With the recent Fed testimony, Federal Reserve Chairman Jerome Powell assured lawmakers about their plans to bring down inflation. Not only does Fed Chair Jerome Powell seek to avoid a recession, he believes the Federal Reserve has the tools to do so. Comments from the Latest Fed Testimony “[The Federal Reserve] understands the hardship high […]
Industry News
Real Estate Market Challenges Contribute to the Declining Originations
May 2022 highlighted numerous real estate market challenges facing prospective home buyers. Now, the data directly supports the drop-off in activity. Higher Mortgage Rates Fueling Real Estate Market Challenges When discussing the latest real estate market challenges, higher mortgage rates take the top spot across many lists. Throughout the early days of the COVID-19 pandemic, […]
Buyers’ Market in 2022: A Changing of the Tide?
As inflation soars and loan applications plummet, real estate analysts are starting to see evidence of a buyers’ market in 2022. For the past several years, many real estate analysts considered the housing market to be a ‘seller’s market’. In the real estate world, home prices rose, interest rates fell, and demand reached one of […]
Total Mortgage Originations Plummeting as Rates Soar This Year
Throughout 2021, the United States real estate market experienced a massive resurgence, however, total mortgage originations are now plummeting this year. Mortgage Bankers Association Forecasts Plummeting Mortgage Originations With the release of last month’s existing home sales report, sales declined. Analysts point to rising mortgage rates as one of the primary causes, taking a large […]
Declining Loan Originations: Rising Prices & Limited Inventory Hurting Housing
After last year’s record-setting real estate year, 2022 is displaying declining loan originations and refinancing activity. Since the start of the coronavirus pandemic, the housing market took center-stage while home demand skyrocketed. As the dust settles, the numbers now point in the opposite direction. As demand wanes. prices surge, and mortgage, refinancing, and loan applications […]
Housing Inventory Fell to New Record-Low Level in March 2022
With the release of last month’s real estate market report, housing inventory fell to a new record-low level. Meanwhile, both existing and new home sales disappointed as prices jumped higher. As the United States first experienced the coronavirus pandemic in 2020, the housing market suffered. One year later, the United States surged through an unprecedented […]
Owner’s Title Insurance: An Essential Aspect of the Home Buying Process
Owner’s title insurance contains a fascinating history, dating back over 150 years to 1868. In the case of Watson v. Muirhead, the transaction conveyancer discovered that the property in question was under lien. Although an attorney advised the conveyancer that the lien was invalid, a court ruled that it was in fact valid, after all. […]
February 2022 Real Estate Reporting Presents Mixed Bag for Housing Market
As previously mentioned, 2021 marked one of the best years for real estate in recent memory. After the coronavirus pandemic stifled home sales throughout the country, the real estate market rebounded at a quicker pace than anticipated. However, the real estate market still deals with longstanding housing inventory challenges. In addition, rising home prices and […]
Chicago Home Prices Appreciate Despite Limited Housing Inventory
With the United States continuing to witness record-setting inflation levels, Chicago home prices see massive appreciation. Of course, this market correction comes after a two-year period of record-low mortgage rates and a lackluster 2020 real estate year. Hot off the trail of 2021’s real estate market rebound, Chicagoland real estate affordability grows farther out of […]
Existing Home Sales Achieved Their Best Year Since 2006
After a strong performance towards the end of 2021, existing home sales experienced an unanticipated decline in December. Thus, home sales fell 5% from November to December 2021. However, the United States real estate market realized a massive 8.5% improvement over 2020. In doing so, existing home sales achieved their best year since 2006. Drop […]