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Real Estate Market | Beach Road Realty Inc Blog

Tuesday, January 23, 2024   /   by Richard Eimers

New Mortgage Applications Jump More Than 10%

New mortgage applications increased 10.4% from one week earlier, according to the Mortgage Bankers Association.

WASHINGTON — Mortgage applications increased 10.4% from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending January 12, 2024. Last week’s results included an adjustment to account for the New Year’s holiday.

The Market Composite Index, a measure of mortgage loan application volume, increased 10.4% on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the index increased 26% compared with the previous week. The

The Refinance Index increased 11% from the previous week and was 10% higher than the same week one year ago. The seasonally adjusted Purchase Index increased 9% from one week earlier. The unadjusted Purchase Index increased 28% compared with the previous week and was 20% lower than the same week one year ago.

“Mortgage r4 ...

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Monday, January 15, 2024   /   by Richard Eimers

HOUSING SUPPLY SHORTAGE PERSISTS: IMPLICATIONS FOR BUYERS AND SELLERS

The persistent housing supply shortage has sparked speculation on whether homebuyers can expect more options in the coming year. NAR economist Yun is optimistic, anticipating that pent-up sellers, weary of waiting, will soon list their properties. He envisions a steady increase in listings and continued success in new home sales.
However, not all experts align with this view. Realtor.com economists forecast a potential 14% drop in inventory this year. The shortage is compounded by a decline in existing homes for sale and a significant drop in single-family housing starts in 2023 and 2022.
Despite the challenges, newly-built homes have played a crucial role, constituting one-third of all homes for sale in 2023—double the historical average. Yet, it's acknowledged that new construction alone won't bridge the inventory gap.
Chief Economist Mark Fleming from First American Financial Corporation highlights a U.S. shortfall of approximately one million homes. He suggests that condit ...

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Monday, January 15, 2024   /   by Richard Eimers

INSIGHT INTO HOME PRICE STABILITY FOR 2024

Despite facing 8% mortgage rates, the anticipated crash in home prices didn't materialize in 2023, offering a positive outlook for prospective home buyers. On average, U.S. property values concluded the year on an upward trajectory, with some regions experiencing declines offset by appreciation in others [^6^].
Traditionally, rising interest rates trigger price falls due to decreased demand. However, the resilience in home values is attributed to a nationwide housing shortage, as highlighted by Mike Simonsen at Altos Research. He emphasizes the delicate balance between low demand and low supply, indicating that a significant imbalance is necessary for declining home prices [^7^].
Looking ahead to 2024, analysts anticipate this equilibrium to sustain home prices, although forecasts differ. Realtor.com's economists predict a marginal decrease in the median home price by 1.7%, while Fannie Mae forecasts modest growth of 2.8% [^6^,^8^].
A consensus among experts is that mortgage rates wy ...

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Monday, January 15, 2024   /   by Richard Eimers

UNDERSTANDING THE RISE IN FORECLOSURE RISK: A MARKET CORRECTION

In the past two years, the number of homeowners at risk of foreclosure has surged, with over 357,000 properties receiving foreclosure filings in 2023—an increase of 10% from the previous year and a significant 136% from 2021, as reported by real estate data firm ATTOM.

Contrary to concerns about a flood of cheap homes entering the market due to foreclosures, real estate experts, including ATTOM CEO Rob Barber, view this surge as a market correction rather than a cause for alarm. According to Barber, it signals a return to more traditional patterns after years of volatility.

Despite the seemingly high numbers, the foreclosure activity represents just 0.26% of all housing units nationwide, and there are approximately 28% fewer individuals at risk of foreclosure than before the COVID-19 pandemic in 2019.

The spike in foreclosure filings over the past two years can be attributed, in part, to foreclosure moratoriums implemented during the pandemic in early 2020. As these mora ...

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Thursday, December 21, 2023   /   by Richard Eimers

Rock Legend Rod Stewart's $70M Beverly Hills Mansion

Discover the opulent world of rock-and-pop icon Rod Stewart as he lists his magnificent Beverly Hills estate for $70 million. This 28,500-square-foot mansion, nestled in the prestigious North Beverly Park neighborhood, offers unparalleled luxury.




Luxurious Features: The expansive great room boasts a hand-painted bar, French doors leading to a covered patio, and Versailles-like decor, designed by renowned architect Richard Landry. Indulge in the gourmet kitchen, tea room, and stunning den, complemented by intricate marble floors and ornate molding.




Entertainment Extravaganza:
Enjoy a screening theater, tennis court, and outdoor spaces with fireplaces and barbecue, perfect for gatherings.


Elegant Living Spaces:
The primary suite features a spacious sitting area, balcony, and dual bathrooms with distinct aesthetics.




Global Icon's Farewell:
Rod Stewart, with over 250 million records sold worldwide, is bidding farewell in style, currently on a farewell tou ...

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Beach Road Realty Inc
Richard Eimers
17 Roundwood Drive
Inlet Beach, FL
850-259-1798

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