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[ad_1] The real estate market has shifted, and we are in a new housing paradigm. Mortgage interest rates have risen quickly in the past few months further eroding affordability. However, there are a number of attention-grabbing headlines, which unfortunately only compare today’s housing market to the very recent history of the last two years. It is always good to know where we are with the real estate market, but it is essential to keep all data in historical perspective.  The monthly Realtors Confidence Index helps to dispel many of the myths and cut through the noise of what is currently happening in the market. The National Association of Realtors Research Group has produced the index since 2008, at a time of turmoil in the real estate market. It is a monthly pulse on what is happening in the market from the perspective of Realtors who are active in the field. Questions have evolved and shifted overtime, but it is a steady resource of what is happening on the ground.  As reported in the latest NAR Existing-Home Sales, inventory still remains in tight supply, which means homes are still moving at a fast past despite the recent rise in rates and home prices. The median days on market is just 16 days — a slight increase from the record low seen in the last two months of 14 days. In comparison, in 2011, homes took 96 days to sell.  Notably, the market has contracted as fewer buyers can afford to purchase in today’s market with the rise in interest rates and the continual rise in home prices. However, in many areas of the country it does remain a seller’s market. For every home that was listed, there were 2.5 offers. This is down from the frenzied market from April of this year when every home that was listed had 5.5 offers. Historically 2.5 offers represents a competitive housing market, edging towards a balanced market.  One way to understand the competitiveness of the market is to look at buyers who are waiving contingencies. While this data series is shorter, it does reflect a slight ease that mirrors the number of offers for every home. There had been nearly one-third of buyers who waived an inspection or appraisal contingency, but the last month it fell to just over 20% for both.  Another measure the housing market, is whether a Realtor had a client who had a distressed sale in the last month. Due to the consistent rise in home prices, homeowners typically do have equity in their home distressed sales are not common today. In 2008, 49% of Realtors had a client with a distressed sale, today it is only 1%. Another reason why distressed sales are likely low, is that lending standards remain tight. It is difficult to obtain a mortgage today. A housing borrower must have a higher credit score, significant savings, and higher incomes to qualify for a mortgage and compete in today’s housing market.  Last month, we saw a shift in who is purchasing homes. There is a reduction in the share of all-cash buyers, who may be waiving the home appraisal, and a reduction in vacation and investment purchases. All cash buyers now stand at 24%. The last high among all-cash buyers was seen at 35% in 2014.  The share of non-primary residence buyers is now at 16% from a high of 22% in January 2022. In January of 2022, there may have been buyers who were looking to purchase vacation homes as travel remained suppressed at that time. Investors may have been attracted to the market as they saw rents increase for tenants. Others may have viewed the property for both purposes: a vacation home that could be rented as a short-term vacation rental when not in personal use. Unfortunately, the share of first-time buyers remains suppressed at just 29% last month. While it is not the high seen during the First-time Home Buyer Tax Credit in 2010, it is also not the historical norm of 40% seen in the annual Profile of Home Buyers and Sellers report. Notably, during the timeframe of the First-time Home Buyer Tax Credit, there was significantly more inventory than seen today.  To read more on the monthly Realtors Confidence Index, check out the full report the same day Existing-Home Sales is released. Want to learn more about what to expect when it comes to the future of the housing market? This article offers a preview of our upcoming HousingWire Annual Housing Market Super Session that will feature an all-star panel of housing experts. Join us in Scottsdale, Arizona Oct. 3-5 to attend this super session that is designed to help attendees understand macroeconomic data and housing trends for the next year and beyond. To register for HW Annual, go here. This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners. To contact the author responsible for this story:Jessica Lautz at JLautz@nar.realtor To contact the editor responsible for this story:Brena Nath at brena@hwmedia.com The post Opinion: Here’s the latest data on what Realtors are witnessing in the housing market appeared first on HousingWire. [ad_2] Source link

