Freddie Mac is predicting this year’s home sales to come in just below last year’s level.
In the September edition of its monthly forecast, Freddie Mac is stating that total home sales—covering both new and existing properties—will decrease by 0.9 percent from 6.12 million in 2017 to 6.07 million this year, while single-family first-lien mortgage originations will drop by roughly 9 percent this year to $1.65 trillion and home price growth will moderate to 5.5 percent. Freddie Mac added that the housing market has become stagnant despite a robust economy and vibrant job market.
“The spring and summer home buying and selling season ultimately ended up being a letdown, despite a faster growing economy and healthy demand for buying a home,” said Freddie Mac Chief Economist Sam Khater. “Unfortunately, too many would-be buyers continue to be tripped up by not enough affordable supply and the one-two punch of much higher home prices and mortgage rates. Prospective buyers are being squeezed the most where demand is the strongest: the entry-level portion of the market. While price appreciation is welcomingly starting to ease in many markets, weakening affordability continues to hamper overall activity.”
Location will be headed by branch manager Jesse Seidel.
Geneva Financial, a direct mortgage lender, has announced the opening of a new branch in Greenwood Village, Colo., led by branch manager Jesse Seidel.
Seidel and his new branch serve homebuyers throughout the state and over 15 other states ac...
Rick Hogle will manage overall performance of retail operations.
Cherry Creek Mortgage, a nationwide, full-service mortgage lender, announced Rick Hogle has joined the company as chief revenue officer, where he will manage the overall performance of Cherry Creek’s retail operations.
In his new role, Hogle will oversee the growth and deve...
The legal battle between REX Home Loans (Real Estate Exchange, Inc.) and NAR continues to heat up, even though REX is reported to have shut down operations.
Sustainable Communities Innovation Challenge seeks ideas to advance racial equity in housing, focusing on addressing supply, funding and credit barriers.