Research

Veros Real Estate Solutions (Veros) released its 2023 Q3 VeroFORECAST that anticipates that home prices are expected to increase on average 2.2% over the next 12 months, compared to last quarter’s forecast of 1.7% increase, indicative of a steady market.

The Market Composite Index, a measure of mortgage loan application volume, decreased 6.0 percent on a seasonally adjusted basis from one week earlier.

Homebuyer affordability declined in August with the national median payment applied for by purchase applicants increasing to $2,170 from 2,162 in July. This is according to the Mortgage Bankers Association’s (MBA) Purchase Applications Payment Index (PAPI), which measures how new monthly mortgage payments vary across time – relative to income – using data from MBA’s Weekly Applications Survey (WAS). 

CoreLogic, a global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for July 2023. Here’s what the report concluded:

The Consumer Financial Protection Bureau (CFPB) released its annual report on residential mortgage lending activity and trends. In 2022, mortgage applications and originations declined markedly from the prior year, while rates, fees, discount points, and other costs increased.

With July’s small pivot in annual home prices and given the early spring surges, the CoreLogic S&P Case-Shiller Index now shows a 6% cumulative increase in home prices for 2023. And while some metro areas, particularly those in the West, are recovering from larger declines seen in 2022, appreciation across the country has generally been solid. Lower-priced homes are seeing a stronger recovery, given the lack of affordable inventory and the resulting demand pressure on that segment of the housing market.