After the quickest recovery in the nation’s history, consumers with pandemic savings will “do more shopping, restaurant dining, traveling and in-person house hunting.”
The housing industry had an artificial pause button pushed during the pandemic, thanks to eviction moratoriums, forbearance programs, etc. As those draw to a close, CFPB proposed rules to maintain stability, and NAR commented with a suggestion that short sales might be the way to go.
Financing for a second-home purchase could be limited, taxes could go up for 1031 like-kind exchanges, and policy updates are expected for national flood insurance.
The season starts in two weeks: June 1. What will happen to pets if you evacuate? What about work? What about school? If separated from family, how will you meet up?
After July 31, Quicken will retire its name and start using Rocket Mortgage, a subsidiary it formed in 2015 in order to completely automate the lending process.
Realtor.com study: The median asking price for a Fla. home in April was $367,450; the asking price for the most expensive listing was $95M – a 25,754% difference.
The average 30-year, fixed-rate mortgage dropped to 2.94% from last week’s 2.96%, but with inflation apparently rising, they’ll likely change direction soon.
Underwater homeowners – they owe more on their mortgage than their home’s value – are more likely to end up in foreclosure. But today, 1 in 3 owners with a mortgage (32%) have at least 50% equity, and only 1 in 21 (4.7%) owes 25% or more than their home’s current market value.
About 4M owners chose to delay monthly mortgage payments using forbearance, and 1 in 3 (34%) used the money for essentials. Many now worry about what comes next.
Some agents say “elevation, elevation, elevation” is replacing “location, location, location” in S. Fla. But it still doesn’t top most buyers’ lists as a must-have.
Also: Should a condo board send warning letters before issuing fines? A board does so, but some members now wonder whether that’s a good idea.
Except for sky-high material prices, it’s a good time to be in the home construction industry. Of homes available to buyers today, one in four (25.7%) is brand new.
Two-thirds of homeowners in forbearance have already started making monthly payments – and March had the best single-month improvement in delinquencies in 11 years.
Florida Realtors economist:
Florida’s population benefited from residents leaving New York City, but other states experienced gains too – some with triple-digit increases. With Fla. migration, residents of NYC’s Manhattan flocked in the highest numbers.