GREENWAY BLOG

16 July 2024

2024 Mid-Year Housing Update

  For many would-be homebuyers and sellers, 2024 has been a waiting game. Overall, both groups are looking for lower interest rates. And while mortgage rates have fallen from their recent highs, they are still dampening affordability for buyers and keeping current owners locked in.   There's more to the market than meets the eye. We're still helping homeowners and homebuyers every day. And if you need us, we're here to help you too. Here's our take on where things stand today: Homeowners with a mortgage loan have an estimated $16.9 trillion in home equity.* Values are still rising this year, though at a slower pace....

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12 July 2024

MarketMinute | Is the housing market becoming more buyer friendly?

Consumer inflation data in June saw core prices rise 0.1%, the smallest gain since August 2021, supporting Fed policy rate cuts later this year. In his remarks to Congress, Fed Chair Powell acknowledged the labor market is showing signs of softening, also supporting Fed policy rate cuts. Applications for unemployment dropped more than expected last week to the lowest level since late May but still came in at 222K for the week. Realtor.com reported 2 buyer-friendly shifts in June: continued rising...

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28 June 2024

MarketMinute | House prices are still on the rise

According to the Fed, the excess savings Americans stored away during the pandemic ran dry months ago, and the economy is feeling the effects. Consumer confidence fell in June amid worries about the economy, though households remained upbeat about the labor market and inflation. Total unemployment claims rose to the highest level since 2021, a warning sign unemployed workers need longer to find a job. According to the FHFA, house prices rose 0.2% for the month in April and were up 6.3% on the year....

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25 June 2024

5 Effective Ways to Reduce Home Costs for Affordable Living

  Worried about affording a home? You're not alone. Homeownership may seem out of reach, but with the right strategies, you can turn that dream into a reality. Here are 5 effective approaches to help you turn your homeownership dreams into reality: Don't go at it alone: Combine your purchasing power with a coborrower's. It's common for couples to borrow together, yet it's possible to have "non-occupant co-borrowers" too. You can even have more than 2 coborrowers on one mortgage loan. Consider a Hybrid: Increase your buying power with the lower starting rate of a mixed loan program. You'll have a fixed rate and...

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21 June 2024

MarketMinute | How are rates impacting new home construction?

Retail sales rose 0.1% in May, coming in weaker than expected as consumers continued to wrestle with stubbornly high levels of inflation.  New jobless claims fell from their 10-month high last week, but continuing claims rose for the 7th straight week. Fed officials continue to signal that rate cuts aren't likely until more data supports trends toward cooler inflation and higher unemployment. New home construction slumped in May to its slowest pace in 4 years. Higher mortgage rates sapped the...

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