Home prices in Canada have yet to bottom out, with a decline of 14 percent expected in spring 2023, a Royal Bank of Canada economist says. Robert Hogue, RBC assistant chief economist, told the Toronto Star that the bank raised its previous prediction of 12 percent decline to 14 percent on Sept. 15, after the…
Home Prices to Fall Another 14 Percent by Spring 2023, RBC Forecasts
Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash
September 16, 2022
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The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market. Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week…
US Home Prices in July Decline for First Time in Three Years
August 24, 2022
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U.S. home prices fell 0.77 percent from June to July, for the first monthly decline in nearly three years, according to preliminary July home sales data from Black Knight, a mortgage analytics firm. The apparently mild drop in prices is the largest single-month decline in prices since January 2011. It also was the second-worst performance for…
Home Sales Drop 6 Percent in July as ‘Housing Recession’ Hits, Says NAR
August 18, 2022
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Existing U.S. home sales have dropped 5.9 percent in July, the sixth consecutive month of decline, according to the National Association of Realtors (NAR), which admitted a “housing recession.” At a seasonally adjusted annual rate of 4.81 million, home sales are down 25.9 percent since January and 20.2 percent from a year ago. “The ongoing…
Despite Falling Sales, Home Prices Keep Rising: What Is Going On?
Today’s U.S. housing market is a study in contradictions. After a stretch of strong and often frenetic activity by buyers during the pandemic period, sales have been in a slump. Housing inventory, which was in acutely short supply before the pandemic, is slowly starting to become a bit more bountiful. But home prices have continued…
Death of the First-Time Homebuyer
August 4, 2022
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You might have learned that supply and demand dictates price before you graduated high school. There’s a less-discussed variable within—the capacity to pay. Say that you and I are crawling through the hot desert, penniless and dying of thirst. We have a high demand for a drink of water. Next, we’re lucky enough to find…
Inflation Continues to Affect the Housing Market
Illinois home prices have continued rising as sellers shoot for the moon with the list price of their homes. The statewide median price went up 5.9 percent to $286,000 in June compared to June 2021. Add higher mortgage interest rates, and some buyers have decided to stay on the sidelines for now, while others end…
US Housing Market Proving Resilient
July 1, 2022
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Commentary A U.S. housing market downturn will arrive, but it won’t be anything like 2008. After an unreasonably hot period for home prices following the COVID-19 pandemic, fueled by a new suburban migration wave and historically low interest rates, pundits are calling for a major housing crash similar to the one experienced during the Great…
How Will the Sharpest Rise in Mortgage Rates in 3 Decades Affect Home Prices?
By Jeff Ostrowski From Bankrate.com Mortgage rates are climbing fast. The national average rate on a 30-year mortgage rose to 5.91 percent this week, surging from just 2.87 percent in August 2021, according to Bankrate’s national survey of lenders. The last time mortgage rates rose so swiftly was in 1994. In late 1993, rates were…
Orange County Home Prices Could Fall 12 Percent in a Year: Report
June 24, 2022
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ORANGE, Calif.—As the Federal Reserve continues to raise interest rates, economists say it would significantly lower demand in the housing market and impact local home prices. According to the semiannual economic forecast released by Chapman University, economists predict Orange County’s median home price would fall by 12 percent down from $1,012,000 in mid-2022 to $891,000…
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