YOY Home Price Growth Up 14%
According to the S&P CoreLogic Case Shiller Index, home prices grew 14% year-over-year. Even though the monthly growth rate may be slowing, home price growth is still happening. It is estimated that there is now 10.9 months of inventory based on the last existing home sales report. The National Association of Realtors is reporting that 82% of active listings are still being sold within a month of being listed. This is a much higher percentage than what we saw pre-COVID-19, but homes are lasting longer than the beginning of...New Survey Numbers Show Mortgage Applications Decreasing Again
According to a report from the Mortgage Bankers Association, new mortgage applications dropped once again this week marking the second week in a row. The 1.2% decrease was a 21% drop from last year. Specifically refinances dropped 3% from last week and was 83% lower year-over-year. Refinances made up 31.1% of total applications last week. The FHA share of total application volume increased from 12% to 12.5% this past week. The VA share of total application volume increased from 11.2% to 11.6% this past...Mortgage Applications on the Downturn Once Again
According to data from the Mortgage Bankers Association’s weekly survey, mortgage application volume decreased 2.3% the week ending August 12th. The current rate at which people are applying for mortgages is at the lowest level since 2000. Refinances specifically decreased 5% from the previous week and totaled 82% lower year-over-year. Refinances still made up about 31.2% of total application volume during this last period. The FHA share of mortgage applications decreased from 12.1% to 12% this past week. The VA share of mortgage applications increased from 10.9% to 11.2% this past...After Weeks of Decreases, Mortgage Application Numbers Rise this Week
According to a report from the Mortgage Banker’s Association, mortgage applications saw a modest 0.2% increase the week ending August 5th. Refinance volume rose enough to barely edge out the decrease in new purchase applications marking an overall gain in application volume. Refinance applications made up 32% of total applications last week. As rates continue to remain volatile, being ready to act on financing applications will provide an advantage. The FHA share of mortgage applications increased to 12.1% from 11.9% the previous week. The VA share of mortgage applications increased to 10.9% from 10.8 the previous...United States House Passes Bill for Online Notarizations
Late last week the United States House of Representatives passed a bill creating new federal standards allowing notaries across the county to perform remote online notarizations. The goal of this bill, formally called the “Securing and Enabling Commerce Using Remote and Electronic” or SECURE Notarization Act of 2021, is to move the housing industry closer to fully electronic mortgages. Legislature in 41 states had already existed similar to this bill prior to last week’s vote and now the SECURE Notarization Act will strengthen the use of electronic notarizations on a federal level. The bill specifically requires United States courts and states to recognize these notarizations that affect interstate commerce even in some situations where the individual is located outside the United States, subject to certain requirements. Continuing to modernize the real estate industry as a whole through technological advances will allow professionals in all states to have an easier time closing...Connect With Us
