Mortgage delinquency rates hit lowest level
The overall mortgage delinquency rate for loans past due by at least 30 days fell to 4% — the lowest level since the onset of the pandemic. According to CoreLogic, all states posted annual decreases in their overall delinquency rates led by Idaho with a labor market that has recovered all of the jobs lost in March.
Profit margins on home and condo sales highest in a decade
The typical home sale across the country during the 3Q 2021 posted a record-breaking 47.6% profit margin on median-priced single-family home and condo sales across the United States — the highest since the Great Recession, according to ATTOM U.S. Home Sales Report.
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Investors vs. first-time buyers
Realtor.com noted that investors made up 5.5% of all home purchases in the first 7 months of 2021, with the highest share of purchased homes in Memphis, Birmingham, St. Louis, Charlotte and Jacksonville. These investors are ready to pay in cash compared to first-time buyers who depend on a mortgage, which puts them at a disadvantage when competing for affordable homes.
Housing market may see a boost as travel bans end
There’s an expected resurgence of home buying from foreigners as travel bans will soon be lifted in about 33 countries for vaccinated visitors. Buyers from Europe, China, Brazil, and India will be reviving the property markets in New York, Miami, Los Angeles for the first time in 20 months.
US cities with the highest homebuyer down payments
The Villages, FL tops the list of metros with the highest average down payment at 27.1% and a median home list price of $366,950. Other cities that made the list include Santa Cruz, CA; Coeur d’Alene, ID; Prescott, AZ; and Kahului, HI.
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