Mortgage rates rose above 7 percent for the first time in more than 20 years, as the American housing market continues to decline. Prior to March of this year, home-borrowing rates were on the way down after a 40-year low, before the Federal Reserve started to increase interest rates to combat out of control inflation….
US Mortgage Rates Hit Over 7 Percent, the Highest in Over Two Decades
October 28, 2022
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Existing Home Sales Fall to a 10-Year Low as US Housing Recession Deepens
October 21, 2022
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Existing home sales have fallen to their slowest pace in 10 years, as the U.S. housing recession worsens. Home sales have not been this slow since September 2012, with the exception of the first few months of the pandemic, and are 23.8 percent lower from the same time last year. Sales of previously owned homes in…
California Home Sales Drop 30 Percent as Housing Recession Bites
Sales of homes in California were down more than 30 percent in September compared to a year prior, resuming a declining trend that began earlier this year amid soaring interest rates and inflation. Owing to a rise in rates, last month’s median home price was $821,680, which was down 2.1 percent from August, but up 1.6 percent…
US Home Sales Tanking: Industry Leaders Weigh in on What’s Next
For the third straight month in a row, pending U.S. home sales have plunged, the National Association of Realtors (NAR) recently reported. At the end of August, three out of four major regions experienced month-over-month declines in real estate transactions, with only the West seeing a slight gain. Year-over-year, all four regions indicated double-digit decreases….
Sales of Previously Owned Homes Fell in August, as Prices Ease From Record Highs
September 22, 2022
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Sales of previously owned homes fell in August from July for the seventh consecutive month of decline, while prices declined from record highs. The annual rate of existing home sales fell 0.4 percent, to 4.80 million units, last month, the slowest pace since early in the pandemic in May 2020, according to the National Association of…
China’s Economic Outlook Dulled by Fresh Property, COVID-19 Woes
BEIJING—Persistent weakness last month in China’s property market and manufacturing sector, which combined account for half of the country’s gross domestic product (GDP), renews risks to its recovery already threatened by disruptions from widespread COVID curbs. Nearly 70 Chinese cities reported declines in new home prices in August, the most since the start of the…
Record Numbers of US Homeowners Slashed Sales Prices in July, Says Redfin
August 27, 2022
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A record number of home sellers dropped their asking price in July, as the U.S. housing market began to tank rapidly, according to new data from Redfin. July saw the biggest annual decline in U.S. home sales in more than a year. Many buyers have fled the housing market amid high mortgage rates and rising…
New Home Sales Sink to Six-Year Low as ‘Housing Recession’ Deepens
August 24, 2022
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U.S. home sales fell more than expected in July, to their lowest level in six years, due to a rise in mortgage rates and a surge in housing prices, forcing prospective homebuyers out of the market, according to July data from the U.S. Census Bureau. New single-family home purchases dropped 12.6 percent, to a seasonally adjusted…
Canadian Home Sales Fall for 5th Month in a Row, Down 29% From Last July: CREA
The Canadian Real Estate Association says home sales fell for the fifth consecutive month between June and July, but the latest drop was the smallest of the five. On a seasonally adjusted basis, the association says sales in July fell 5.3 percent compared with June. The actual number of sales last month was 37,975, down…
US Housing Sentiment Drops to Lowest in Over a Decade
August 9, 2022
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Housing sentiment in the United States, as measured by the Fannie Mae Home Purchase Sentiment Index (HPSI), has fallen to its lowest level in more than 10 years. In July, the HPSI declined by two points, to 62.8, the lowest level since 2011 and far below the all-time high set in 2019, according to an…
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