LoanSnap said it used its innovative AI technology, affectionately called Nell, to close the loan in the record-breaking amount of time.
“November’s housing starts report signals strength for the housing market.” — First American deputy chief economist Odeta Kushi
In unveiling its predictions, the National Association of Realtors also released its top 10 housing-market “hidden gems” for 2022.
“While 2021 single-family starts are expected to end the year 24% higher than the pre-Covid 2019 level, we expect higher interest rates in 2022 will put a damper on housing affordability.” — NAHB chief economist Robert Dietz
The decline in mortgage rates prompted an uptick in refinancing, with government refinances increasing more than 20% over the week, MBA associate vice president of economic and industry forecasting Joel Kan said in a press release.
The REACH program aims to identify and accelerate the most promising new technology companies in real estate and adjacent industries, including banking, insurance and home services.
“Despite higher mortgage rates, purchase applications had a strong week, mostly driven by a 6% increase in conventional loan applications.” — MBA associate vice president of economic and industry forecasting Joel Kan
“If I had to choose only one word to describe September 2021’s housing price data, the word would be ‘deceleration. Housing prices continued to show remarkable strength in September, though the pace of price increases declined slightly.” — S&P DJI managing director Craig Lazzara.
“Motivated by fast-rising rents and the anticipated increase in mortgage rates, consumers that are on strong financial footing are signing contracts to purchase a home sooner rather than later.” — NAR chief economist Lawrence Yun
The seasonally adjusted estimate of new houses for sale at the end of September was 389,000, representing a supply of 6.3 months at the current sales rate, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.