Written by Rick Sharga, EVP of Market Intelligence for ATTOM
Welcome to the premiere issue of The Housing News Report!
HNR is a free, bi-monthly publication dedicated to all things housing, along with the economic, legislative and social trends that impact the housing market. Each issue will include articles covering big picture issues affecting the market; the most recent data trends from our vast ATTOM repository; insights from highly respected industry leaders; and useful product information for professionals in the real estate, mortgage and insurance industries as well as government organizations and educational institutions.
We’re launching HNR at what can politely be called “an interesting time” in housing, as rapidly rising mortgage rates coupled with increasing home prices have combined to cool off what had been a white-hot market. Existing home sales are down about 15% year-over-year and inventory levels of homes for sale are increasing, causing some market watchers to conclude that a crash is in store. Fortunately, we’re here at HNR to calm the waters a bit.
In this issue’s housing industry focus article, Peter Miller takes a look at how market conditions have changed rapidly, but makes a compelling argument that a return to a more normal housing market seems much more likely than a housing market crash.
A look at ATTOM’s Midyear 2022 Foreclosure Report tells a similar story – that despite a dramatic 153% increase in foreclosure activity from the first half of 2021, another foreclosure crisis isn’t on the horizon, and that foreclosures are still running at about half of the normal rate after hitting historically low levels during the COVID-19 pandemic due to government intervention.
And guest columnist Daren Blomquist, VP of Market Economics at Auction.com, outlines what investors who buy properties at foreclosure auctions or bank-owned properties online are telling us about future trends – what’s on its way in the housing market in the months ahead.
We’re delighted to bring you all this content -– and more – in our debut issue and have much more planned over the coming months. I hope you’ll agree that this is content you won’t find anywhere else, and that you’ll make HNR part of your regular housing market reading.
Let us know what you think, and let us know what you’d like us to cover in upcoming issues. We want to make HNR your publication, and would love your feedback to ensure that we achieve that objective!