AFTER A RECORD RUN, THE HOUSING MARKET FINALLY SHOWS SIGNS OF COOLING |
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This article originally appeared on Bankrate.com, written by Jeff Ostrowski
For two years, the number of homebuyers has far outstripped the number of sellers. As a result of that mismatch between supply and demand, bidding wars erupted, home prices soared to record levels and affordability got squeezed. Now, though, the housing market is finally showing signs of slowing. Home price appreciation, while still in double digits, is cooling. And the supply of homes for sale is rising as a spike in mortgage rates creates a drag on sales activity.
"Consumer concerns about rising rates, inflation and a potential recession are manifesting in softening demand" - Sam Khater, Chief Economist at Freddie Mac
Todd Sachs, a broker at Sachs Realty in Cockeysville, Maryland, sees the hallmarks of a slowdown in his market north of Baltimore. Buyers are no longer waiving inspections, and sellers can no longer expect their properties to fetch thousands more than the asking price.
“Things are still selling, but nowhere near as fast,” Sachs says. “It’s kind of getting back to a traditional real estate market.”
The story is similar in Austin, Texas, where a super-hot market has cooled in the past few months. “We just have a ton of inventory, and that collided with much less demand because of rising interest rates,” says Lilly Rockwell, an agent at Compass. “It’s taking weeks, if not months, to sell.”
Even though the once-torrid market is slowing, it’s hardly a crash. After two record-breaking years, the housing market remains a difficult one for buyers.
“It’s going to be a while before we get to a normal seller’s market, let alone a balanced market,” says Greg Phillips, chief technology officer at real estate brokerage Houwzer.
Record home prices, but slowing appreciation
The National Association of Realtors says home sales fell in June 2022, the fifth consecutive month of declining sales volumes. And while the national median home price in June hit $416,000 — yet another record — the pace of annual appreciation decelerated to 13 percent.
“With each passing month, it appears that price appreciation is less strong,” says NAR chief economist Lawrence Yun.
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TAKE ADVANTAGE OF OUR EXCLUSIVE DISCOUNT AND SAVINGS PROGRAM - JUST FOR YOU!!
EC Purchasing was created to leverage Fidelity National Financial's size and number of employees, to realize substantial savings on many of the products and services that we use most. This program is made available to all of FNF's 40,000+ employees and those in the legal, financial and insurance industries.
There's no subscription fee, and no obligation to it's members. If you are working with Chicago Title and not taking advantage of EC Purchasing, you are missing out! With rising inflation, uncertainty in the markets and high prices, why not check it out?
Planning a trip and need to rent a car? Would up to 50% off your hotel and/or car rental sound good?
How about getting up to 19% off your monthly cell phone invoice, just by connecting your existing account to EC Purchasing?
Does your office buy office supplies or have to ship documents often, and notice that the costs have suddenly gone up? Why not check out EC Purchasing and see if there is a potential savings? Some offices see up to 50% off.
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HEADING TO THE CLERK'S OFFICE?
HERE ARE SOME THINGS TO REMEMBER...
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The Buffalo office of Chicago Title can no longer staff our cubicles at Erie County Hall on a full-time basis. You may see an employee there from time to time, so please stop over to say hi! However, due to the reduction in hours among other constraints, our Search team is primarily based at our main office in the Liberty Building. Here are a few things to remember when visiting us at the Hall:
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If you need a rundown for a Closing, it is best to send an email either the day before closing, or first thing the morning of the closing. You may contact Jessica Pagano at jessica.pagano@ctt.com or Grace Loucks at loucksg@ctt.com
- It is preferred that you do not leave documents or checks on the desk at the Chicago Title cubicles, especially if no employees are there, but if you must, please enclose these documents in a secured envelope with your name and contact information, along with the date/time left and instructions for us.
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Recordings. Our team can no longer record documents in person for our clients. Rather, you may request an e-recording of your documents. We do charge a fee for this service, and also require the original documents. If you would like more information on e-recording, please contact Jeff Leichtnam at jeffrey.leichtnam@ctt.com
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HAVE A REQUEST FOR A NON-IMPUTATION ENDORSEMENT?
Earlier this month, we sent an Underwriting Bulletin with information on changes for the Non-Imputation Endorsement. In case you missed it, we are posting it again here:
Sent on behalf of Lisa Meyers, District Counsel:
Due to extra hazardous risks related to non-imputation coverage, the Company has established the following procedures and requirements. Written approval must be obtained from our office prior to including/issuing a Non-Imputation Endorsement on an Owner’s Policy. Request for authority to issue can be made by completing the attached Request for Authority form and sending said form to our office. Please note this form has been revised and the attached 2022 version should be used for all future requests for authority to issue, regardless if non-imputation coverage is not being provided. The use of the attached Non Imputation Affidavit is still required and the completed affidavit should be sent with the Request for Authority to Issue form. Written evidence of the approval should be retained in your file and available for audit.
If non-imputation coverage is requested, and the proposed policy amount is $50,000,000 or more, please allow for additional time for this office to obtain authority from our Regional Counsel office.
Also attached are materials to assist your office with the evaluation of the non-imputation risk.
If you have any questions, please contact District Counsel, Lisa Meyers at meyersl@ctt.com or 716.200.5876
Thank you,
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All out-going wires sent from the Company's escrow trust accounts must be approved by two authorized bank signers before they are sent to the Operational Accounting Center (OAC). The OAC requires two more approvers to review the wire for accuracy against the source document before sending it out.
Here is how the process works: The person sending a payoff wire verbally verifies the wire instructions at a known, trusted phone number and documents when and who they spoke to so anyone looking at the file knows the wire was verified. If the wire instructions appear on the repetitive wire list documentation is noted.
Next, the demand is read thoroughly to ensure the full amount necessary to pay the loan is being sent. Then they ensure the file is fully funded and will not be overdrawn by the disbursement. Finally, the wire up is set-up in the system. Once the wire has been set up a second bank signer is required to verify all the same items and confirm the information entered is correct. They must ensure the routing number and account number are correct. They must make certain the correct loan number and borrower name is referenced before approving the wire to be released to the OAC.
The payoff demand must be uploaded to Smartview (Fidelity's internal archive database). Once the approved out-going wire request is received by the OAC, they too will verify the wire instructions against the repetitive wire list. If it does not appear on the repetitive wire list, they look for evidence the wire instructions were verified. Next...
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Check out our August issue coming soon! |
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