Recent data indicates that more housing markets may be overvalued. According to CoreLogic when looked at nationally home prices rose 7% in September compared to September of last year. This means that 25 of the top 50 housing markets are considered overvalued.
Capital One announced it will stop issuing mortgage and home equity loans and cut some 1,100 jobs. Rising interest rates, home prices and lack of inventory have application volume down and slowed loan growth at many US regional banks.
Freddie Mac reported that in a survey of Millennials conducted by a national lender, one third of Millennials had their dogs in mind when deciding to buy a home. Giving that much loved dog a yard ranked higher than getting married or having a baby as the primary reason.
Its four days until Halloween and there are artificial Christmas trees and decorations in the Home Depot. So much for the space. Something is not right, where it gets so warped that there's no returning from a black hole. But things are pretty. What happened to Thanksgiving? Halloween, then Thanksgiving and then Christmas, it is a logical progression we have all known.
Mortgage consumers, their real estate professionals and lenders have common goals around a smooth and efficient process that results in a timely closing.
According to Zillow, the average bachelor party costs each attendee $1,532, and the average bachelorette party has each attendee spending $1,106. These numbers seem somewhat high and somewhat unrealistic. Do this several times while trying to save the down payment for a house and it makes sense that Millennials are entering the market at a later age.
Higher home prices, the continued lack of inventory and an increase in interest rates seem to have stalled the housing market. For five of the past six months home sales have been down. While the number mortgage applications to purchase a home are still up compared to last year, compared to historical averages, these numbers are still way down.
Whether it is art, that classic car or real estate, the answer is always “whatever someone is willing to pay for it.” With more demand than supply in the housing market, prices have risen and will likely continue to rise for the remainder the year.