I am a Mortgage Loan Originator in Richmond, VA. In and around the city we are seeing multiple offers on homes that have been listed for 1 day or less. We are seeing home buyer's waive the appraisal contingency and pay a higher price than what the home appraises for. But also we are seeing origination's dropping in both volume and units. The refinance market is completely dried up and this is what is truly hurting loan origination growth. The only way to make up the difference lost from the refi originations is to have a strong purchase market. And this is going to be difficult for the cartel to drum up with wages stagnant, inflated home prices, and higher interest rates. Something will have to give in order for us to be able to originate more fiat dollars into the system. Applications are also down across the board right now. I hope this is helpful.
-John