After buying frenzy, demand for second homes comes down to earth

New lending restrictions and buyer preferences meant slower growth last month in mortgages for vacation homes and investment properties. After a year of frantic activity on the market for second homes, Redfin has found evidence that suggests demand may be starting to normalize for these getaway spots and investment properties. Each month for roughly a … Read more

Offerpad is a more profitable flavor of iBuying: Mike DelPrete

The Offerpad story presents the clearest signal yet that iBuying can become profitable. Its latest first quarter 2021 numbers show a business only losing $230 per home bought and sold — a breathtaking achievement compared to losses of tens of thousands of dollars per home at Opendoor and Zillow. All up, on a GAAP basis, … Read more

Mortgage rates stable heading into next week’s Fed meeting

Mortgage rates were stable this week as the Federal Reserve prepares for a meeting next week where the latest inflation numbers and a potential tapering of the Fed’s mortgage bond purchases are likely to be on the agenda. For the week ending June 10, Freddie Mac’s weekly Primary Mortgage Market Survey reported average rates for … Read more

Average homeowner gained $33,400 in equity last year: CoreLogic

According to the latest numbers from CoreLogic released on Thursday, the average American homeowner with a mortgage gained 19.6 percent in equity in the first quarter of 2021, which amounts to a $33,400 — the highest annual gain per borrower in at least a decade. The growth from the first quarter of 2020 to the … Read more

Amid housing shortage, investors double down on prefab startups

High material costs and skilled labor shortages have led to renewed optimism for nontraditional construction startups, accoring to a new Crunchbase report. The report, released Tuesday, said that residential construction startups have raised more in the opening months of this year than they did over the entire span of 2020. Roughly $1.5 billion has flowed … Read more

Share of LGBTQ buyers and sellers hasn’t grown since 2015: NAR

The share of LGBTQ homebuyers and sellers has remained at 4 percent since 2015, according to the National Association of Realtors’ latest Profile of LGBTQ Home Buyers and Sellers released on Wednesday. LGBTQ buyers are more likely to purchase older and smaller properties and have less buying power than their heterosexual counterparts, the report revealed. … Read more

Offerpad sees dip in revenue as it preps for public debut

The iBuyer’s revenues were down year over year, but up compared to the end of 2020. The company is also nearing completion of a merger that will allow it to begin publicly selling shares. On the eve of its debut as a publicly traded company, iBuyer Offerpad reported earnings this month that show its revenue … Read more

Mortgage applications slump as demand for refinancing wanes

Demand for mortgages slipped last week as requests to refinance slowed, outweighing the impact of a slight increase in purchase loan applications. For the week ending June 4, the Mortgage Bankers Association’s Weekly Mortgage Applications Survey showed requests for all types of mortgages falling by a seasonally adjusted 3.1 percent from the week before, and … Read more

Out-of-town movers head for cheaper areas with larger homes

A greater share of movers than usual left the suburbs for more rural neighborhoods in 2020, according to a new study released Tuesday by Zillow. It’s a classic suburban conundrum: If you want more space without having to pay through the nose, you probably have to look further out from the city.  But movers took … Read more

Mortgage delinquency rates continue to improve: CoreLogic

After an uncertain and difficult year amid the pandemic, mortgage delinquency rates are just now starting to recover. According to the latest report from property analytics provider CoreLogic released on Tuesday, 4.9 percent of mortgages across the country were in a state of delinquency in March. While up quite a bit from the 3.6 percent … Read more

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