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Weekly Housing Headlines

January 27, 2025

Mortgage applications showed a slight increase this week; applications for newly built homes increase 9%; pending homes sales fell 4.5%, the largest decline since October 2022; the national delinquency rate was at 3.72% in December; and there was a pick up in new listings with homes spending less time on the market, suggesting that buyers and sellers are both more eager to enter the market.

Mortgage Applications Increase in Latest MBA Weekly Survey
Mortgage Bankers Association - 1/22/2025

Mortgage applications increased 0.1 percent from one week earlier, according to data from the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ending January 17, 2025.

December New Home Purchase Mortgage Applications Increased 8.9 Percent
Mortgage Bankers Association - 1/17/2025
Applications for newly built homes increased 9 percent compared to a year ago in December, while the FHA share of applications reached its second highest level in the survey’s history at 29 percent.

Pending Home Sales Fell the Most Since 2022 in December as Mortgage Rates Jumped
Redfin - 1/17/2025
Pending home sales fell 4.5% month over month in December on a seasonally adjusted basis — the largest decline since October 2022 — and dropped 2.3% year over year, according to a report from Redfin.

Weekly Housing Trends View — Data for Week Ending January 18, 2025
Realtor.com - 1/23/2025
A pick up in new listings and shrinking time-on-market growth suggest that buyers and sellers are eager to get into the market this year.

Mortgage delinquencies are near a three-year high
Scotsman Guide - 1/23/2025
The national delinquency rate was at 3.72% in December, up 15 basis points compared to December 2023, ICE reported. The delinquency rate declined 2 basis points from November, however.

Redfin Reports Home Prices Are Rising in Every Major Metro for the First Time Since 2022
Redfin - 1/21/2025
In Cleveland, prices jumped 15% year over year in December — the biggest increase among the 50 most populous metros. Next came Milwaukee and Philadelphia. Florida is home to the three metros where prices rose the least.

Share of Mortgage Loans in Forbearance Decreases Slightly to 0.47% in December
Mortgage Bankers Association - 1/21/2025
The total number of loans now in forbearance decreased by 3 basis points from 0.50% of servicers’ portfolio volume in the prior month to 0.47% as of December 31, 2024.

North America construction costs hit new high
Mortgage Professional America - 1/21/2025
The fourth quarter of 2024 recorded continued growth in construction costs across North America, with significant trends in material pricing, project spending and sector performance.

New Construction Activity Slides in December
Realtor.com - 1/17/2025
New residential construction activity slowed month over month in December, with permits falling by 0.7% from November and housing completions falling by 4.8%. Housing starts, meanwhile, picked up 15.8% month over month.

Spiking Escrows Shock Unsuspecting Borrowers
National Mortgage Professional - 1/22/2025
According to Intercontinental Exchange, Inc., nearly a third of the typical payment on a single-family home is now made up of taxes and insurance. And many owners have seen their property taxes increase, some by double digits.

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