NAR: Financing and Appraisals Cause Transaction Delays
A lot of things can go wrong between contract and closing. NAR’s latest survey identifies financing (30%) first, but appraisals ties “Other” (21%) for third place.
NAR: Summit Economists Expect Good Things in 2021
More than 20 economic housing experts at NAR’s Real Estate Forecast Summit discussed a post-pandemic 2021 and, as a group, predicted the economy (GDP) will grow 3.5% (6.2% in 2022), home prices will climb 8% (5.5% in 2022) and mortgage rates will average 3% (3.25% in 2022).
Mortgage Rate Unchanged From Last Week’s Record Low
Last week, the average 30-year, fixed-rate mortgage hit its 14th record low this year, and it held onto that 2.71% rate. The 15-year loan was also unchanged at 2.26%.
Report: Gov’t Intervention Avoided a Housing Market Meltdown
If not for forbearance programs, the market could have seen as many foreclosures as it did during the Great Recession, according to Nationwide Housing’s latest report.
3 Top RE Economists Predict Slower 2021 Price Increases
Economists at a real estate editors forum Wed. agreed that prices would keep going up, but predictions varied from 3% (NAR) and 4.1% (CoreLogic) to 5.7% (realtor.com).
Mortgage Unchanged From Last Week’s Record Low
Last week, the average 30-year, fixed-rate mortgage hit its 14th record low this year, and it held onto that 2.71% rate. The 15-year loan was also unchanged at 2.26%.
Pet Breed Restrictions Don’t Apply to Emotional Support Animals
Governing docs for pets may ban pit bulls, but if a person has the needed documentation to show his pit bull is an emotional support animal, he can apply for a lease.
Still Using Form Simplicity’s Legacy Platform? It Ends Dec. 15
Florida Realtors’ transaction management program has offered 2 versions for more than a year. The legacy program ends Tuesday, but update training remains available.
3 Out of 5 Fla. Homes Under Contract in Less Than 30 Days
Florida Realtors economist: NAR research found that homes nationally went under contract in a median of 21 days, and 72% of homes were under contract within 30 days. Fla.’s numbers are similar – but there are notable differences if you drill down into the details.
RESPA Guidance for Your Holiday Gifts and Promotions
In some cases, generosity might not be a good idea – but in other cases, it’s fine. How can you thank important business friends during this holiday season?