Based on new data from the California Association of Realtors, the State of California existing home sales rebounded in January 2024 to the highest level in six months as mortgage rates pulled back sharply at the end of 2023.
46.1 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than half of their estimated market values.
Based on new data from the California Association of Realtors, California home sales were essentially flat in October 2023, as the cost of borrowing remained elevated and housing inventory continued to be tight.
According to the Mortgage Bankers Association, total U.S. mortgage origination volume is expected to increase to $1.95 trillion in 2024 from the $1.64 trillion expected in 2023.