According to national property broker Redfin, twenty-nine percent of U.S. single-family homes for sale in the third quarter of 2022 were new construction - the highest share of any third quarter on record.
Based on new data from the Mortgage Bankers Association's Weekly Mortgage Applications Survey for the week ending October 21, 2022, U.S. mortgage applications decreased 1.7 percent from one week earlier.
Based on new projections from the Mortgage Bankers Association, total U.S. mortgage origination volume is expected to decline to $2.05 trillion in 2023 from the $2.26 trillion expected in 2022. Purchase originations are forecast to decrease 3 percent to $1.53 trillion next year, while refinance volume is anticipated to decline by 24 percent to $513 billion.
Popular migration destinations where home prices soared during the pandemic are most likely to see the effects of a housing downturn amplified and home prices decline year over year if the economy goes into a recession.
According to Eliza Theiss of CommercialEdge, remote and hybrid work models were considered niche setups just a little over two years ago, but today, these trends seem here to stay.
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