Windows to Homeownership Newsletter- October Edition

October 2021

Single Family Programs Newsletter

WHAT'S INSIDE THIS MONTH

Single Family Lender Survey

Helpful Underwriting Tips

Lender Training Options

Tennessee Housing Trends

REALTOR® Training Options

Lender Rankings

SINGLE FAMILY LENDER SURVEY

Single Family Loan Operations wants to hear from you!

Click the link below to let us know how we are doing.

This is an anonymous survey.

TAKE THE SURVEY

HELPFUL UNDERWRITING TIPS

When completing the Underwriting Submission Checklist, please make sure to use the correct contact information for those that are working with the file (e.g. Processor and Loan Officer). This is who should be contacted with any questions about the file.

When submitting a file to THDA for approval, the file must be completely approved by your underwriter. All submissions of files should be uploaded in the stacking order shown on both the Underwriting Submission and Closing checklists to prevent any delays. The color version of the Appraisal should be in a separate upload.

NEW DPA SALES TRAINING

Click Here to Register

ATTENTION LOAN ORIGINATION STAFF

BI-MONTHLY LENDER Q & A

WITH SARAH & TIKISHA

An informal conversation with THDA's Loan Operations Team, where questions are answered and dialogue is encouraged!

FEATURED TOPIC: Great Choice vs. GC97

Wednesday, 11/10/21, 1:00-2:00pm Central Time

Click Here to Join

Send questions you would like addressed on the call to: sfask@thda.org.

TENNESSEE HOUSING TRENDS

As part of my role as one of THDA’s Real Estate Industry Advisors, I try to keep up with state housing sales data in some of our biggest markets. The national, state, and local Realtor associations do an incredible job of pulling together this information and making it available to their members and the public at large. I thought it might be beneficial to our industry partners to have some of this data consolidated in one place. I’ve included the credits for this information below; please check in with these organizations to learn more about housing sales in their markets. - Josh McKinney, Real Estate Industry Account Advisor

Housing Sales Data as of September 30, 2021:

National Housing Trends: The NAR Housing Affordability Index “measures whether or not a typical family earns enough income to qualify for a mortgage loan on a typical home at the national and regional levels based on the most recent price and income data.” Learn more about the index here.

NAR Housing Affordability Index updated for September.
Existing home sales receded by 2% from July to August, and by 1.5% Y/Y (Year Over Year) as prices rose nationwide.
Total Housing Inventory was down 1.5% from July and 13.4% Y/Y.

Credit to the National Association of Realtors

Chattanooga:

August:
Listings: 1,257 (down 32.1% YTD or Year to Date)
Days on Market: 17 (down 59.5% YTD)
Median Sales Price: $270,000 (up 9.2% YTD)
Closed Sales: 1,165 (up 8% YTD)

Credit to Greater Chattanooga Realtors

Knoxville:

August:
Seasonally adjusted home sales declined .03% but remained up 4.5% Y/Y
Knoxville ranked 12^th among the top 20 U.S. metro areas for short-term and long-term opportunities for homebuilders at the local level.
Total housing inventory is down nearly 17% Y/Y
Half of the homes sold in August were under contract in three days or fewer
44% of homes sold for over asking price with 23% selling for at least $10,000 over asking and 8% selling for at least $25,000 over asking
September:
Median Sales Price: $280,000 (2020: $234,900)
Sold Listings: 1,446 (2020: 1,446)
New Listings: 1,853 (2020: 1,853)