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…
Orange County Home Prices to Fall 12 Percent in a Year: Report
June 24, 2022
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Chapman Universityeconomyhome pricesJim DotiLocal NewsOrange CountyRaymond SfeirRegional NewsRegional-Local NewsSouthern CaliforniaSouthern California OC NewsUS
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4 Million Americans Priced Out as Home Rents Rise Significantly, Home Loan Qualifications ‘Skyrocket’
June 23, 2022
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Affordable Home OwnershipBusiness & Marketseconomyhome pricesinflationmortgage ratesrental marketUSUS News
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As costs of home ownership rise, millions of Americans have been pushed out of the housing market, according to Harvard University’s annual State of the Nation’s Housing Report released Wednesday. At today’s home prices, a first-time buyer would have had to shell out $27,400 (7 percent of the sales price) as a downpayment in April…
Biggest Interest Rate Hike Since 1994; Are Home Prices Coming Down? | NTD Business
The Federal Reserve is delivering the biggest rate hike since 1994. It’s trying to cool down the economy and tame inflation. As interest rates move higher, what does that mean for home prices? Are they coming down? We ask people in the industry what they’re seeing. Caterpillar is ditching Illinois and moving its headquarters to Texas….
Housing Market to Cool Down With Existing Inventories, Says New Report
Homes sales are expected to cool down in 2022, as inventories pile up, according to a recent report by real estate listings website Realtor.com. The company had earlier predicted a 6.6 percent growth in existing home sales in 2022. The latest Realtor report, published on June 13, revised this to a 6.7 percent decline. While the…
15% Drop in Average Canadian Home Price Expected by the End of 2023: Report
As the Bank of Canada raises interest rates to dampen inflation, the country’s average home price could fall 15 percent by December 2023, says a new real estate outlook report. Canada’s average home price rose by 50 percent over the past two years, from nearly $530,000 at the end of 2019 to just over $790,000 at…
Mortgage Rates Jump, Applications Drop, Home Prices Could Come Down
Average long-term mortgage rates in the United States have jumped after almost a month of declines as the Federal Reserve looks all set to raise interest rates in its upcoming meeting. According to mortgage buyer Freddie Mac, the interest rate on a 30-year fixed-rate mortgage was at 5.23 percent for the week ending June 9….
Bank of Canada Says Household Debt and Home Prices Key Risks for Financial System
The Bank of Canada said vulnerabilities from high household debt and elevated housing prices have increased and pose key risks to the Canadian financial system. In its latest financial system review, the central bank said Thursday the twin factors have increased the downside risk to economic growth as rising rates meant to counter inflation increase…
Lumber Prices Crash Amid Elevated Home Prices
Lumber prices have drastically fallen this year as the industry grapples with the consequences of high home prices. Lumber is trading at $608.6 per thousand board feet as of June 1, which is over 54 percent below the Jan. 13 peak of $1,329. Kevin Mason, managing director of ERA Forest Products Research, believes that lumber…
US Home Prices Surged Over 20 Percent in March 2022: Case–Schiller Index
May 31, 2022
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Business & EconomyCase-Shiller U.S. National Home Price NSA Indexeconomyhome pricesmortgage ratesreal estateUSUS Real Estate
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Home prices in the United States soared in the month of March with major cities seeing an increase in prices, according to the latest results from the S&P CoreLogic Case–Shiller Indices. The Case–Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, registered a 20.6 percent annual gain in March 2022,…
Mortgage Payment Costs Rise 45 Percent This Year, Worsening Home Affordability
The monthly mortgage payment for a typical home in the United States for new buyers has climbed by 45 percent or about $600 over the previous year, according to the estimates by the National Association of Realtors (NAR). In April, the average monthly mortgage payment for a single-family home increased to $1,900, based on a…
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