Mortgage Industry News
Cash still king as nearly a third of homebuyers spurn costly mortgages
Source: Inman --- All-cash home purchases in the U.S. hit 31.4 percent of all transactions in July 2022, just short of an eight-year high reached in February 2022, according to new data released Friday by Redfin.
Mortgages: Why Now is a Good Time to Buy a Home
Source: Fox17 --- If you’re in the market to find a new house, higher interest rates and prices may have you concerned. MSUFCU Chief Marketing Officer, Deidre Davis, talks about why it’s still a great time to buy a home and how you can prepare. According to MSUFCU,...
What happened when the SBA ran out of small-business real estate loan money
Source: North Bay Business Journal --- For the first time in its history, the U.S. Small Business Administration ran out of money to lend for real estate and equipment acquisitions. The funds in the 504 program were exhausted as of Sept. 7 for the 2020–2021 fiscal...
Zillow takes a break from flipping houses
Source: LA Times --- Zillow Group Inc. is taking a break from buying U.S. homes after the online real estate giant’s pivot into tech-powered house flipping hit a snag. Zillow, which acquired more than 3,800 homes in the second quarter, will stop pursuing new home...
Reverse Mortgage Refinances Remain Near 50% of Volume in August
Source: Reverse Mortgage Daily --- Home Equity Conversion Mortgage (HECM)-to-HECM refinances remained at nearly 50% of total reverse mortgage industry endorsement volume in September 2021, according to the newest HECM Endorsement Analytics report published late last...
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