Florida shone as home to many of the hottest commercial markets in the country in the fourth quarter of 2021. The state boasts nine of the top 15 commercial real estate markets, according to the National Association of REALTORS®’ 2021 Q4 Commercial Real Estate Metro Market Reports.NAR’s Commercial Real Estate Market Conditions Index reflects market trends in the multifamily, office, industrial, retail, and hotel sectors in 390 metro are
The average dollar amount of a mortgage purchase application hit a record of $418,500 as higher home prices force buyers to borrow more, the Mortgage Bankers Association reported this week.“The continued rise in purchase loan application sizes is driven by high home price appreciation and the lack of housing inventory on the market—especially for entry-level homes,” says Joel Kan, vice president of economic and industry forecasters for the
Mortgage rates are on the rise in the new year, just like economists predicted. The 30-year fixed-rate mortgage, which is up 45 basis points in less than a month, averaged 3.56% this week compared to 3.11% in the last week of 2021.“Mortgage rates moved up again as the 10-year U.S. Treasury yield rose and financial markets adjusted to anticipated changes in monetary policy that will combat inflation,” says Sam Khater, Freddie Mac’s chief eco
Existing-home sales ended 2021 on a high note as home buyers rushed to buy a home to take advantage of ultra-low mortgage rates. Overall, sales were up 8.5% in 2021 compared to 2020, the National Association of REALTORS® reported Thursday. But the new year could bring about lower sales numbers as more buyers become priced out and find fewer and fewer choices of homes for sale.The signs of a slight slowdown are already popping up. In December 202
Property owners are charging more for their single-family rentals as demand soars. Single-family rental prices continue to rapidly increase with record growth, according to CoreLogic’s Single-Family Rent Index. In November 2021, single-family rent growth nationally rose 11.5% year-over-year.Annual rent price growth has continued to double—and even triple—in the last several months in some markets, according to the index.“Improvements in t
Mortgage credit availability loosened in December, even as house hunters continue to face higher prices that are hampering affordability, according to the Mortgage Bankers Association.MBA’s Mortgage Credit Availability Index posted its highest reading since May 2021. However, credit availability is still 30% below pre-pandemic levels."Credit supply increased in December, with growth across both conventional and government segments of the market
Ever since the pandemic began, vacation home rentals and sales have surged as Americans search for getaways to rent out or enjoy themselves. In the first quarter of 2021, vacation homes climbed 46% year-over-year, according to realtor.com®.“Given the pandemic, a second home offers a sense of security and personal space that a hotel or vacation rental may not,” Joe Robison, a data reporter at MoveBuddha.com, an online moving resource, told CN
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With moratoriums in place, foreclosures were nearly non-existent last year. Even as pandemic protections have lifted, a foreclosure wave—which was an industry concern—has not occurred.“The COVID-19 foreclosure tsunami that some people had anticipated is clearly not happening,” says Rick Sharga, executive vice president at RealtyTrac, an ATTOM company. “Government and mortgage industry efforts have prevented millions of unnecessary forec
Inflation continues to press on mortgage rates. The 30-year fixed-rate mortgage averaged 3.45% this week, up from last week’s 3.22% average, Freddie Mac reports.“Mortgage rates rose across all mortgage loan types, with the 30-year fixed-rate mortgage increasing by almost a quarter of a percent from last week,” says Sam Khater, Freddie Mac’s chief economist. “This was driven by the prospect of a faster than expected tightening of monetar
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