What's New This Month
As we enter the spring homebuying season, a new report by Redfin shows the housing market is hitting another record. More than half of homes (52 percent, exactly) that were for sale gained a purchase contract within two weeks of going on the market. 

That’s not just fast. That’s crazy fast. And many factors could be playing into what we’re seeing. Low mortgage rates. Tight inventory for motivated buyers. Just to name a few. 

At West Virginia Bankers Title, we are laser focused on providing the best title insurance products possible in these market conditions. While listings might be moving quickly, we aren’t cutting corners on the peace of mind we’re offering our customers. 

March is sure to be another interesting month for the real estate industry. Our skilled team is here to help you through it!

Here’s to warmer weather (though I might be jinxing it!) 

Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title 
Mortgage Delinquency Rate Below 6 percent for the First Time in Nearly a Year
According to new data from Black Knight, Inc., the percentage of homeowners facing financial difficulties making their mortgage payments decreased to 5.9 percent in January. The improvement is promising news for the lending industry as more borrowers are regaining footing following the economic challenges created by COVID-19. The portion of loans whose payments were 30 or more days late but not yet in foreclosure territory also fell.
CFPB Goes on Hiring Spree as It looks to Ramp up Enforcement
The Consumer Financial Protection Bureau is staffing up to prepare for a renewed focus on enforcement and oversight of the banking industry, including mortgage servicers and other financial firms. The American Banker has a comprehensive analysis of what this means for lenders and what we can expect from the agency that is expanding its attorney ranks ahead of current Federal Trade Commissioner Rohit Chopra’s confirmation hearings to lead the CFPB.
Millennial and Gen Z Savings Priorities
What life events are young Americans saving for? It turns out the much-analyzed Millennial and Gen Z consumer groups are putting more money back to purchase their first house than to have their first baby. Nearly 60 percent of respondents in a new LendingTree survey indicated they were saving for a home, while just under half said they were budgeting to start a family. We’re sure aspiring grandparents everywhere are rationalizing this news with the hope that their adult children are on the hunt for a house with an extra bedroom perfect for an at-home office (...or a future nursery.)
Innovation
Digital technology in the real estate industry isn’t going away and will likely become a permanent fixture of property transfers from here on out. Tech experts say to expect wider adoption of virtual home tours and contactless solutions for home loans, title insurance, escrow and other real estate services. These trends won’t solely play out in residential transactions. We’ll see them in the commercial real estate sector, too.
Mortgage Trends
Mortgage rates are ticking up as the economy strengthens following a challenging year. A 30-year fixed-rate mortgage hovered around 2.97 percent in late February. However, a chief economist for Freddie Mac tells the MReport that perspective is important. Mortgage rates will rise as the economy recovers, but they are still at historic lows. Industry experts say a more significant hurdle than mortgage rates is the low inventory of listings on the market, making it an uber-competitive, cost-restrictive environment for some prospective homebuyers.
Professional Development
We know many of our lending and real estate agent friends are busier than ever. Stress is in abundance, and the elusive work-life balance is nowhere to be found. ALTA gives a great rundown of Spotify CEO’s call for all of us to be kind and understand that “everyone is on their own journey.” Focusing on Daniel Ek’s words is an automatic way to increase your emotional intelligence and positivity in interactions with important people to your life and career! This advice comes as a new Gallup poll found the lowest number of Americans self-reported having good mental health. Though the number (76 percent) sounds good, it usually hovers around 90 percent and is the lowest poll number in the last two decades.
Market Highlights
What trends will shape the real estate industry this year after an unpredictable 2020? The shift from urban centers to the suburbs for starters. Then add in an increase in sales after an already red-hot, busier than ever year, according to a new Think Realty forecast. The key to success in navigating the market will be to act fast and definitively to beat the competition and avoid an unfortunate increase in the selling price.
What do title insurance and basketball
have in common?
Okay, not much. We’re both in it to win it. One just takes less dribbling (and running) than the other. All jokes aside, it can’t be the March e-newsletter of The Cardinal without a little bracket talk. Maybe we’re just extra excited that all signs point to Selection Sunday and a NCAA tournament happening this year. I know the West Virginia Bankers Title team is that much more grateful for some good ol’ March Madness fun. Here are some bracket predictions to get you started. Per usual, the Mountaineers have another strong squad this year. You already know who we’re picking to win it all!