Happy October! Autumn is in full effect, and we are excited about all the fun fall activities. The season will be full of warmth and spookiness, from apple picking to Halloween to all things pumpkin flavored.
September was an excellent month for the real estate industry. For one, Yahoo Finance reported that mortgage payments increased 67% faster than rent payments, which is a significant number to see for home buying. We hope October is just as busy and successful as September, as we are starting to wrap up 2021.
Our team at West Virginia Bankers Title would like to take this time to thank all our lender and attorney friends for trusting us with all your transactions! You have all been busy working hard as the year comes to a close. We hope you enjoy our newest e-newsletter!
Have a wonderful month!
Bob Drummond, Vice President/Agency Manager of West Virginia Bankers Title
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The Housing Market Forecast for the Rest of 2021, According To Realtors |
As we enter the final three months of 2021, it is essential to look out for housing market forecasts to get a feel for the industry. In a Yahoo Finance article, real estate professionals give their two cents on the matter, and it all seems like reasonably good news. Some agents note that they don’t see the housing surge stopping anytime soon, while others add that a few less interested buyers may be. It all depends on regional areas for the housing market, a fact highlighted throughout the article. Overall, though, as inventory climbs, there will always be new and first-time homebuyers entering the market.
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ALTA: Title premium volume up 56 percent |
There is some excellent news for the title industry! In the second quarter, over $6.5 billion was generated in title premiums, according to the latest market share analysis from The American Land Title Association (ALTA). Compared to last year’s earnings, these findings are up 56.3 percent from 2020’s second quarter. Likewise, according to ALTA, net income increased 84.6 percent during this quarter, which resulted in the highest second quarter ever. What amazing news.
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As we start to see the transition over to more technological tactics to garner more business, the real estate industry is seeing traction in I-buying transactions. This year ibuying has reached record highs where 15,000 homes valued at $5.3 billion were sold through an ibuyer. The Seattle-based real estate and financial services company report also found that the trend of purchasing a home through an ibuyer will continue for the foreseeable future. Some of the significant ibuying apps right now are Zillow, Offerpad, Opendoor, and RedfinNow. People prefer the more accessible and more efficient ways of doing things, and this is just another tactic to make the home buying process even quicker.
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Mortgage applications to purchase a new home rose unexpectedly in August, which is good news. The housing demand is vital as we head into the fall and points to a lot of successes. Following Labor Day, total mortgage application volume rose nearly 5%, according to the Mortgage Bankers’ Association’s seasonally adjusted index. Purchase demand was the highest it has been since April. |
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The importance of housing availability has been especially pronounced during the pandemic as we were all told to stay at home. Some people are not afforded that luxury, which is why the creation of House America is such a great piece of news to read about! House America is a federal initiative where the Housing and Urban Development Department and the US Interagency Council on Homelessness invite mayors, county leaders, and tribal nation leaders to partner up and use funds to address homelessness. The American Rescue Plan has added 70,000 emergency housing vouchers and $5 billion in HOME grants. Not only that but there are resources to rehouse people as well. There has been a call by Secretary Marcia Fudge to use resources and reach significant goals by December 31, 2022.
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Home prices have hit record levels across the country once again. July marked the fourth month in which the growth rate of home prices set a record, according to the S&P Corelogic Case-Shiller National Home Price Index Report. There was a 19.7% annual gain for the year ending in July 2021, which is up from 18.7% a month before. The acceleration of home prices was strongest in the Southwest and the West, even though all regions recorded double-digit gains and increases! This is terrific news for real estate, especially as we reach the end of the year.
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Happy National Cybersecurity Awareness Month! |
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As Bob noted, October is known for many fun fall activities and holidays, but the WVBT team also wanted to acknowledge this month as Cybersecurity Awareness Month. Staying digitally secure is important to all of us, and we want to point out some resources to make sure your team and customers can #BeCyberSmart this month and all year long.
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