10/03/2024
🏡 10 Things to Know About the Mortgage & Housing Market – September 2024 (via CoreLogic)
1. Homeowners now have nearly $129K more in equity since the pandemic started! 💸
2. The average homeowner’s equity is about $315K, providing a buffer against rising costs. 🏠
3. The Northeast led the nation in home equity gains, with Maine at the top. 🌲
4. Lower mortgage rates are boosting homebuying demand. 📉
5. Only 1.7% of borrowers are in negative equity—a big improvement! 👍
6. Mortgage delinquencies dropped to 2.8% in July. 🔑
7. Non-QM loans are on the rise, representing about 5% of the market. 📊
8. Home equity loans hit the highest level since 2008, with $23.6B in new loans. 🏦
9. Active home listings grew 14% year-over-year in August. 🏡
10. Lower mortgage rates are fueling refinance activity among loans with rates higher than the prevailing rate! 📉
👉 Want to discuss what these trends mean for your next move or refinance? Let’s chat and find your "strike rate"!