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"Frantic pace looks set to continue" 😬

US new housing starts surge for third straight month Frantic pace looks set to continue

"The median home prices jumped to $352,800, a 13.3% increase from September last year. The rise in prices continued to weigh on first-time buyers, who accounted for 28% of all sales last month. That’s the lowest level since July 2015, the NAR said."

Existing home sales surge Interest rates point higher…

It's not official yet, but Fannie Mae and Freddie Mac conforming loan limits for 2022 will be increased from $548,250 to $625,000.00! Even though it's not official yet, lenders (not all) are accepting applications now using the new higher loan limits. This is great news for someone who has an application in with a lender and their loan amount is above $548,250, as they can now take advantage of lower conforming loan limit interest rates. Contact me with any questions!

"US homeowners with mortgages gained a collective $2.9 trillion in equity in the second quarter, according to a new CoreLogic report released Thursday.

That means that each homeowner saw an average gain of $51,500, or 29.3% year over year, CoreLogic said. Mortgage borrowers account for roughly 63% of all properties. Despite the effects of the pandemic, 59% of them feel extremely confident in their ability to keep current on their payments in the coming year."

US home equity hits unprecedented levels CoreLogic expects home equity wealth to boost economic activity in the coming year

"Fannie Mae has announced that it will soon factor in first-time homebuyer’s rental payment history in its underwriting guidelines to create a “more inclusive mortgage credit evaluation process.”

Fannie Mae announces major change in its underwriting guidelines Move intended to increase first-time homebuyers’ chances of qualifying for a mortgage

Membership has it's privileges!

One more month...

CDC delivers verdict on eviction and foreclosure bans Find out if the emergency pandemic protection will be extended

"The decline in contracts in May closed came as the median existing-home price surged by a record 23.6% year over year to $350,300. Prices have posted 111 straight months of year-over-year gains since March 2011."

Existing-home sales fall for fourth straight month Existing-home sales fell for a fourth straight month in May as prices grew by the most on record.

Saw this coming.

Major forbearance program gets extension The GSE decides to let multifamily mortgages stay in forbearance for longer

Here's exactly how much Tampa metro home values shot up in the last year

By Ashley Gurbal Kritzer – Senior Reporter, Tampa Bay Business Journal
4 hours ago

Home values in the Tampa metro area saw explosive growth in the last year, with a year-over-year increase that's among the highest in the U.S.

Zillow said Tuesday that as of April, the typical home in the Tampa metro is worth $271,353, up $37,026 or nearly 16 percent from April 2020. That's the eighth-highest YoY spike in the U.S., the Seattle-based online real estate marketplace said. Home values in the area have increased 1.7 percent from March to April.

The typical U.S. home value in April was $281,370, up 11.6 percent compared to April 2020.

The Tampa metro area includes the St. Petersburg and Clearwater areas. Sarasota, Bradenton and North Port comprise a separate metro area; Lakeland-Winter Haven is also accounted for separately.

Zillow expects additional appreciation in the next year; it anticipates home values in the Tampa area will spike another 13.5 percent to clock in at $307,000 in April 2022.

Record-low interest rates and inventory of homes for sale have driven the price increases, Zillow said; in the Tampa area, inventory is down nearly 42 percent compared to 2020. The typical home for sale in the Tampa area spends five days on the market before going under contract.

Rents have also spiked in the last 12 months. The typical rent in the area is $1,617 per month, up $161 or 11.1 percent since April 2020. That's the sixth-highest jump in the U.S., Zillow said.

Nineteen percent of homes sold above list price in February, the most recent data available, compared to 8 percent that sold above list in February 2020.

Zillow cautions against comparing the current frenzy to the runup that preceded the Great Recession. In this cycle, the company says, "strong fundamentals with long legs underpin this market, dashing the notion of a new housing bubble."

“Both of these hot markets saw extreme price appreciation in a relatively short period of time. But that’s where the similarities end,” Zillow senior economist Jeff Tucker said in a statement.