MGIC Investment Corp. (MTG)

[tommiegun54]

EXISTING HOME SALES SKYROCKET AND PRICES TOO * PRESENTING BULLISH ECONOMIC BACKDROP

The Economic environment is extremely bullish for PMI COMPANIES THIS SUMMER

"Investor Home Purchases Hit Record, Surpassing Pre-Pandemic Levels

July 22, 2021
by Lily Katz and Sheharyar Bokhari

Investors took the housing market by storm in the second quarter—buying up $49 billion worth of homes—as surging property prices and rental demand created opportunities for hefty profits.

Multifamily properties remain the most popular among investors, but single-family homes and condos are gaining steam.
Relatively affordable metros including Phoenix and Miami, which have jumped in popularity during the pandemic, are the top markets for investors.

Real estate investors purchased 67,943 U.S. homes in the second quarter of 2021—the highest quarterly figure on record. That’s up 15.1% from the prior quarter, and up 106.7% from the second quarter of 2020, when activity in the housing market was stalled due to pandemic restrictions.

In dollar terms, investors bought a record $48.5 billion worth of homes in the second quarter, up from $38.9 billion in the prior quarter and $20.9 billion a year earlier. The typical home they purchased cost $439,600—23.7% higher than a year earlier—amid surging housing prices.

We define an investor as any institution or business that purchases residential real estate. When we refer to a “record” in this report, the record dates back to the year 2000."

https://www.wsj.com/articles/median-existing-home-price-hit-new-high-in-june-116269630737