Sign Michigan Banking Forbearance Agreement Now

Industry sign banking michigan forbearance agreement now

hey welcome back it's jason walter here a new housing report was just released a few days ago and overall this is bad news for home buyers but great news for homeowners looking to sell so in today's housing market update i'm gonna be sharing all the details with you also stick to the end of this video because i'm showing how each region in the us fared because there's some very big differences there i'm also going to be sharing a mortgage update with you because rates have increased lately and before that please hit the like button i greatly appreciate that and also consider subscribing if you haven't done so already because i post videos about how this pandemic is affecting our real estate market and i really enjoy making these videos for you even though youtube is definitely not my full-time job also don't forget to get your free stocks compliments of weeble when you click on the link in the description below and deposit 100 on their platform one of those stocks could be valued up to sixteen hundred dollars and that promotion's running for a limited time okay let's go ahead and dive into the video so it was just announced a few days ago that existing home sales in the u.s increased for the second consecutive month home sales increased only 0.6 percent from the previous month but surged a whopping 23.7 percent from one year ago so take a look at this graphic here which shows us home sales for seasonally adjusted rates sales fell off a cliff from march to may last year when this pandemic hit however they have shot through the roof from may through october of last year home sales by price range in the us also varied quite a bit so take a look at this graphic here these are percent changes by price range compared to one year ago so what do you see here well here's what i see home prices under 250 000 especially under 100 000 have absolutely plunged i'm guessing the main cause for this is due to home prices on average increasing to levels above 250 000 but take a look at houses over 750 000 there's been a 66 percent increase in homes sold in the 750 to 1 million dollar range and almost a 77 increase of homes over 1 million dollars this goes to show that more or less we've had a k-shaped recovery because some americans have been more adversely affected by this pandemic than others one of the things i found very interesting in this report from the national association of realtors is that when you look at each major region in the u.s home sales vary greatly on a month-to-month basis however when you look on a year-over-year basis home sales across all major regions have absolutely skyrocketed i'll share details regarding this here in just a little bit but home sales in the u.s would have been greater in january if we had more houses available for sale so total housing inventory was actually down 25.7 from one year ago and this marks 20 straight months of year over year declines so take a look at this so in january 2020 there was 1.4 million homes available for sale in the us compare that to last month in january 2021 there was only 1.04 million so about 400 000 less houses available for sale the lack of houses for sale is causing bidding wars in many parts of the country as many of you have commented on my youtube channels right this is causing homes to sell very quickly so homes were listed for sale for only 21 days in january on average before the home seller accepted an offer from a home buyer that's more than twice as fast as a year ago when it took 43 days to sell a house so 71 of the homes sold in january 2021 were on the market for less than a month okay let's talk about home prices so the median price of an existing home meaning not a brand new house increased 14.1 percent to nine 303 dollars that's up from january 2020 when the median price was only two hundred and sixty six thousand three hundred dollars and because i'm super nerdy and spend way too much time researching home stats for you uh january's median home price of three hundred and three thousand nine hundred dollars that was set last month is about nine thousand dollars less than the record that was set in october 2020 when the median home price in the u.s was 313 000 and if you watched my video from a couple days ago i gave you a california housing market update for january 2021 and i reported there that the median home price in california was seven hundred thousand dollars so that's currently two times the national average we definitely pay to live in california but it's hard to beat the beauty of this state going back to this report from the national association of realtors here's something i found very interesting because i'm seeing a lot of misinformation out there in the youtube world because some people are reporting that first-time home buyers are getting absolutely hammered right now they're not buying houses but based on the data that we have that's not really true so let's talk about that according to the national association of realtors first-time homebuyer activity is more or less the same as it was one year ago so first-time home buyers were responsible for 33 of the sales in january 2021 and that's about equal to january 2020 when that figure was 32 okay let's hit the pause button here real quick so as you guys know i report real estate market updates almost on a daily basis but i don't report real estate market news based on what i feel is happening in our market right instead i'm almost always going to report what's going on in real estate market straight from the source whenever possible and maybe that's a cpa in me but just my intent on this channel to give you the most accurate information available in a timely manner so you can be more informed about what's happening in a real estate market today in any case going back to this report individual investors or second home buyers purchase 15 percent of the homes in january and that was relatively unchanged from the previous year same goes for all cash sales which account for only about 19 of all sales and of course i don't even know if it's worth mentioning here but distress sales which is refined by short sales and foreclosures were basically non-existent representing less than one percent of all sales in january of course no big surprises there because we've had these foreclosure moratoriums for months now and actually made a video about that if you haven't seen it i'll leave a link up here and also in the description below for that video okay as promised let's have a look at home sales and home prices in each of the four major regions in the u.s because there's some very big differences here compared to december 2020 home sales in january 2021 fell in the northeast by 2.2 percent increased 1.9 percent in the midwest and 3.2 percent in the south however they fell in the west by 4.4 percent however when you compare home sales to a year ago they increased in all four regions by more than 20 percent the median price increased on a year-over-year basis by more than 14 in all major regions across the u.s okay changing gears slightly let me give you a mortgage update so according to the mortgage bankers association or the mba mortgage applications for brand new houses increased 18.9 percent compared to one year ago many of you have been asking me what type of loans are home buyers using right now in order to buy houses right so according to the mba by product loan type for new home purchases conventional loans made up of 72 percent of all loan applications fha around 16 percent usda loans compose only 0.9 and va loans compose only 10.3 percent overall mortgage applications in the us decreased 5.1 from a week ago but the unadjusted purchase index was 15 higher than the same week one year ago part of this weekly decrease is probably due to the rise of interest rates lately joel kahn who is the associate vice president of the nba stated the following he said expectations of faster economic growth and inflation continued to push treasury yields and mortgage rates higher that's something that i alluded to in my last video here right so since hitting a survey low in december the 30-year fixed rate has slowly risen and last week climbed to its highest level since november 2020 so right now the average 30-year fixed-rate mortgage is currently set at 2.98 percent however that's not far off the record low of around 2.7 percent don't forget to get your two free stocks compliments of weeble link below for that and also hit the like button if you enjoyed watching this video and also consider subscribing if you haven't done so already you also can follow me on instagram i'm sacramento realtor hope you have an awesome day and look forward to seeing you on the next video you