Fintech Impact – A Long Way to Go

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Posted To: MND NewsWire

Given its press coverage, one would conclude that financial technology (fintech) has all but taken over residential real estate and its financing. However, a new report from Jung Choi, Karan Kaul, and Laurie Goodman of the Urban Institute (UI) states that the online share of all home sales (to owner-occupants, investors, fix-and-flippers, and others) is less than 15 percent. Compare this to other online shares; book sales, 55 percent; music, 80 percent; electronics, 35 percent. The authors point out that buying a home is complex and time-consuming, heavily regulated at all government levels, involves multiple stakeholders, and is highly consequential to households’ financial well-being. Despite these barriers, technology has made inroads, helping consumers build credit and save for a down payment…(read more)

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