Step 1: Get mortgage. Step 2: Quit job???

Redfin CEO Glenn Kelman took to Twitter today to express his bewilderment with the housing market.

Good afternoon! Was this newsletter forwarded to you? Sign up here. Hello, LOs!

Redfin CEO Glenn Kelman took to Twitter today to express his bewilderment with the housing market. 

 

He rattled off an amusing-if-sad anecdote (a buyer in Maryland pledged to name her first-born child after the seller and still lost), some eye-opening statistics (there are more real Realtors than homes for sale, inventory is down 37% y-o-y, the average home sells in 17 days, home prices are up 24%), and broader trends (four people move in to low-tax states for every one who leaves, out-of-towners moving to Nashville have a housing budget of $720K, 50% higher than locals). 

 

But what really caught my attention was this:

Click the image to view the thread

LOs, have you called a borrower's company to confirm that they can work remotely once the pandemic ends? If so, has it sunk any deals? Also, have you had newly-mortgaged clients quit their jobs or retire early? Let me know – I'm at jkleimann@housingwire.com.    Kelman raises an interesting point – the pandemic hasn't just exacerbated income inequality, it's ushered in mobility inequality. According to Redfin, 90% of households earning $100,000 or more expect to be able to work virtually. That's compared to less than 10% of people earning $40,000 a year or less. This dynamic could fundamentally alter the American housing market for years to come. Please share your thoughts!   James Kleimann Managing Editor, HousingWire

Existing home sales data: A bad sign for housing market?   HousingWire Lead Analyst Logan Mohtashami's biggest fear for the U.S. housing market for 2020 to 2024 is that home prices could escalate to an unhealthy level. HW+ Premium Content

Close loans faster with quick and easy VOE+VOI verifications

Stop chasing down verifications across multiple service providers. Truework can process all of your VOE + VOI verifications in one easy-to-use tool. Lenders are saving time and eliminating hassle by using Truework. Uplevel your underwriting today.

Sponsored by Truework

How lenders can prepare for growing fraud threats   HousingWire recently spoke with Jeffrey Morelli, general manager at Truework, about what lenders can do to prepare for and overcome the growing threat of fraud and data inaccuracy. Presented by Truework

Forbearance numbers drop for third consecutive month   The total number of loans in forbearance managed to fall three basis points last week to 4.22% of servicers' portfolio volume, according to a report from the MBA.

Home prices haven't risen this fast since 2005   Home prices in March were 13.2% higher year over year, per the most recent S&P Case-Shiller Home Price Index report — the highest gain since December 2005.

HousingWire, 433 East Las Colinas Blvd., Suite 830, Irving, TX 75039, (469) 893-1480 Unsubscribe Manage preferences

Share this

Share on FacebookPlus on Google+