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Today: Mortgage News Daily's October 23 top-tier 30-year fixed index stood at 7.33%, while South Carolina completed foreclosure auctions rose 76% year over year in the third quarter, according to Auction.com. Requote active buyers, review county auction calendars, and do not promise existing homeowners automatic mortgage-insurance relief from the new federal pilot.
Rates improved over the week, but buyer demand remained weak. Mortgage News Daily's October 23 index rose 0.03 percentage points to 7.33%; separately, the Mortgage Bankers Association reported a 7.41% average for the week ending October 16, down from 7.50%, while purchase applications fell 7% weekly and 18% annually. For Richland and Lexington buyers, obtain fresh lender quotes showing rate, fees and total payment before changing an offer budget; these measures cover different periods and borrower scenarios, so neither is a guaranteed local quote. Daily rates · Applications
New-construction incentives belong in every resale pricing consultation. The National Association of Home Builders' Housing Market Index, a builder-confidence measure, fell three points to 29 in October, its lowest reading in 14 years; nationally, 43% of builders reported price cuts averaging 6%, and 65% offered incentives. Before pricing a Columbia-area resale or advising a new-construction buyer, collect competing communities' actual written offers, including closing-cost assistance and mortgage-rate subsidies, then compare total buyer cost rather than assuming those national discounts apply locally. Source
South Carolina's foreclosure increase warrants active sourcing, not automatic bargain assumptions. Auction.com reports completed foreclosure auctions increased 76% year over year statewide, versus 25% nationally, in the third quarter; nationally, FHA (Federal Housing Administration)-insured loan auction volume rose 73%, and loans originated in 2022 or later represented 46% of activity. Review Richland and Lexington sale notices and contact investor clients with verified financing, but establish property-specific value, title, occupancy, repair costs and applicable auction procedures before bidding, because statewide volume does not establish county-level distress or a usable discount. Source
Auction acquisition prices are not profit margins. National foreclosure-auction buyers paid an average 65.3% of estimated retail value, compared with 66.8% in the second quarter and 64.5% a year earlier, while REO (real estate-owned, lender-owned property) auction volume increased 18% annually. For Midlands acquisitions, calculate the maximum bid after repairs, financing, holding costs, resale expenses and a contingency reserve, using independently checked comparable sales rather than the auction estimate; monitor local completed sales before treating the national ratio as an achievable purchase target. Source
Use project-specific costs, not an outdated regulatory percentage. NAHB says its estimate that regulation accounts for more than 40% of new multifamily development costs comes from 2022, and it is surveying developers to update that figure, with recipients asked to respond by November 13. Columbia-area apartment developers should document actual permitting, design, compliance and carrying costs in acquisition underwriting, and survey recipients should contribute current project experience rather than applying the old national estimate mechanically to a Richland or Lexington development budget. Source
Creative financing is a negotiation option, not a market-wide loan product. BiggerPockets describes Iowa investors' examples including a duplex financed with 10% down, a 0% interest seller-financed transaction and a rental reportedly generating $250-plus monthly profit, but these are individual deals rather than Columbia financing benchmarks. Ask local banks and willing sellers for written terms, then compare debt payments, maturity dates, reserves and operating expenses using local rents; do not assume an unusually low rate or small down payment makes a property profitable or that the same terms are available here. Source
The housing executive order is not immediate payment relief. HousingWire reports that the signed mortgage-insurance pilot covers mortgages made after the pilot is established, narrower than earlier proposals; NAHB also reports directives addressing title-insurance alternatives and agriculture and veterans affairs loan rates, plus proposed institutional-investor rules associated with a January 7, 2027 purchase restriction and a November 23, 2026 comment deadline. For Columbia borrowers, including Fort Jackson-connected VA clients, verify implementation and individual eligibility with lenders or servicers before quoting savings; investors approaching the reported 350-home threshold should have counsel confirm ownership aggregation, applicable restrictions and exceptions rather than treating proposed exception requirements as final. HousingWire · NAHB details · NAHB statement
Prepare appraisal files before privacy decisions remove useful evidence. HousingWire reports a November 2 effective date for UAD 3.6, the Uniform Appraisal Dataset's updated reporting standard, while appraisers warn that private listings and removed interior photographs make comparable-property condition harder to verify. Columbia brokerages should confirm applicable transition requirements with lender and appraisal partners, retain authorized condition documentation and improvement records, and explain data-access tradeoffs to sellers before choosing private marketing; this is a preparation check, not a reason to disregard clients' privacy preferences. Source
Audit transaction fees before the closing statement. A Pennsylvania buyer alleges Keller Williams Elite improperly charged a $650 broker fee, first disclosed at closing, and seeks class-action status; these are allegations, not a finding that such fees are unlawful in South Carolina. Midlands brokers should have counsel review fee descriptions, timing and agreement language, explain charges before clients commit, and reconcile signed agreements against closing figures rather than relying on a last-minute explanation that a fee is mandatory. Source
Digital closing payments still require verification. Qualia launched earnest-money payments for all Qualia Core customers and cash-to-close payments in limited release, with the latter described as providing same-business-day escrow funding. Ask the closing attorney whether the service is available and appropriate for the transaction, verify payment requests through an independently established contact method, and confirm submission deadlines and receipt rather than assuming a payment link guarantees an on-time closing. Source
Make post-closing record checks part of client service. Redfin recommends retaining recorded deeds, title policies, settlement statements, surveys and governing documents, and confirming that a paid-off prior mortgage's release is recorded. For Richland and Lexington closings, schedule a follow-up with the closing attorney to verify recording and satisfaction of prior liens, and provide buyers a secure document checklist so an unresolved record issue does not first surface during a later sale or refinance. Source