillion in gained equity over the course of the last year. This gain marks the highest increase of home equity in over six years. According to CoreLogic’s chief economist, the strong home price growth experienced over the last year has created a record level of home equity for homeowners. Obviously, this differs state by state. Washington homeowners increased their home equity by an average of $35,800, while the lowest average annual equity gain was in North Dakota at only $5,400. The rising prices nationwide are due to the increased demand for housing and decreased supply among other factors. The millennial generation aging into home buying age and record low interest rates are also adding to the increased demand for...Mortgage Application Volume Drops for Second Straight Week
According to a weekly report from the Mortgage Bankers Association, application volume decreased 1.2% during the past week. This marks the second straight week that home mortgage application numbers have dropped. Refinance volume did increase by 2% week-over-week, hitting a 89% increase in volume from 2019. The highest level of refinance volume came from FHA and VA refinances, while conventional refinances slipped slightly....Home Mortgage Application Numbers Drop During Holiday Week
The Mortgage Bankers Association reported that applications dropped 0.6% during the week of Thanksgiving. The mortgage refinance index decreased also, dropping 5% from the previous week but was still up 102% over the last year. The refinance share of mortgage activity decreased to 69.5% of total application volume from 71.1% the previous week. Purchase activity continued to show impressive year-over-year gains according the the MBA’s associate vice president of industry and economic forecasting....Connect With Us
