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Shortage of supply
Because of underbuilding and underinvestment, the housing market shortage is sizeable, affecting the health and economy of the Americans said a new report from the NAR.
Because of the decrease in housing development over the past decade, NAR experts advise taking immediate actions to get the country out of this crisis.
Refinance applications rising
According to the Mortgage Bankers Association, this is the first time in a month, that the average rate for a 30-year fixed-rate mortgage dropped to 3.11%, and refinance applications went up 6% and mortgage applications went up over 4%.
Social media has started playing an important role
The social media platforms have continued to grow successfully over the years and are now a prime advertising space for real estate agents who want to build their business and attract business to their websites.
Real estate agents now have the opportunity to create a board for listings, share various tips, and host contests and giveaways.
Household wealth hit a record high
According to the latest report from the Federal Reserve, in Q1 of 2021, the household wealth is up to $5 trillion which is the highest household wealth in America.
And with the increase in home mortgage borrowing, the household debt rose in Q1 showed the report.
Now the annualized rate is 6.5%, and home mortgage debt is $11 trillion. With the people getting back to work economy should start growing soon.
Digital verification approved for application
Using of third-party vendors by mortgage servicers for digital verification of income and asset information on mortgage assistance applications is now allowed by Fannie Mae.
Allowing the mortgage servicers to catch up on their backlog of borrower requests with this change.
Legal authorization to use third-party vendors is required for services and they are supposed to retain verification reports in loan files.
Reference Source: Mortgage Capital Partners
