Would-be homebuyers are giving up
National Mortgage News
In-depth analysis, strategy and data spanning the entire residential mortgage industry. An Arizent brand.
Redfin’s Homebuyer Demand Index — a calculation based on house tours, web searches and other data — was down 16% adjusted year over year during the week of June 19. With mortgage prices at a record high and rising interest rates, demand keeps sinking. In addition, affordability continues to be an issue for new-home sales as just 9% of listings closed below $300,000.?
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Orchard and upEquity are the latest players in the mortgage industry to cut their staff in the face of uncertainty. iBuyer Orchard cut just under 100 employees across its mortgage, title and insurance platforms. Meanwhile, upEquity laid off nine employees involved in processing, closing and training.?
The rate was at 2.75% for all delinquencies, down from 2.8% in April. Serious delinquencies dropped even more, by 7% month over month. Foreclosures also receded in May, coming in 12% lower than in April. The improvement supports a trend in which borrowers take advantage of equity accrued to sell their homes before reaching a more advanced stage of foreclosure.?
The group is selling two portfolios of single-family rental homes for around $500 million each. Starwood aggressively bought during the pandemic as renters looked for bigger spaces while working from home. In May, the firm owned 15,000 single-family homes and 100,000 apartments.
Next Trend Realty LLC./wwwHar.com/Chester-Swanson/agent_cbswan
2 年They just being Patient.