Emran Hossain - Realtor - TownSquare Realtors

11/30/2022

HOUSING MARKET BRACES FOR RISING LAYOFFS ‘SOON’ AS MORTGAGE LENDERS, HOME SELLERS CUT THOUSANDS OF JOBS

Though the labor market’s overall resilience continues to puzzle experts, the plight of rising interest rates, which are spurring a historic plunge in home sales, could soon lead to a rash of harsher job cuts across the housing sector—which, alongside the technology industry, has already seen firms lay off thousands of workers in recent months.
https://wrenews.com/housing-market-braces-for-rising-layoffs-soon-as-mortgage-lenders-home-sellers-cut-thousands-of-jobs/

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Though the labor market's overall resilience continues to puzzle experts, the plight of rising interest rates, which are spurring a historic plunge in home sales, could soon lead to a rash of harsher job cuts across the housing sector—which, alongside the technology industry, has already seen firm...

11/29/2022

MORE OLDER AMERICANS BECOME HOMELESS AS INFLATION RISES AND HOUSING COSTS SPIKE

COLUMBIA FALLS, Mont. — On a recent rainy afternoon in this small town just outside Glacier National Park, Lisa Beaty and Kim Hilton were preparing to sell most of their belongings before moving out of their three-bedroom, two-bathroom rental home.

Hilton, who was recovering from a broken leg, watched from his recliner as friends and family sorted through old hunting gear, jewelry, furniture, and clothes. “The only thing that’s not for sale is the house — everything else has to go,” Hilton, 68, said as he checked his blood sugar.

Hilton has Type 2 diabetes, heart disease, and other health issues that have left him disabled and unable to work for years. He’s covered by Medicare but his only income is federal disability benefits. Because of a shoulder injury and fibromyalgia, 64-year-old Beaty — Hilton’s partner of seven years — also relies on disability benefits. Combined, their income is roughly $1,500 a month.
https://wrenews.com/more-older-americans-become-homeless-as-inflation-rises-and-housing-costs-spike/
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https://wrenews.com/more-older-americans-become-homeless-as-inflation-rises-and-housing-costs-spike/

11/28/2022

THE HOUSING MARKET IS WORSE THAN YOU THINK
Buyers, sellers and renters are in for more twists and turns, as soaring mortgage rates and stubborn inflation signal belt tightening ahead.

Everyone is feeling the squeeze.

“Mortgage rates are sky high, prices are sky high, and there’s no inventory,” said Mark Zandi, the chief economist at Moody’s Analytics. “This may be the worst time in my living history for the home buyer — it just doesn’t make sense.”
https://wrenews.com/the-housing-market-is-worse-than-you-think/
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https://wrenews.com/the-housing-market-is-worse-than-you-think/

11/27/2022

4 WAYS RENT-TO-OWN CAN HELP YOU BUY A HOUSE
Although home prices in some regions of the country have softened, the median price of a single-family home still rings in at just under $385,000. With mortgage rates hovering around 7%, the monthly payment alone pushes many would-be home buyers out of the market. For those buyers, an alternative like rent-to-own may be worth a look. Here, we outline how rent-to-own works, how it can help buyers get into a home now, and a few red flags to be aware of.
https://wrenews.com/4-ways-rent-to-own-can-help-you-buy-a-house/
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Although home prices in some regions of the country have softened, the median price of a single-family home still rings in at just under $385,000.

11/26/2022

LOOKING FOR AN OWNER-FINANCED HOME? 5 THINGS TO AVOID
There are at least two good reasons a potential home buyer may turn to owner financing. Perhaps their credit score is not high enough to qualify for a traditional mortgage, or they’re hoping to buy time to save for a larger down payment but want to purchase a house now. As attractive as owner financing may be, it’s not without its problems. Here, we explain how owner financing works, what to look for, and what to avoid.
https://wrenews.com/looking-for-an-owner-financed-home-5-things-to-avoid/
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There are at least two good reasons a potential home buyer may turn to owner financing.

11/25/2022

HERE’S WHY IT MAY TAKE A WHILE FOR HOUSING INFLATION TO COOL OFF

There are signs inflation may fall further in coming months, but housing threatens to mute any improvement.

The consumer price index, a key barometer of inflation, rose 7.7% in October from a year ago. While still quite high by historical standards, that annual reading was the smallest since January.
https://wrenews.com/heres-why-it-may-take-a-while-for-housing-inflation-to-cool-off/
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There are signs inflation may fall further in coming months, but housing threatens to mute any improvement.

11/24/2022

Happy Thanksgiving!

11/24/2022

‘NO ONE WANTS TO CATCH A FALLING KNIFE’: WHAT TO EXPECT IN THE HOUSING MARKET FOR THE REST OF 2022

“No one wants to catch a falling knife,” says economist Yelena Maleyev of KPMG US. “No one wants to buy in a market when prices are falling. You want to wait it out.”
https://wrenews.com/no-one-wants-to-catch-a-falling-knife-what-to-expect-in-the-housing-market-for-the-rest-of-2022/
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What a difference just a few months can make.

11/23/2022

MORTGAGE LENDERS EXPECT THE HOUSING MARKET TO WORSEN IN 2023

The MBA forecasts mortgage origination volume to decline from the expected $2.26 trillion in 2022 to $2.05 trillion in 2023. This includes a reduction of:

3% in purchase originations; and
24% in refinances.
https://wrenews.com/mortgage-lenders-expect-the-housing-market-to-worsen-in-2023/
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Following record lender profits in 2021, 2022 has mortgage lenders packing their bags and heading for the exits.

11/22/2022

‘ZOMBIE DEBT’: HOMEOWNERS FACE FORECLOSURE ON OLD MORTGAGES

“I was shocked,” said Prophete, who refinanced her two-family home in 2006, six years after arriving from Haiti. “I don’t even know these people because they never contacted me. They never called me.”

https://wrenews.com/zombie-debt-homeowners-face-foreclosure-on-old-mortgages/

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Rose Prophete thought the second mortgage loan on her Brooklyn home was resolved about a decade ago — until she received paperwork claiming she owed more than $130,000.

11/21/2022

EVIDENCE BUILDS FOR PAINFUL HOUSING RECESSION

Housing market sentiment is at lows we haven’t seen since the 1980s. Inventory metrics are moving in the wrong direction, and mortgage rates have risen back to levels from before the financial crisis. How bad will the housing market get?
https://wrenews.com/evidence-builds-for-painful-housing-recession/
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Housing market sentiment is at lows we haven’t seen since the 1980s.

11/21/2022

Happy World Children's Day!