While the past year-and-a-half took its toll on the real estate market, the latest news offered a glimmer of hope as data saw existing home sales rise. Despite 2021’s massive surge in real estate sales, 2022 generated a lackluster environment. Although the most recent data reflected an increase in home sales, housing inventory still presents an ongoing challenge. That said, the market took a step in the right direction.

Beginning on April 15th, the new Fannie Mae property valuation initiative launched throughout the United States. Essentially, this revolutionary system encompasses technology, data, and analytics. As a result, it enhances the lending process for every stakeholder, including lenders, Realtors, title agencies, attorneys, homeowners, and homebuyers.

Overall, Fannie Mae’s goal is to improve the efficiency and accuracy of the mortgage loan process. Back on March 1st, 2023, Fannie Mae formally announced the changes via their Selling Guide Announcement. The newly introduced options provide a range of new ways to establish a property’s market value, with unique options available depending on the risk.

Over the last year, the real estate market fell into a bit of a slump, home builder confidence included. However, as we turn the corner to spring, confidence levels begin to climb once again.

Adjustable-rate mortgages (ARMs) are now making up 10% of mortgage, compared to 3% at the beginning of the year. This surge in popularity has many real estate experts and prospective homeowners wondering. What ARMs are, how they work, and what’s making them such a popular choice in 2023.

Overall, the December 2022 real estate scene leaves much to be desired as the year comes to a close. Despite dropping over the last few weeks, higher mortgage rates continue to heavily impact mortgage application volumes. Currently, mortgage application volumes remain near the lowest levels in 25 years. According to the latest data from the Mortgage Bankers Association (MBA), purchase applications plummeted 40% from last year at this time. Furthermore, refinance applications plunged a shocking 86% from one year ago. To date, the average loan size for homebuyer applications fell to $387,300, the lowest level since January 2021.

Despite a seemingly endless upward trajectory, recent data finally points to falling mortgage rates. Mortgage rates, on a consistent rise over the past year, fell to 6.61%. Thus, mortgage rates decreased nearly half a percentage point since last week.

Furthermore, 15-year mortgage rates dropped to 5.98%, nearly half a point drop but still way higher than the 2.39% of one year ago. These rate drops come at a tumultuous time as the Federal Reserve stated that rate increases will most likely be coming in the next few months. However, the most recent data offers a beacon of hope to potential homebuyers.

As mortgage rates to 20-year highs, home builder sentiment declined for the tenth month in a row. Similarly existing home sales fell for the eighth straight month. Further complicating the real estate market, housing inventory presents an ongoing barrier to prospective home sales activity. Despite the longstanding challenge, new construction remains slow.

Fluctuating mortgage rates have many people wondering if it’s still a good time to consider refinancing their mortgage. Rates are higher, but does that mean the window for refinancing is closed? How can you know a good refinancing opportunity when you see it?

Throughout September, the latest August home sales data reflected a strong sensitivity to mortgage rates. When rates experienced a short-lived dip in August, home sales reacted with a sudden jolt of activity. However, September 2022 closed out with mortgage rates hitting their highest levels since 2007. Thus, the real estate will be sure to compensate with the next round of real estate reporting.

Home buyer affordability—a measurement of the overall affordability of homes in certain areas compared to average income—is steadily improving in thirty-two states across the country. The median payment applied for by applicants decreased from $1,844 to $1,839, dropping for the third consecutive month. All of this is according to the Mortgage Bankers Association’s Purchase Applications Payment Index (PAPI).PAPI measures new monthly mortgage payments across time relative to income. Though these are modest improvements, any positives in such a volatile and unpredictable market are good signs for the future.

As mortgage rates continued to rise in August 2022, the Jackson Hole Economic Symposium took place. For the unacquainted, the Federal Reserve hosts this annual three-day conference, discussing the country’s economic challenges and overall direction.Unfortunately, this latest event came as the United States real estate market heads for a downturn. In the face of rising mortgage rates, limited housing inventory, and sluggish new construction, housing challenges persist.

On July 27th, 2022, Senate Majority Leader Chuck Schumer announced that the House reached an agreement pertaining to the Inflation Reduction Act of 2022. After months of contentious debates between Democrats and Republicans, the latest Act intends to lower inflationary pressures throughout the country. Furthermore, President Joe Biden signed the Act into law mid-August 2022. But how does this impact the United States economy?

Heading into the July 2022 real estate market, the United States continues to face timeless obstacles. As the latest inflation data shows year-over-year growth, the white-hot U.S. real estate market displays signs of stalling.

Despite 2021 reflecting a surge in home sales activity, sales of existing homes just achieved their fifth month in a row of declining statistics. As a matter of fact, sales of existing homes fell to their lowest point since June 2020.

In response to the work-from-home movement, remote notarization in Illinois came to fruition. Along with numerous other states, these notions sidestep the face-to-face commute for the closing process.

While initially inspired by the COVID-19 pandemic, remote notary laws stay in place. Now, they play a big role in the future of the title insurance industry and real estate as a whole.

With the June 2022 real estate market, housing affordability continued its affordability crisis for potential home buyers. However, New Home Sales offer a beacon of hope with a notable gain.

With the recent Fed testimony, Federal Reserve Chairman Jerome Powell assured lawmakers about their plans to bring down inflation. Not only does Fed Chair Jerome Powell seek to avoid a recession, he believes the Federal Reserve has the tools to do so.

May 2022 highlighted numerous real estate market challenges facing prospective home buyers. Now, the data directly supports the drop-off in activity.

As inflation soars and loan applications plummet, real estate analysts are starting to see evidence of a buyers’ market in 2022. For the past several years, many real estate analysts considered the housing market to be a ‘seller’s market’. In the real estate world, home prices rose, interest rates fell, and demand reached one of the highest points in decades. Now, though, that trend may be changing. As the United States housing market shows a slowdown in purchasing, the tide shifts towards buyers instead.

Throughout 2021, the United States real estate market experienced a massive resurgence, however, total mortgage originations are now plummeting this year.

After last year’s record-setting real estate year, 2022 is displaying declining loan originations and refinancing activity. Since the start of the coronavirus pandemic, the housing market has taken center stage while home demand has skyrocketed. As the dust settles, the numbers now point in the opposite direction. As demand wanes, prices surge, and mortgage, refinancing, and loan applications begin to decline.