Homebuyers Flocking to Florida
The Sunshine State has seen a vast population increase in recent years, especially in Miami. According to a Redfin monthly migration report, the net inflow of Redfin users moving to Miami was 7,610. Last year during the same month 2,216 people moved to Miami. Of more local relevancy, Cape Coral saw 4,315 Redfin users move to the area, an increase from the 2,778 that moved to Cape Coral in July 2020. The warm weather, beaches, and low taxes are huge factors in the influx of new Florida residents. As we get later into 2021, we can expect to see a high volume of buyers continue to seek Florida...Fewer First Time Homebuyers are Competing for Homes
From June to July existing-home sales increased by 2% according to a report from the National Association of Realtors. Year-over-year there was a 1.5% increase in completed transactions of single-family homes, townhomes, and condominiums. After having 12+ months of low inventory, the availability of unsold homes in the market rose 7.3% from June to July. As more and more sellers enter the market, the hope of leading economists is that it will level the playing field for homebuyers moving forward. First time homebuyers may still feel a bit priced out of the market as the median existing home sales price rose to $359,900 in July, up from $305,600 last year. This 17.8% increase in price seems to be pushing some buyers out of the market. NAR released a report recently stating that 30% of sales in July were completed by first time homebuyers compared to 34% this time last year. Adding more inventory and having purchase prices stabilize should allow new buyers to be more comfortable in today’s...Mortgage Application Volume Slips
In the week ending August 27th, mortgage application volume dropped 2.4% according to a report from the Mortgage Bankers Association. The level of refinance application activity saw a big decrease specifically falling 4%. Overall refinances made up only 66.8% of total mortgage application volume, down 0.5% from the previous week. Even in today’s extremely low rate environment, borrowers are still waiting for rates to get even lower. The FHA share of mortgage application volume was 11.2%, up from 11% the week...As Job Numbers Rise, Mortgage Application Volume is Up
In the week ending August 6th, mortgage application volume saw a 2.8% rise according to a report from the Mortgage Bankers Association. The previous week the U.S. Labor Department released a report stating 943,000 new jobs were added in July, the highest month-over-month growth since August 2020. During this period, refinances made up over 68% of total mortgage applications. The FHA share of mortgage application volume dropped to 8.9% from 9.0% the previous week. The VA shares of mortgage application volume dropped to 9.6% from 9.9% the previous...The FHA and FHFA Decide to Continue Eviction Ban
On July 30th, one day before the ban was to expire, The FHA and FHFA decided to extend the ban on evictions of borrowers with foreclosed properties until September. The same day more than a dozen real estate trade associations reached out to the Senate, HUD, and the U.S. Treasury asking them to not to consider extensions of the eviction ban. Most of the nations 44 million rentals are owned by private companies with complex financing scenarios. Because of this the government has a much harder time controlling the rental markets as opposed to the single-family housing market. This eviction ban extension applies specifically to the stock of foreclosed or real estate owned properties belonging to the FHA and...Connect With Us
