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M REPORT | 49 O R I G I NAT I O N S E R V I C I N G DATA G O V E R N M E N T S E C O N DA R Y M A R K E T THE LATEST DATA Senior Home Equity Exceeds Record $11.8T The National Reverse Mortgage Lenders Association and RiskSpan Reverse Mortgage Market Index hit a record high of 413.22, while senior housing wealth grew by nearly $226 billion in Q3 2022. A ccording to the National Reverse Mortgage Lend- ers Association (NRM- LA)/RiskSpan Reverse Mortgage Market Index, homeown- ers 62 and older saw their housing wealth grow by nearly 2% (1.95%) or $226 billion in Q3 to a record $11.81 trillion from Q2 2022. The NRMLA/RiskSpan Reverse Mortgage Market Index (RMMI) rose in Q 3 2022 to 413.22, another all-time high since the index was first published in 2000. The increase in older homeown- ers' wealth was mainly driven by an estimated 1.95% or $268 billion increase in home values, offset by a 1.93% or $42 billion increase in senior-held mortgage debt. "Multiple studies published over the past couple of years highlight the challenges faced by women to save for retirement because of competing priori- ties, such as caring for children or an aging parent or relative," NRMLA President Steve Irwin said. "Nevertheless, they own a substantial asset, their home. Therefore, when meeting with a financial planner, or other trusted advisors, it's very important to consider home equity as a strate- gic asset that can be used to help enhance retirement security." applications have been trending higher alongside lower mortgage rates, pending-home sales are up, and home builder confidence increased in January." "Interested buyers are out there. From a financial perspec- tive, the decision to buy a home comes down to a payment-to- paycheck calculation, and lower mortgage rates may help to reduce the mortgage payment while higher incomes can in- crease one's monthly paycheck." "Lower mortgage rates and a still strong labor market have helped to stabilize the housing market," Kushi concluded. "The market suffered a deep freeze in the winter months of 2022 but, if these dynamics persist, there is reason to believe that it will begin to thaw as the spring home-buying season approaches." Bright MLS Chief Economist Dr. Lisa Sturtevant had the following comments on today's Pending Home Sales data: "There was a modest uptick in new pending sales in December, rising 2.5% compared to November. December's pending data suggests that the housing market may have bottomed out," Sturtevant said. "Buyer activ- ity pulled back late last year as mortgage rates hit 20-year highs. But rates have fallen, and today's report is another sign that buyers are back. "Mortgage applications jumped last week as rates fell to their lowest level since September. Both home showings and new contract activity has increased in many local markets with some agents reporting a return to bid- ding wars and multiple offers." "Predictions of a housing market collapse are way off base. There are many prospective buyers who have come to accept the 'new normal' of 6% mortgage rates and are tired of sitting out the opportunity to buy a home," Sturtevant concluded. "So, while the 2023 housing market will be slower than the market during 2021 or even the first half of 2022, there could be an unexpected first- quarter surge in buyer activity if rates stabilize or even come down further in the coming weeks."