The Housing Bubble Boys Blew it in 2020

The NAR existing home sales report released today blew out all estimates with 6,540,000 in existing home sales. This epic headline punctured any 2020 bubbles the housing bubble boys had left in their arsenal. But before we get too excited, keep in mind we are still down 0.2% year to date compared to 2019 levels. Still, this seems like a […]

Southern California Median Home Price up 15% in September

Southern California home sales and prices surged higher in September, the latest evidence of a hot housing market during the global COVID-19 pandemic. The six-county region’s median price rose 15.3% from a year earlier to a record $612,750 last month, according to data released Wednesday by DQNews. Sales soared 22.3%. The market, both locally and […]

Bay Area Homebuyers Scoop Up Shrinking Inventory at Furious Pace

The Bay Area real estate market continued its roaring recovery in September, as buyers took advantage of ultra-low mortgage rates to scoop up a shrinking number of homes for sale at an astonishing pace. The median price for an existing, single-family home in the Bay Area was $1,060,000 in September, which was down 0.7% from […]

What Could Drive Mortgage Rates in 2021?

I’ve seen a number of articles lately predicting that mortgage rates will rise in 2021, a couple even from other HousingWire contributors. The rationale for these predictions have been erudite, multifactorial and complex. I am, on the other hand, a simple man. Most days I don’t even wear shoes. When I think about the direction of mortgage […]

Low Rates Won’t Last Forever

Along with the rest of the economy, the housing market has been dealing with the fallout of a global pandemic, leading to an uncertain “new norm.” In a HousingWire panel on Tuesday, Rohit Gupta, CEO and president of Genworth Mortgage Insurance, and Tom Wind, executive vice president of consumer lending at U.S. Bank, discussed adapting to sudden […]

Home Prices Rose by Record Numbers Last Week

Home sales are up, and so are the prices. Median home sale prices have made the largest increase on record, jumping 15% year over year for the week ending Oct. 4. The previous largest increase was 14.5% seen in September 2005, according to Redfin analysis of the Case-Shiller national home price index and analysis of MLS data. As of last week, the median […]

Average 30-year Mortgage Rate for Purchase Loans Falls to Another All-Time Low

The average U.S. mortgage rate for a 30-year fixed loan fell to 2.81% this week, the lowest in Freddie Mac’s survey history, the mortgage giant said in a report on Thursday. The rate fell six basis points from the week prior and is now five basis points lower than the original all-time low set in mid-September. The average […]

Here’s What’s Different About Getting a Mortgage Now

(CNN) Mortgage lenders are on track to have a big year in 2020. Thanks to record low interest rates, many people are buying homes, despite the bleak jobs picture and uncertain economy.Total lending in the first half of 2020 was $1.8 trillion, just a hair below the $1.82 trillion record set in the first half of 2003, according to Black Knight, […]