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The Senate recently passed a bill to raise awareness for VA loans, a move that has garnered mixed reactions from industry professionals. While it’s encouraging to see increased attention on this valuable program for veterans, many loan officers find humor in the situation. Why? Because they’ve been doing this groundwork for years.
The bill includes several key provisions:
While these are positive steps, one can’t help but wonder: Wouldn’t it have been more efficient for Congress to collaborate with experienced loan officers or the VA itself to build upon existing successful programs?
As we discuss loans, it’s crucial to understand the current market conditions. Recent data shows:
While these numbers seem small, there’s a more concerning trend in foreclosures:
The significant drop in foreclosure inventory suggests we’re on the cusp of a major market shift. As pre-foreclosures rise, we may soon see a domino effect on home prices, reminiscent of the 2008 housing crisis.
We’re witnessing the early stages of a buyer’s market, with a 40% increase in inventory as of May. This trend typically starts in hot markets, and indeed, cities like San Diego, Phoenix, and Seattle are seeing the largest inventory increases. Meanwhile, markets like Cleveland, Coeur d’Alene, and Des Moines have experienced minimal changes.
The pattern is clear: inventory increases first, followed by price cuts, which then attract buyers. For those in the lending industry, this signals potential opportunities on the horizon.
As we approach the next election cycle, housing is becoming a key issue, particularly in swing states. According to a report from Redfin:
These dramatic increases in housing costs relative to income in battleground states are likely to make housing a central topic in political discussions. For the first time, housing was mentioned in multiple speeches at the RNC, indicating its growing importance as a campaign issue.
As housing becomes a top-of-mind issue for voters, your messaging about housing market trends and opportunities is likely to resonate more strongly in the coming months. It’s an ideal time to ramp up your marketing efforts and position yourself as a knowledgeable resource in this changing landscape.
Stay tuned as we continue to monitor these developments in the housing market and political arena. The next few months promise to be an interesting time for our industry.