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[ad_1] Willie Newman, president and CEO of wholesale lender Homepoint Michigan-based lender Homepoint leadership effectively “reset the organization” amid the mortgage downturn, Willie Newman, the CEO and president, told HousingWire in an interview on Friday.  However, the company remains fully committed to the wholesale channel, a decision made around four years ago, even with competitors exiting the space and margins sinking like a stone.  “In an environment like this, there’s not as much volume as we were doing before,” Newman said in an interview during the Association of Independent Mortgage Experts (AIME) Fuse conference in Las Vegas.  “We’re not as much focused on volume and velocity as we are making sure that we improve processes, the interactions with broker partners, and ultimately to the consumers, in a way that, as we evolve from this cycle to the next cycle, we have an opportunity to grow.”  The strategy, however, brings with it lower volume in the short term. And, so far, in response to the current market headwinds, Homepoint has shrunk its workforce dramatically. The company went from about 4,000 workers in the summer of 2021 to about 1,000 in the fall of 2022.  “We feel like we’ve done what we need to navigate the environment. Obviously, conditions can change. And, you know, we’re always evaluating where we need to be positioned,” Newman said.  Over the last year, Homepoint has also sold off large chunks of the business – including servicing to ServiceMac and delegated correspondent to Planet Home Lending – which accounts for several thousand workers transitioning to new firms. The wholesale channel, which, like other channels, has been affected by surging mortgage rates and shrinking origination volumes, has an additional challenge: a competitive pricing strategy initiated by channel leader United Wholesale Mortgage (UWM). UWM in June launched the ‘Game On’ pricing initiative, slashing prices across all loans by 50 to 100 basis points.  Amid the price war, Newman said Homepoint will focus on where the company can add value, which is the “experience” it provides in its relationship with brokers and borrowers, even though the company has “to be aware of what others are doing in the market.”    Homepoint is not in a position to engage in an aggressive price war when considering the state of its financials. Its parent company Home Point Capital reported more than $44 million in losses in the second quarter of 2022. The workforce reduction is forecast to save more than $100 million annually for the lender, according to the company.  The executive declined to comment when the company’s current “reset” will turn Homepoint into a profitable company.  Rivals such as loanDepot, Mountain West Financial, AmeriSave, Point Mortgage Corporation, Stearns Wholesale (owned by Guaranteed Rate) and Finance of America (FoA) have already exited or plan to exit the wholesale channel to focus on more profitable business divisions.  Despite the many departures, Newman said there is still sufficient capacity from a lender standpoint in the wholesale channel. “It’s really difficult in this type of environment for a company to kind of do everything well,” he said. “It’s hard to be good at everything.”    Companies exiting the channel put additional pressure on AIME’s goal to propel the wholesale channel beyond 25% market share in 2022 and beyond.  The broker channel accounted for just under 15% market share from April to June, with retail at 61% and correspondent at 25%, according to an Inside Mortgage Finance‘s (IMF) analysis of first-lien mortgage originations. Brokers originated $94 billion in the second quarter, down 16% from the first quarter, the data shows. “The fundamentals are in place for the channel to grow significantly because it brings an advantage to consumers and it’s better at serving minority households,” Newman said. “But I think we’ll know more about it in the middle of next year because it does take a little while for originators to adjust.”  The post Homepoint hits the ‘reset’ button appeared first on HousingWire. [ad_2] Source link

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[ad_1] The road to HousingWire Annual has been filled with a lot of excitement and strategic planning. After months of preparing and anticipation, the week is nearly here. Everyone on the HW team is so excited to see our friends and colleagues from across the industry in Scottsdale, Arizona.  This year’s HW Annual will feature dozens of industry experts and leaders from all corners of the housing ecosystem. Whether you are in the mortgage, real estate, title or technology sectors of housing, there will be something for everyone to learn and enjoy at HW Annual.  The conference will kick off this coming Monday, Oct. 3, with the Marketing Leaders Success Summit and the Women of Influence Forum, along several networking lounges and cocktail parties. The next day, enjoy the main event, HousingWire Annual, and invited c-suite attendees can take part in the Vanguard Forum, which is slated to be the most powerful room in housing. Finish out the conference strong on Wednesday with more main event panels and fireside chats.  Speakers like FHFA Director Sandra Thompson, renowned real estate expert, Ryan Serhant, Arch MI’s Jim Jumpe, Fairway’s Haley Parker, Fathom Holding’s Josh Harley and dozens more will be taking part in panels on the future of the housing market, the title industry, all things federal housing industry regulations and more. You can read all about the speakers and review the agenda, here.  HousingWire Annual Why you should attend HW Annual Oct. 3-5 in Scottsdale Learn how to reach homebuyers in a purchase market at HW Annual Oct. 3-5 3 Can't-miss HW Annual panels for new mortgage loan officers Don’t wait until the last minute to reserve your seat, you can still find tickets here. And remember, HW+ members get 50% off their HW Annual registration.  See you in Scottsdale! The post We can’t wait to see you at HW Annual Oct. 3-5 appeared first on HousingWire. [ad_2] Source link

