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[ad_1] Many trapped, two dead as tornado hits nursing home in Arkansas – media [ad_2] Source link

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[ad_1] Farmers Protest Live Updates Today: Emotions ran high as the farmers set off for their homes in different states, including Punjab, Haryana, and Uttar Pradesh, after a successful movement. [ad_2] Source link

[ad_1] As we approach the end of another hot year for the market, homebuyers and sellers are eagerly looking ahead to the 2022 housing market. Will the market continue its streak of strong growth, or are we finally about to see a slow down? Here’s a high-level forecast for what to expect next year, based on the supply and demand signals we can already see in today’s data. I’ll also highlight which variables we should be watching for unexpected market shifts. 1. Demand will continue to be strong into 2022. The first signal we look at to forecast the strength of the housing market is days on market – how fast are homes moving? Right now, we’re seeing a median of 49 days on market and climbing, as it normally does this time of year. A typical December would see market time at 85-100 days, so you can see from the chart that demand is staying elevated later in the year, which is a bullish sign for next year. Due to the strong seasonal patterns, I predict days on market will hit a low of 21 days in April, tying the record-fast market times from earlier this year. With homebuyer demand off the charts earlier this year, Altos Research began tracking the phenomenon we call “immediate sales.” You’ve probably seen this in your local market, where offers happen more or less immediately after the home gets listed for sale. At this moment, about 25% of properties are going into contract essentially immediately every week (around 20,000 of them within hours or days of listing) — even as supply and transaction volume declines through the end of the year. I actually expected immediate sales to be dropping at this point, but it isn’t. Even over the Thanksgiving holiday, total volumes were down, but immediate sales as an indicator of demand were still dominant. The fact that this trend is continuing unabated into the winter indicates continued strong demand into next year.  That being said, if the housing market turns, immediate sales will be one of the first places we’ll be able to see it. For example, if buyers are cooled by higher interest rates, the first thing that’s going to happen is they’re not going to make those immediate offers.  Since it will take several months for rates to rise high enough to discourage buyers, we can expect immediate sales and all the related buyer competition characteristics (multiple offers, over-bidding) to remain common well into at least the second quarter of 2022. Another signal pointing to continued elevated demand is the percent of homes on the market taking price reductions. In a normal market, we tend to see about 30% to 35% of sellers initially over-price their homes and eventually reduce the price to attract buyers. Right now price reductions are at 27%, and starting to tick down again after the fall peak in September. You can see that it’s higher than last year, but still lower than normal. Home sellers with properties on the market now know that the demand is there, and they don’t have to cut their prices. This tells us that the transactions for these homes that happen in the first quarter will still be priced very strongly. 2. Low inventory will continue to be a major issue. Unfortunately for all these eager homebuyers, inventory continues to be at record low levels. We are currently at just over 350,000 single-family homes on the market. You can see from this chart that inventory has been on a downward trajectory for years, and recent strong demand has only accelerated this trend. You can also see that it’s normal for inventory to drop at this time of year, but it’s actually declining faster than I expected even a few weeks ago, which indicates that we’ll start 2022 with record- low levels of available inventory, even less than in 2021. At this point, it looks like we’re going to end the year at just under 300,000 single-family homes for sale. If we’re lucky, we’ll start getting greater inventory in the housing market in February, then it’ll start climbing and be at a more normal curve next year, but we’re still miles away from a normal level, with no indication that we’ll return to our usual million homes anytime soon. That being said, keep an eye on rising interest rates. If you look at the 2018 line in the inventory chart, you’ll see that inventory hadn’t yet declined by this time of year in 2018. Why? Because interest rates rose from around 3.9% to 4.9% between April and December, and that cooled the market enough that a little bit of inventory built up during 2018. You can see that 2019 was the only recent year that started with more inventory than the year before. 3. Home prices will remain high into 2022. With demand showing no signs of cooling and record-low inventory, I expect home prices to remain high into next year. The median home price for single family homes this week is $375,000, which is about 10% higher than last year and where we are likely to end the year. As we look towards 2022, all the leading indicators show tight inventory and strong demand keeping prices high — a strong seller’s market. If interest rates start rising, and we’re seeing inflation or other economic challenges, this could have a cooling effect on the market. These variables aren’t in the data yet, but they’re looming. We’ll want to keep watching the data closely to spot any major shifts. The post Will the housing market continue its hot streak in 2022? appeared first on HousingWire. [ad_2] Source link

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[ad_1] This week’s HW+ member spotlight features Josh Mettle, division president at NEO Home Loans. With over 20 years of mortgage experience, Mettle has dedicated his career to the mortgage industry. Prior to NEO Home Loans, Mettle served as senior vice president, director of physician lending at Fairway Independent Mortgage Corporation. He also is an author, podcast host and professional mortgage and life coach, helping the industry better understand how Physician Home Loans work. Below, Mettle answers questions about the housing industry: HousingWire: To start off, what is your current favorite HW+ article? Josh Mettle: “Pending home sales shock 2021 housing crash bears,” by Logan Mohtashami – this article sums up what I’ve been saying for many years, supply & demand are king! HousingWire: What has been one of your biggest learning opportunities? Josh Mettle: Leaving my last two employers. Every time I’ve had the courage to move forward with my career, I’ve learned more in the next 12 months than I had in the last 5 to 10 years. HousingWire: What has been the most useful tech tool for you? Josh Mettle: It’s a tie between Mortgage Coach TCA and BNTouch CRM. I could not run my business without either of them. HousingWire: What’s the best piece of advice you’ve ever received? Josh Mettle: Seek to understand before you seek to be understood.   HousingWire: If you had picked a different career path what would it be? Josh Mettle: Financial Advisor. HousingWire: What are 2-3 trends that you’re closely following? Josh Mettle: (1) Housing will continue to appreciate (albeit at a slower pace) until the supply of housing reaches balanced inventory levels. It appears homebuilders will need a minimum of 3-5 years before they catch up. (2) Record home equity levels will create an abundance of opportunity for households to get their debts restructured and reduce outgoing expenses. This will be important as households feel the budget crunch from inflation. (3) Inflation and higher interest rates will likely lead us into the next recession, which contrary to popular belief, can be positive for the housing market due to lower interest rates.  HousingWire: What do you think will be the big themes for the housing market in 2022?  Josh Mettle: Higher appreciation rates than many are forecasting. Supply and demand will continue to dominate, and with tight labor markets and brisk wage growth, housing affordability will remain better than the historic norm.  HousingWire: What’s one thing that people aren’t paying attention to that you think they should be paying attention to? Josh Mettle: Inflation robs from the lender and gives to the borrower. Loan officers should be helping clients understand how borrowing for as long as possible benefits the borrower because paying back today’s mortgage with 2030, 2040, or 2050 dollars is a great deal for the borrower. Inflation pushes wages up, but the cost of the debt remains the same, therefore you want to spread that debt out for 30 or 40 years if possible.    To become an HW+ member, click here. For more information on HW+ benefits, click here. To view past issues of our HW+ exclusive HousingWire Magazine, go here. The post HW+ Member Spotlight: Josh Mettle appeared first on HousingWire. [ad_2] Source link