One in every 5,071 properties across the United States had a foreclosure filing in June, according to ATTOM’s midyear foreclosure market report. The report revealed a total of 177,431 properties with foreclosure filings, including default notices, scheduled auctions, or bank repossessions, in the first six months of 2024. This number was down 4.4% from the […]

There is a mismatch between the prices of homes being built, and the prices home buyers expect to pay, according to recent surveys from NAHB and the U.S. Census Bureau. While 38% of buyers expect to pay less than $250,000 for their next home nationwide (and 19% expect to pay less than $150,000), only 5% […]

It could soon be easier to borrow against your home after U.S. regulators approved a Freddie Mac pilot program for purchasing second mortgages.  The plan, announced Friday, is meant to help homeowners who secured low-interest mortgages and want to access their home’s equity for a loan. The Federal Housing Finance Agency (FHFA) said it granted “conditional […]

By Fergal McAlinden The Federal Reserve’s decision to leave interest rates unchanged yet again last week came as no surprise – but more significantly, the central bank signaled that just one rate cut is likely on the way in 2024, a dramatic dialing-back from expectations earlier in the year. In March, multiple rate cuts were anticipated […]

WASHINGTON, D.C. (June 13, 2024) – The Mortgage Bankers Association (MBA) Builder Application Survey (BAS) data for May 2024 shows mortgage applications for new home purchases increased 13.8% compared from a year ago. Compared to April 2024, applications increased by 1%. This change does not include any adjustment for typical seasonal patterns. “There continues to be […]

The housing markets in Snohomish, Island, and Skagit counties are shifting gears in 2024. While home prices remain high, the breakneck pace of appreciation seen in recent years is starting to slow down. Here are some trends we are seeing: What’s Driving the Change? Rising mortgage rates are making homeownership more expensive, potentially impacting affordability […]

The amount of money a homebuyer puts down to purchase a home hit a historic high at the end of 2023, but that sum is finally falling. A new report from Realtor.com® shows that the median down payment homebuyers laid on the closing table in the first three months of 2024 was an average of 13.6%—which translates […]

A mortgage rate is highly subjective and can vary for a variety of reasons.  A news story that provides an outright level like 7.5% requires context and qualification.  Some online advertisements (especially among builders) could still be showing rates in the high 6’s.  Some borrowers will be seeing rates of 7.625 or higher.  Loans with less than 25% […]

A panel of housing experts anticipates continued growth in home prices, though at a slower pace than in recent years, according to the latest Fannie Mae Home Price Expectations Survey (HPES). The panel has upgraded its Q1 2024 projection to a 3.8% rise in home price growth this year and 3.4% in 2025 – a […]

Sales of existing homes slid 1% from November to December, though sales are expected to move higher this year. Existing Home Sales fell 1% from November to December to a 3.78-million-unit annualized pace, coming in below estimates of an unchanged reading per the National Association of Realtors (NAR). Sales were also 6.2% lower than they were […]