- Housing News
- July 9, 2021
Idaho Is About to Have the Nation's Hottest Housing Markets
Forget California. The state where housing is about to be the hottest is Idaho. Seriously.
Ben is the Managing Editor for New American Funding. In this role, Ben helps with content creation, news coverage, and serving our audience of borrowers, real estate agents, loan originators, and other housing professionals. Prior to joining New American Funding, Ben worked at HousingWire, a top housing media outlet. Ben joined HousingWire in 2014 as a reporter and was later promoted to Senior Financial Reporter, Editor, and eventually to Managing Editor. During his time at HousingWire, Ben helped elevate HousingWire to national acclaim and record traffic growth. He was also honored with multiple awards for his work, including an Eddie Award from Folio Magazine and a Gold Award for Best Trade Magazine Story from the National Association of Real Estate Editors.
Forget California. The state where housing is about to be the hottest is Idaho. Seriously.
Jason Obradovich, CIO of New American Funding, is back with another episode of the Mortgage Rundown. The Fed released their minutes and the FOMC is divided - some worry about inflation, and some worry about risk to growth. Watch the full episode to learn more.
Thanks to consistently low mortgage interest rates, demand for mortgages has been elevated for the last 18 months, leading to the mortgage industry having its best quarter since 2000 two quarters in a row. However, that demand took a big step back at the end of June.
At a time when the housing market has never needed more homes to be listed for sale, there appears to be some light at the end of the tunnel.
It hasn't been a great few months for home sales, with existing home sales falling for four straight months. New home sales haven't been much better, declining in both April and May. But the home sales slowdown looks like it will be ending very soon.
Prior to May, new home sales had bounced back and forth between rising and falling in each month. But things changed in May. For the first time this year, new home sales fell for the second month in a row.
Those looking to buy a home these days are finding that the pickings are mighty thin. That scarcity of available homes is driving house prices higher and higher, to levels not seen before.
The Federal Housing Administration announced recently that it is changing some of its rules surrounding student loans to make it easier for borrowers with student loan debt to qualify for a federally insured mortgage.
The new home construction rollercoaster continued in May with housing starts bouncing back up after falling in April, but a lack of available building materials could soon lead to a protracted decline in homebuilding.
California's housing market was hotter than it's ever been in April, and it appears that intensity may have been a little too much for the Golden State's residents. Read about California home sales cooling off while prices are at record highs.