Due to home prices declining since the record highs seen in June this year, homeowner equity has been decreasing at a rapid pace. According to a new report from Black Knight, “$1.3T (-7.6%) in recently added equity vanished from the market in the third quarter, the largest quarterly dollar decline on record, and the largest on a percentage basis since 2009.” This could also look worse in the months to come given the fact that average mortgage rates have been above 7% since early-October.
In today’s video, I also share a new report from the Mortgage Bankers’ Association which showed that demand for loans to buy houses hasn’t been this low since early 2015.
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Compilation of Housing Market Forecast videos:
https://youtube.com/playlist?list=PLiQQpOejscIcBF1Jw2zG6Uvg7qDav_oGi
Report I cited regarding mortgage applications:
https://www.mba.org/news-and-research/newsroom/news/2022/11/09/mortgage-applications-decrease-in-latest-mba-weekly-survey
Black Knight report:
https://www.blackknightinc.com/black-knights-september-2022-mortgage-monitor/?&
To give you a quick mortgage interest rates update, according to the Mortgage News Daily the average 30yr fixed rate mortgage is around 7.2% for the current mortgage rates (at the time of filming this video for those with exceptional credit).
Comment below: what’s your housing market forecast? Do you think a housing crash will happen or are your housing market predictions that the real estate market and home prices will continue to surge?
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Jason Walter, CPA (lic 103885)
Sacramento real estate agent and native
Realty ONE Group Complete (DRE 01923240)
jason@meetjasonwalter.com
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Disclaimer:
Jason Walter is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only.
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#homeprices #mortgage #interestRates
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