[ad_1] Have you ever noticed that as a whole, our society has its daily habits almost completely backwards? We’re generally so “busy” that we don’t have time to get much exercise. And then we spend countless sedentary hours sitting in our cars each week because we think that car driving saves us time. To fuel our bodies during these chaotic days, we pack ourselves with whatever convenient or tasty food we happen to crave at the moment, then add in additional snacks between meals, while watching TV, and perhaps a final treat before bed.  In any leftover shreds of free time, we pack our minds with similarly tasty or convenient blobs of entertainment or “content” that happen to successfully push their way in front of our face like a pen full of hungry pigs fighting for the scraps of our attention. And our food factories, magazines, newspapers, TV and streaming services and even politicians are only too happy to keep pushing out the crap. And the results are just as you would predict: crappy. But there is some good news too: You can do everything in the opposite way, and the results tend to be astonishingly good. The biggest difference you’ll notice is dramatically better physical and mental health, which multiply together to create a better, happier, longer and more generous life in all dimensions.  In other words if there’s anything worth striving for – even more than financial independence or early retirement or any other individual goals – it’s probably the overall package of a healthier you. Over the past few months, I have found myself settling into a new routine that seems to be getting better and better as the positive results feed back onto themselves. It has become so good that I thought it would be worth sharing and comparing notes with you.  To cut straight to the good part, let’s compare the flow of two hypothetical days, side-by-side: the typical American default life, and a somewhat optimized Science-backed Life. Then, we’ll go back and fill in the details on where all these details come from, and the reason for this blog post’s strange title. Default Lifestyle SCIENCE Lifestyle • Wake up with alarm clock, roll over, and immediately check phone. • Wake up naturally as your sleep cycle ends. • Proceed directly outside into the natural light. • Direct your vision upwards and also try to get sunlight on your skin if possible. • Make coffee and a high-carb, high-sugar breakfast like toast, orange juice, waffles, flavored yogurt, etc. • Go for a short walk (or even run) depending on your fitness level. • Then return and have a light breakfast (coffee or tea, nuts, an omelet if you’re hungry) • Scroll some Facebook/Twitter on your phone and/or turn on the TV news to “stay informed” • Grab your pen and a paper journal and write out your thoughts for the day: things you are grateful for, things you are excited about today, and a list of top priorities for the day. • Get into your car and drive to work • Walk or bike to the office, or settle into a dedicated space in your home to begin work. • Endure the usual frenzy of firefighting, distractions and occasional entertainment as you try to get your job done. • Turn off your phone and disable email for 1-3 hour periods when producing creative new stuff (make sure your colleagues know this is how you operate).  • Come out of this focus mode for batch email responses and any meetings, then return for a second session in the afternoon. • Drive through heavy suburban traffic to a restaurant for lunch, eat some processed foods and a soft drink and/or beer. • Go for a walk at lunch, then eat a giant salad with optional added protein sources. • Finish work and drive home, flip on the TV and Doordash something for dinner. • Finish work and walk home.  • Stop by the gym (whether at a facility or at home) for a brief session of heavy weight training • This could be as little as six sets of lifts with under two minutes of rest between the sets. • Have a beer or wine with dinner, which may turn into a second if it’s tasting good (or one of those 12+ ounce wine glasses). Benders on Weekends! • Avoid casual alcohol consumption. • If you do enjoy the drug, save it for true special occasions – a maximum of 2-3 drinks over the course of a week. • Head back to the couch to finish off the day with some favorite shows • Or, relax with the phone or laptop to finish off the night with some Facebook, Tiktok, Instagram, Reddit, YouTube or whatever else strikes your fancy. • All devices are off after about 7:30pm except for things you plan purposefully (family movie, date night, etc). • This will open up an incredible void which you’ll suddenly find yourself filling with catching up on personal development, taking care of the house, setting yourself up for tomorrow, reading, meditation listening to podcasts, and journaling.  • AND, you’ll get tired and fall asleep much easier, allowing you to begin the cycle anew tomorrow without the need for an alarm clock. General Principles: • Throughout your days, seek comfort and convenience.  • Keep your air conditioning set down at 72 in summer, your heat at 70 in winter, and avoid exposure to heat, cool, discomfort, hardship or exertion whenever possible. • Focus on your limitations and the fact that the outside world is at fault for where you are in life.  General Principles: • Find ways to seek voluntary hardship rather than avoiding it.  • Challenge your limits by walking in hot and cold weather, enduring a hot sauna, pools or lakes or streams of very cold water, and always identifying and stretching your limits in all dimensions. •  Focus on learning. Every “problem” in life is really

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