Millennial demand for homeownership was one of the biggest trends influencing the housing market in 2018. Households under 35 years old contributed the most to overall homeownership growth in the third quarter of 2018, with millennial homeownership rising 1.2 percentage points from last year. This trend shows no indication of reversing in 2019....
For the second month in a row, the Loan Application Defect Index for purchase transactions increased in October compared with the previous month. Year over year, the Defect Index for purchase transactions decreased 8.9 percent compared with October 2017. The Defect Index for refinance transactions increased 1.4 percent compared with the...
Topics: Loan Application Defect Index, Fraud
Throughout 2018, we’ve seen many trends that set the groundwork for the acceleration of financial technology (fintech) adoption. It has been a strong seller’s market across the top U.S. metropolitan areas. With inventory low and house prices at historic highs, prospective home buyers felt pressured to settle deals quickly before opportunities...
Topics: fintech, eClosing, Remote online notarization, chat bots, Real Estate Sentiment Index, Housing, Interest Rates
In September, all three of the key drivers of the Real House Price Index (RHPI), household income, mortgage rates, and an unadjusted house price index, increased compared with a year ago. When household income rises, consumer house-buying power increases. When mortgage rates and house prices increase, consumer house-buying power decreases. The...
Topics: Real House Price Index, Affordability, Insider, Interest Rates
First American Chief Economist Mark Fleming was interviewed on CNBC earlier this week and discussed the current dynamics at play in the housing market where rising mortgage rates have impacted both supply and demand.
Topics: Housing, In The News, Interest Rates, Affordability, Millennials
Yesterday’s Census Bureau report for October indicated that we are falling short of adding homes to the market in the short-term, as completions decreased 6.5 percent compared with October of last year.
Topics: Housing, housing starts, homeownership, Insider
