Headwinds in the housing market for new homes has dampened sales volumes. The market rally to ever higher sales and prices slowed dramatically in the second quarter of 2021, as we predicted. Sales of newly built homes fell for third consecutive month. New home sales continued to slip in June, falling 6.6% from May to a pace of only 676,000, […]
Thanks to friends at the Consumer Finance Protection Bureau (CFPB), you must be more protected from yourself. Starting July 1, new restrictions affecting mortgage credit have sent the index tracking this to near lows not seen in 7 years. The Mortgage Bankers Association tracks an index (chart below) to estimate how available mortgage credit is to borrowers. With the new […]
Lumber prices continue to fall from the peak. From a level of about $400 per thousand board feet, prices quadrupled to more than $1700 per thousand board feet in FOMO buying panic. Since the peak around 60 days ago, approximately 80% to 85% of the increase in lumber prices has evaporated. Prices of other materials such as copper (wiring and […]
Virtually all of the information today that is available on internet searches or typical lender loan sites focuses on typical borrowers. These borrowers land mainly in the buckets of conventional (FNMA/FHLMC), FHA, or VA loans. But what if you aren’t a typical borrower? Perhaps income is highly variable. You may run your own business and have complicated finances. Do you […]
In earlier posts, we outlined our outlook for an opportune time to purchase a home. In this June purchase window update, we see many factors continuing to move in the direction predicted. On June 16, the Federal Reserve Board of Governors announced no rate hike was imminent and minimal increases expected through the end of 2023. Additionally, the short term […]