A&D Market Digest for Week of 10/30/23

Join Mike Pearson, SVP of Business Development, and Claudia Yemail, our broker partner, as they shed light on real estate market uncertainties in this spooky season. Discover the psychology behind homebuyers’ fears and how to help them make informed decisions despite these concerns. 

KEY HIGHLIGHTS 

• The current housing market: why is it scaring homebuyers?
• Exploring the impact of high interest rates, low inventory, and rising prices
• Overcoming the fear of losing the current interest rate
• Demystifying the market to reduce the anxiety of potential homebuyers
• A success story of first-time homebuyers triumphing over their fears
• The role of taking action and reaching out to experienced mortgage brokers in overcoming fears

Don’t miss out on this insightful episode to stay informed and make confident decisions on your brokerage journey!

MORTGAGE NEWS

• NMP — Forbearance Numbers Decline In September 2023, But Loan Performance Raises Concerns. The Mortgage Bankers Association’s recent Loan Monitoring Survey reveals a decline in the number of loans under forbearance, suggesting a subtle shift in the current economic landscape. The survey, released this month, noted a 2 basis points decrease in loans under forbearance, from 0.33% in August to 0.31% at the close of September 2023. Based on these figures, the current count of homeowners in forbearance stands at 155,000. Since March 2020, mortgage servicers have granted forbearance to an estimated 8 million borrowers.  
• NMP – Add A New Role To Your Job Description: Financial Literacy Mentor.   Nearly everyone has access to all the information they could ever want or need on the internet via smart phones or laptops. Despite this, there is still a significant need for greater financial literacy among today’s adults.
• NMP — ADUs Can Now Be Sold Separately In California. California Gov. Gavin Newsom has signed into law Assembly Bill 1033. It allows accessory dwelling units (ADUs) to be sold separately from the homes they are associated with, in effect creating two- or three-unit condominiums.