Is the market cooling off?

This webinar, presented by ATTOM Chief Product and Technology Officer, Todd Teta, and Altos Research Founder and CEO, Mike Simonsen, looks at the supply and demand signals for the market’s trajectory this winter, as well as what to expect when it comes to inventory and prices.

During this webinar, Todd Teta for ATTOM presents the affordability picture over time, noting that affordability has worsened every quarter during 2021. According to Todd, price increases are outpacing wage gains in many areas, though wages appear to be recovering and, in some cases, are inflating quickly. Among the key points discussed, Todd states that if inflation continues, mortgage rate increases will worsen affordability across the board.

Todd also touches on the state of foreclosures, pointing out that foreclosures have been a complete non-issue in the housing market for the past 18 months, with starts, or new foreclosures, and total filings, or all activity on foreclosures, near zero since COVID began. Todd examines historical foreclosure trends in starts and total filings.

One important point that Todd makes is since the moratoria has lifted, there have been marked increases in total filings and starts, and he expects that roughly 350k-400k loans will default over the next 12-18 months, coming from loans in three buckets:

  • Loans in foreclosure prior to the pandemic (~250k)
  • Loans in forbearance (~1.5M)
  • Loans from ‘normal’ foreclosure rate (~300k)
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Also during this webinar, Mike Simonsen for Altos Research examines historical median U.S. home list prices, noting the most recent gains with prices finishing the year with an 11%+ increase over last year.

Mike also explores historical inventory of single-family homes for sale in U.S., and looks at new listings versus immediate sales, noting that demand is unrelenting as illustrated by the percent of homes taking price reductions.

Among the other high-level takeaways Mike presents, he notes that price ranges behave differently as he presents various data across key market segments.

Altos was founded in 2006 by Simonsen, a real estate analytics pioneer whose insights are regularly cited in national media such as Forbes, New York Times, Bloomberg BusinessWeek and the Wall Street Journal. Over the past 15 years, Altos has helped thousands of real estate professionals and many of the largest financial institutions in the world build their businesses through better understanding of the real estate market.

Altos Research is the premier resource for real-time real estate data, providing weekly market statistics, analysis and reporting for 99% of the zip codes in the U.S., helping real estate professionals, investors, financial institutions, and their clients make better-informed decisions.

ATTOM is the one-stop shop for premium property data fueling innovation, ATTOM provides analytics-ready data for real-world applications. ATTOM blends property tax, deed, mortgage, foreclosure, environmental risk, natural hazard and neighborhood data for more than 155 million U.S. residential and commercial properties, multi-sourced from more than 3,000 U.S. counties. ATTOM’s property data fuels growth across many industries to help drive decisions while delivering data in a variety of flexible customer solutions, including bulk data licensing, property data APIs and introducing ATTOM Cloud.

ATTOM’s robust property data is leveraged by customers to innovate in a variety of industries, including Real Estate, Insurance, Mortgage, Marketing, Government and Academia. By utilizing ATTOM’s robust property data, ATTOM clients not only create innovation but gain that competitive advantage within their industries. End-users of the data include developers, data scientists, risk managers, investors, policymakers and analysts. Discover ATTOM’s Table of Data Elements.

Want to learn more about the forecast for the winter real estate market?

Click here to listen to the entire webinar.

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