The number of housing starts tumbled last month, despite signs that the home sales market is heating up again after falling. Housing starts take into account the change in the number of new residential buildings beginning construction. New single-family home construction fell 8 percent from May to June, according to July 19 report from the U.S. Census…
Housing Starts Tumble Despite Signs of an Improving Home Sales Market
July 20, 2023
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Lessons From the 1980s Can Help US Weather Current Rising Mortgage Rates
Commentary The Bank of Canada, as well as other central banks of Western nations, continues to raise interest rates. This program began in the summer of 2021 after it became apparent that the unprecedented expansion of the money supply due to the lockdowns has manifested in, at one point, almost double-digit inflation. The United States…
Industry Experts Predict Mortgage Rates Below 6 Percent by 2024
Despite the national slump in real estate sales, Lawrence Yun, the chief economist at the National Association of Realtors (NAR), is forecasting that mortgage rates will fall closer to 6.0 percent by the end of 2023 and go below 6.0 percent in 2024. He expects new and existing-home sales to bottom out in 2023 before…
‘Huge Income Shock’ Predicted for Households on Fixed-Term Mortgage Deals
British households with fixed-term mortgage deals will feel the impact of higher interest rates when their current deals expire by the end of next year, a Barclay’s chief has warned. Barclay’s CEO CS Venkatakrishnan told the Wall Street Journal CEO Council that a higher portion of households’ earnings will be spent on mortgage payments, leading…
Chinese Banks See Surge in Bad Loans Amid Real Estate Woes
China’s major banks are grappling with a surge of non-performing loans (NPLs) since last year, largely driven by a weakening real estate sector. As of the end of 2022, the NPL balance of 40 listed Chinese banks climbed by 8.84 percent to 1.81 trillion yuan (approximately $262.3 billion), while the NPL ratio slightly slid by…
New-Home Sales ‘Unexpectedly Rise’ in March to Highest Level in a Year
April 25, 2023
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New-home sales in the United States rose last month even though home prices increased during this period, with easing mortgage rates possibly boosting buying activity. Sales of new single-family homes in March 2023 rose by 9.6 percent to 683,000 from 623,000 in February, according to an April 25 press release (pdf) by the U.S. Census…
US Home Prices See Biggest Annual Drop in Over a Decade
April 20, 2023
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Home prices have registered their biggest annual decline in over 10 years, according to real estate brokerage Redfin, with price drops led by “pandemic boomtowns and pricey Bay Area markets.” Median U.S. home price declined by 3.3 percent in March to $400,528—the biggest year-over-year drop since 2012—per an April 19 Redfin press release. The largest…
Bank Failures Lead to Lower Mortgage Rates
The first good news for potential homebuyers has come out recently with a drop in mortgage rates. Rates had been at a high of over 7 percent, but due to the news of two bank failures, they dropped toward a 6 percent level. The collapse of both Silicon Valley Bank and the Signature Bank seems…
Silicon Valley Bank Collapse Could Impact Housing Market in Two Ways: Zillow
March 16, 2023
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Business & MarketsCompanieseconomyFederal ReserveMarketsmortgage ratesreal estateSignature BankSilicon Valley BankUSUS NewsUS Real Estate
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The recent collapse of Silicon Valley Bank (SVB) could impact the housing market in two separate ways, according to real-estate marketplace company Zillow. In an article published on March 14, Zillow chief economist Skylar Olsen noted that mortgage rates could fall if the Federal Reserve pulls back from its aggressive interest-rate hikes—which market experts have said looked likely to…
US Housing Affordability Hits 16-Year Low
Home affordability has hit its lowest level in more than 16 years, with a median household now forced to spend over 40 percent of its income to afford a home. In December 2022, the average U.S. household would have had to spend 42.9 percent of its income to afford a home with a median price…
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