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New Home Sales Increase in May Before Fed June Rate Rise
After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate hike.
Mortgage Application Payments Rise to $1,897 in May
Homebuyer affordability was mostly unchanged in May, with the national median payment applied for by applicants up slightly to $1,897 from $1,889 in April. This is according to the Mortgage Bankers Association's (MBA) Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS).
Redfin Reports Homebuying Demand Dips Further as Rates Approach 6%
“Mortgage rates near 6% have put a big chill on demand for homes,” said Redfin chief economist Daryl Fairweather. “With home prices still at record highs, the affordability crisis has been dialed up to an 11 out of 10. Home sellers are aware of this as well; a record share are dropping their asking price. Even though there are fewer home sales, prices have not declined any significant amount yet. But if the housing market continues to cool, prices could fall in 2023.“
Share of Mortgage Loans in Forbearance Decreases to 0.85% in May
The Mortgage Bankers Association’s (MBA) monthly Loan Monitoring Survey revealed that the total number of loans now in forbearance decreased by 9 basis points from 0.94% of servicers’ portfolio volume in the prior month to 0.85% as of May 31, 2022. According to MBA’s estimate, 425,000 homeowners are in forbearance plans.
Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 4.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 17, 2022.

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NAR Calls for Tech Startups to Apply for Pitch Battle Competition at iOi Summit
The National Association of Realtors® announced on Monday that it is now accepting applications for the "Pitch Battle" competition that will take place at the fourth annual Innovation, Opportunity & Investment (iOi) Summit on September 28 and 29, in Los Angeles, California. The iOi Summit allows investors and innovators to cultivate and champion the most impactful ideas that will disrupt the status quo and advance the industry.
Existing-Home Sales Fell 3.4% in May; Median Sales Price Surpasses $400,000 for the First Time
Existing-home sales retreated for the fourth consecutive month in May, according to the National Association of Realtors®. Month-over-month sales declined in three out of four major U.S. regions, while year-over-year sales slipped in all four regions.
ALTA Reports Q1 2022 Title Premium Volume
The title insurance industry generated $5.89 billion in title insurance premiums during the first quarter of 2022 compared to $5.68 billion during the same period a year ago, according to the American Land Title Association’s latest Market Share Analysis.
Housing Predicted to Drag on Growth Through 2023 as Financial Conditions Tighten
The compounding effects of elevated inflation and higher interest rates are expected to further weigh on economic growth and home sales as the year progresses, with full-year 2022 growth now forecast at a slightly reduced 1.2 percent and expectations of a late-2023 modest economic contraction unchanged, according to the June 2022 commentary from the Fannie Mae Economic and Strategic Research (ESR) Group.
Rising Interest Rates, Higher Construction Costs Slow Housing Production
Rising interest rates and ongoing building material supply chain disruptions that raise construction costs continue to act as significant headwinds on the housing market. Overall housing starts fell 14.4% to a seasonally adjusted annual rate of 1.55 million units in May from an upwardly revised reading the previous month, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.
Mortgage Applications for New Home Purchases Decreased 5 Percent in May
The Mortgage Bankers Association Builder Application Survey data for May 2022 shows mortgage applications for new home purchases decreased 5 percent compared to a year ago. Compared to April 2022, applications decreased by 4 percent.
More Than 600 NAHB Members Urge Congress to Take Action to Ease the Housing Affordability Crisis
More than 600 builders, remodelers and associate members from across the nation trekked to Capitol Hill today for the National Association of Home Builders (NAHB) 2022 Legislative Conference to spotlight the growing housing affordability crisis that threatens to derail the economy and urge their lawmakers to support policies that will ease building material production bottlenecks and increase the production of quality, affordable housing.
Weakening Builder Confidence Points to Economic Troubles Ahead
Rising inflation and higher mortgage rates are slowing traffic of prospective home buyers and putting a damper on builder sentiment. In a troubling sign for the housing market, builder confidence in the market for newly built single-family homes posted its sixth straight monthly decline in June, falling two points to 67, according to the National Association of Home Builders/Wells Fargo Housing Market Index released today. This marks the lowest HMI reading since June 2020.
Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage applications increased 6.6 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending June 10, 2022. Last week’s results are compared to the prior week, which included an adjustment for the Memorial Day holiday.
Fannie Mae Introduces New Refinance Application-Level Index (RALI)
Fannie Mae announced today the launch of its Refinance Application-Level Index, a weekly series designed to provide the market timely and comprehensive tracking of refinance activity and historical trends.
Realtors and Mortgage Bankers Approve of GSE's Equitable Housing Finance Plans
The Federal Housing Finance Agency (FHFA) released finalized equity plans Wednesday for Fannie Mae and Freddie Mac. According to the FHFA, the plans are intended to “address barriers experienced by renters, aspiring homeowners, and current homeowners before, during, and after getting a mortgage” and include actions to address financial education, access, and costs.
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 6.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending June 3, 2022. This week’s results include an adjustment for the Memorial Day holiday.
MBA Opens Doors Foundation Receives More Than $94,000 from Lennar Mortgage's Annual Derby Fundraising Campaign
The MBA Opens Doors Foundation (Opens Doors) today announced that it has received $94,192 from Lennar Mortgage’s 9th Annual Derby. This gift will allow Opens Doors to further deliver on its mission of providing mortgage and rental assistance to families with critically ill or injured children, allowing parents and guardians to be by a child's side during treatment without fear of losing their home.
Fannie Mae Addresses Inequalities in Housing Faced by Black Renters and Homeowners
Fannie Mae today released a three-year Equitable Housing Finance Plan that outlines actions the company will take to knock down barriers faced by Black renters and homeowners throughout their housing journey. The Plan builds on recent innovations and efforts Fannie Mae has taken to make mortgages and rental housing more accessible and inclusive.
American Land Title Association Wins Telly Award for ALTA Good Deeds Foundation Video
The American Land Title Association (ALTA), the national trade association of the land title insurance industry, announced today that it has placed Bronze in Branded Content—Corporate Image in the 43rd Annual Telly Awards.
Doma's Kristie King Appointed to American Land Title Association Diversity, Equity and Inclusion (DEI) Advisory Council
Doma Holdings Inc., a leading force for disruptive change in the real estate industry, announced today that Kristie King, senior director of DEI, has been tapped to serve on the American Land Title Association’s Diversity, Equity and Inclusion (DEI) Advisory Council. The council oversees ALTA’s various DEI initiatives, including providing members with education on the importance of developing a more diverse, equitable, and inclusive workforce, among other priorities.
NAR Applauds New HUD Program Prioritizing Housing Supply
The Department of Housing and Urban Development (HUD) announced its "Our Way Home" initiative this week to connect communities across the country with the resources needed to combat the nation's housing supply shortage.
Lone Wolf launches groundbreaking new forms solution to over 665,000 real estate agents in the US
Lone Wolf Technologies is thrilled to announce the launch of a groundbreaking new forms solution for Lone Wolf Transactions (zipForm Edition), which provides over 665,000 agents in the U.S.with real estate's most innovative, intelligent, and intuitive form and contract authoring capabilities. The solution will be rolled out nationwide, market by market, starting today.
USA National Title Selects DataTrace® TitleIQ Enterprise as Its Primary Title Search and Examination Platform
Data Trace®Information Services LLC,the nation’s largest provider of data and automation solutions to the title and settlement services industry, announced today that USA National Title has selectedTitleIQ™ Enterpriseas its primary title production platform to increase efficiency within the company’s search and examination processes.
Builders Fight for the American Dream During National Homeownership Month
As the National Association of Home Builders celebrates National Homeownership Month in June, builders are urging lawmakers to implement policies that will help address housing affordability, calling for a resolution on supply chain disruptions and the ending of Canadian lumber tariffs.
Mortgage Applications Decrease in Latest MBA Weekly Survey
Mortgage applications decreased 2.3 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending May 27, 2022.

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