The current housing market is characterized by a historically low supply, driven in part by the surge in homeowners locking in low-interest rates in 2020 and 2021. A substantial majority, nearly 60%, of existing mortgages boast contract rates below 4%, with an additional 20% falling in the 4%-5% range.
Explore the future of real estate in Progress in Lending’s 2024 article predictions titled, “What is Ahead for Mortgage Lending in 2024?” where Eric Fox, Chief Economist at Veros Real Estate Solutions, shares his commentary regarding the anticipated nationwide appreciation to be expected between 2% to 3%.
As an Automated Valuation Model (AVM) provider for residential property valuation, Veros Real Estate Solutions (Veros®) would like to thank Brookings for its report, “Governing the Ascendancy of Automated Valuation Models,” published in October 2023, and its contribution to the ongoing discourse in the field of AVMs and their societal impacts.
Read the latest CBS News Money Watch article titled “When Will Home Prices Go Down? Expert Forecasts Vary,” where Eric Fox, Veros Real Estate Solutions Chief Economist and Senior Vice President of Analytics, shares his latest thoughts on how potential homebuyers can manage the current real estate market’s prices.
Baby boomers’ share of real estate wealth was 43.5% in Q2 2023. The boomers own the largest share of real estate wealth and overtook the Silent generation in 2000 and have maintained their top spot since then. And they are in no hurry to relinquish their top spot, opting to stay in their current homes
Mortgage interest rates have been more or less declining over the past four decades from a peak of 18.3% in October 1981 to a bottom of 2.7% in July 2021. This was mostly driven by a Federal Funds Effective Rate that dropped from 15.1% to 0.09% over the same timeframe.
The AI industry is flourishing, resulting in an expected real estate demand increase. However, Housing prices in San Francisco are still unaffordable. It remains unclear whether the housing market will improve in a big way, despite VeroFORECAST predicting a 3.6% drop in housing prices over the next 12 months in the city.
The National Mortgage Professional’s recent article, “How AVMs Can Promote More Equitable Home Valuations,” written by Reena Agrawal, shares insights on whether historical redlining is still a present issue. Agrawal also expands on technology-driven AVMs, and how they can help minority homeowners enhance and accumulate their wealth.
Jeff Hogan, Veros Real Estate Solutions’ (Veros) Vice President of Valuations, recently discussed the challenges of diversity in the real estate appraisal industry with The Sacramento Observer in the latest article titled, “Real Estate Appraisal’s Diversity Problem.”
How Can Home Equity Lenders Differentiate Themselves? In the National Mortgage Professional’s recent article, “Standing Out in a Crowded Home Equity Market,” written by Jeremy McCarty, Founder and CEO of Valligent, shares insights on how lenders can play a crucial role in helping homeowners tap into their home equity in a high demand home