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Mortgage lending took a nosedive across the U.S. in the first quarter of 2022, according to a new report from ATTOM. 

Secured mortgages fell 18% from the fourth quarter of 2021 and were down 32% from the same time last year — the biggest year-over-year drop since 2014. This marked the fourth quarterly decrease, which the data management company said was the result of “double-digit downturns in purchase and refinance activity, even as home-equity lending rose.”

Along with the 32% decline in residential mortgages, the report found the number of new loans fell for the fourth straight quarter, meanwhile refinance lending fell another 22% and purchase mortgages were down 18%. 

Mortgage rates have climbed to their highest level since 2008, pinching

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The housing market is entering the ‘most significant contraction in activity since 2006,’ says Freddie Mac economist.

Cracks are beginning to appear in the red-hot housing market. The pandemic's housing boom is finally running on fumes. Home sales are falling. Inventory levels are rising. And home sellers are cutting list prices at the fastest clip since 2019.

Spiraling mortgage rates on top of record-high and still-rising home prices are leading many experts to predict the real estate market is on the verge of a correction—if it isn’t already in one. They anticipate home prices will flatten, or even go down a bit, in certain markets.

This Shift is a lot bigger than a seasonal cooldown. The economic shock of higher mortgage

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What a difference a few months make.  With the rise in interest rates and inflation, we have seen homes go from selling almost before the ground is broken for the sign, to now homes are sitting on the market for days, if not weeks.  For example, according to Altos Research, one Seattle bedroom community, Sammamish, saw 37% of homes during the first week of June have a price reduction.

  •          Home sellers really need to re-think their expectations.
  •          The days of “multiple offers and waived inspections are behind us.”
  •          Active Listings up a whopping 59% from a year ago.
  •          Both pending sales (mutually accepted offers) and closed sales during May were down from a year ago.
  •          Rising interest rates coupled
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The Real Estate Market “Shift” Is Here

Looks like America's home buying binge is winding down. There's a vibe shift visible in both the official data and in the anecdata from sellers, buyers, and brokers.

Why it matters: This is just what Jerome Powell ordered. The slowdown means the Fed's rate hikes are working — cooling demand in an overheated market.

"The buyers just stopped buying," said Shauna Pendleton, an agent with Redfin. Buyers who were flush with cash courtesy of the also formerly booming stock market have completely pulled back.

  • Some listings now sit for weeks without even a showing. Some homes are sitting for 42 days without a single showing.
  • Redfin agent Robin Glaysher said five people showed up to an open house last
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For all the details, contact Angie Perez at 602.377.5394 or visit the property website at:  https://6380904.thecascadeteam.com/

14909 W Cameron Drive - Surprise AZ 85379

3 Bedroom Home in Surprise AZ

This beauty is ready to make yours today!! This 3 bedroom, 2 bath home with a full 3 car garage has lots to offer! Amazing curb appeal low maintenance front landscaping and a merry front porch! Upon entering, notice the high vaulted ceilings in the living, dining and family rooms with the open concept flowing into the kitchen. The spacious kitchen has lots of cabinet storage and slide out shelving, large island with breakfast bar, newer appliances, maple cabinets, and a sitting desk area perfect for homework needs.  The primary bedroom offers a bay window bringing in the natural

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Fueled by unprecedented gains in home values, Washington State’s red hot real estate market has led to “unprecedented” increases in home values that will drive up next year’s property tax bills, according to the King County assessor’s office.

 The Sammamish Plateau topped the list with a 52% increase from the previous year. That’s double the still eye-popping 26% increase in Federal Way. Other Eastside cities also saw staggering price increases; areas such as Redmond (43% on average), Woodinville (44%) and Kirkland (44.5%).

While not as extreme as on the Eastside, in Seattle proper, values are up 19% in Rainier Beach and 20% in Magnolia, according to the assessor’s office, which released a sample of data Thursday but is still finalizing values

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It’s no secret that housing prices across the Seattle and Eastside markets saw record growth in 2021, which has continued well into 2022.  That being said, many homes that are in historically desirable and competitive neighborhoods are starting to see a shift in the market.  It is my belief that the market will remain strong through the summer for sellers who have priced, prepped, and marketed their property correctly.  

We are still in a strong sellers market, but it's critical that every seller understands the conditions of the market, and work with a professional that has a deep and local market knowledge.  So as sellers begin to make plans for the spring and later parts of 2022, here are 4 things you MUST be aware of when looking to sell your

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The past few years in western Washington can be referred to as the golden age of selling your home. Sellers have had unprecedented control over the market commanding prices up to hundreds of thousands of dollars over asking price. Numerous factors have contributed to this including a massive influx of people to the area, historically low inventory, prime location. However, the largest factor leading to such a competitive buyers’ market was interest rates. The lowest rates in the history of the United States occurred in 2020 with rates sitting at 2.68% (Rocket Mortgage). This led to a frenzy by buyers, all of whom were trying to lock in the lowest rate possible. Additionally, this low of a mortgage rate allowed buyers to spend more and justify

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Average mortgage rates are higher for all loan types today with the 30-year mortgage rate crossing above 5%.

  • The latest rate on a 30-year fixed-rate mortgage is 5.17%. ⇑
  • The latest rate on a 15-year fixed-rate mortgage is 4.197%. ⇑
  • The latest rate on a 5/1 ARM is 3.974%. ⇑
  • The latest rate on a 7/1 ARM is 4.135%. ⇑
  • The latest rate on a 10/1 ARM is 4.245%. 

Fed Chair Jerome Powell is done sitting idly on the sidelines as inflation burns away Americans’ purchasing power. The plan? Draw upon the central bank's decades-old inflation playbook by increasing rates until demand pulls back, and price growth slows.

This is already presenting a test for runaway inflation's poster child: the U.S. housing market.

CoreLogic, a real

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If you’re in the market for a home, take note: The 2nd quarter of 2022 may be the opening you’ve been looking for.

  •          February’s improving inventory and a slowing pace of price increases may ease some of the competitive pressures.
  •          Buyers in King County are jumping for joy over the nearly 40% increase in new listings.
  •          King County also saw a 31% increase in pending home sales month-over-month, as well.

Multiple offer situations are the norm for today’s home buyers, but some brokers with Northwest Multiple Listing Service suggest February’s improving inventory and a slowing pace of price increases may ease some of the competitive pressures.

Commenting on the latest statistical report from Northwest MLS,

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