The headlines are on the move in real estate and mortgage! Every week new data surprises us with new ways people are getting creative to achieve their homeownership goals! This week we breakdown:

• More unmarried couples are buying homes together. What to know before you do.
• Mortgage demand drops to 27-year low as interest rates pull back.
• Mortgage rate tipping point: Homeowners saw roughly 5% is the magic number to move.
• Housing market predictions: The Forecast for the next 5 years

Look, there’s no easy way to address all these market conditions happening right now, so we’re tackling them head on!

1. New Listings Take a Hit, possibly due to higher mortgage rates. So Where are Mortgage Rates Headed?

2. New Home Sales Grow, even with Higher Rates, can this sustain?

3. Home sales will be weak in 2024 regardless of “soft landing” per Fannie Mae.

4. Jerome Powell says the Housing sector is showing signs of picking back up.

Boy oh boy this weeks show has a LOT packed in it. The Mortgage Bankers Association (MBA) reported that the mortgage delinquency rate fell to its lowest level since it began tracking this metric 43 years ago, supporting claims the economy is on the cusp of a turnaround – but is it?

Affordability fell across the board due to surging home prices. The median sale price in high-opportunity neighborhoods grew 100% since 2012, while the median sale price in low-opportunity neighborhoods jumped 174%.

Fannie Mae’s most recent “Home Purchase Sentiment Index” (HPSI) reveals 82% of consumers reported that it’s a “bad time to buy” a home, a new survey high. It’s up from 78% in June. That’s a bad sign for real estate.

There are about 10% fewer homes on the market now than there were in 2022 at this time. In 2022, mortgage rates climbed rapidly and inventory climbed rapidly. That’s the Altos Rule. When mortgage rates eased down in the beginning of the year, so did the available inventory of unsold homes. Now, rates are not falling. They’re staying stubbornly higher around 7% so inventory hasn’t yet started its decline for the fall. Look for that decline to start in September with fewer sellers, unless rates jump like they did last September. Mortgage

“Cristian’s Big Heart” honors the legacy of Tanya & Memo’s son Cristian Acosta‐Flores whose life was cut tragically short on September 1, 2014 (one day shy of his 19th birthday) due to complications from an undiagnosed enlarged heart.

Sudden cardiac arrest (SCA) is the leading cause of death of student athletes and the second leading death of youth under the age of 25. It’s known as the “Silent Killer” because in a heartbeat it can take the life of someone you love. The tragedy is that SCA is detectable.

Cristian’s Big Heart aims to carry forward Cristian’s legacy by promoting education on heart health and preventing such heartbreaking incidents from affecting more families in our community.

Organizations mentioned in this episode:

https://calyouthheart.org/

Artificial intelligence (AI) is rapidly transforming the real estate industry, providing a wide range of benefits for both buyers and sellers. Today we unpacked some AI uses along with some proposed uses and discuss whether the benefits are worth the risks. Could this cause a Great Divide between tech adopters and traditionalists?