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U.S. Pending Home Sales Decline
/in National, SE Michigan /by Tracy WillisLimited home inventory is restricting the real estate market, causing U.S. pending home sales to fall 4.1 percent in February for a fourth straight month. With a limited number of properties for sale, home price tags remain elevated. When combined with 30-year fixed mortgage rates at a three-year high, homes are less affordable. The increase in home prices and rising mortgage rates can add up to another $200 to $300 in mortgage payments per month. According to the NAR, these factors have pushed up mortgage payments by 28 percent from February of last year.
Mortgage Companies Expecting Leaner Year in 2022
/in National, SE Michigan /by Tracy WillisThe year 2022 promises to be a leaner year from mortgage companies. The mortgage industry rebounded in 2020 and 2021, propelled by rock-bottom interest rates and consumer demand. In 2022, things are changing. Mortgage rates increased to a level not seen since December 2018. The average 30-year-loan increased from 4.42 percent last week to 4.67 percent on Thursday. Rates have increased more than a percentage point and a half since the new year. Fewer consumers in the refinance pool and the limited housing inventory are contributing to the rate increase.
Michigan’s Foreclosure Numbers Highest in the Country
/in Detroit, National, Northern Michigan, SE Michigan, Western Michigan /by Tracy WillisMichigan has the highest number of foreclosures than anywhere in the country, according RealtyTrac. However, experts say this isn’t a sign of a worsening housing market. Michigan’s 2022 January figures represent a 622 percent increase over the totals in January 2021. The big leaps are due to the ending of moratoriums that kept foreclosures from moving forward. Wayne County had the bulk of foreclosure activity, and most of those were old foreclosures that were in the process a long time. According to the vice president of RealtyTrac, Michigan’s backlog is moving faster than in other states. He expects that it could take several months before the backlog is cleared out, but that the figures are not a cause for concern.