- Housing News
- November 23, 2020
Existing Home Sales Keep Climbing and There's No Slowdown in Sight
Existing home sales rose for the fifth consecutive month in October, reflecting the pandemic's impact on where people choose to live.
Ben is the Managing Editor for New American Funding. In this role, Ben helps with content creation, news coverage, and serving our audience of borrowers, real estate agents, loan originators, and other housing professionals. Prior to joining New American Funding, Ben worked at HousingWire, a top housing media outlet. Ben joined HousingWire in 2014 as a reporter and was later promoted to Senior Financial Reporter, Editor, and eventually to Managing Editor. During his time at HousingWire, Ben helped elevate HousingWire to national acclaim and record traffic growth. He was also honored with multiple awards for his work, including an Eddie Award from Folio Magazine and a Gold Award for Best Trade Magazine Story from the National Association of Real Estate Editors.
Existing home sales rose for the fifth consecutive month in October, reflecting the pandemic's impact on where people choose to live.
Record low mortgage rates, Millennial homebuyers, and pandemic shifts have made homebuilders more confident than ever.
Borrowers who want to buy a home in a federally designated flood hazard area using a Federal Housing Administration mortgage are required to secure flood insurance, but for many years, the only way to get that insurance was through the National Flood Insurance Program. But that might not be the case for much longer.
If you've seen house prices rising in your area, you're not alone. House prices are rising in every single major housing market in the U.S.
With the COVID-19 pandemic stretching into its ninth month, people across the country are embracing the new normal of working from home and turning vacation homes into their permanent residences. That's turning some of the most traditionally popular vacation home destinations into the hottest housing markets in the country.
PMI is typically paid out as a monthly premium that is added to any part of your mortgage payment.
In the early stages of the pandemic, when job losses were skyrocketing across the country, millions of homeowners asked for forbearance on their mortgages, which they were allowed to do under the CARES Act. But now, even as COVID-19 cases are on the rise, the number of borrowers in forbearance is steadily declining.
While much of the economy suffered in the wake of the pandemic, historically low interest rates are continuing to drive both home purchases and refinances. In fact, new data suggests that the mortgage business is going to have the best year it’s ever had.
In most years, home sales begin to slow as it gets closer to the end of the year, but that doesn’t seem to be the case this year. New data from Realtor.com shows that homes actually sold faster in October than they did in September; the first time that’s happened since 2011.
To put it simply, underwriting is a process where a mortgage company examines your credit profile and determines whether you qualify for a mortgage loan.
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