Home sale numbers in the United States rose by a record, while new listings fell amid a slowing down in the housing market, according to real estate brokerage firm Redfin. There was a 15 percent increase in the total number of houses available for sale for the week ended Dec. 4 when compared to a…
Total Number of Homes for Sale Jumps by Record Amount as Housing Market Slowdown Continues
December 9, 2022
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Home Prices Will Fall for First Time in 10 Years: Real Estate Brokerage
December 8, 2022
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Yearly home prices in the United States are set to fall next year for the first time in a decade, with residential property sales also declining, according to real estate brokerage Redfin. The median home sales price is expected to drop by 4 percent to $368,000 in 2023, which will be its first annual decline…
More Than 40 Percent of Americans Expect the Housing Market to Crash Next Year: Survey
December 7, 2022
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A lot of consumers have a very gloomy outlook about the market due to news of mass layoffs, high inflation, and rising credit card debt, according to a new survey that shows 41 percent of Americans believe the housing market will crash next year. The survey was conducted on more than 2,000 American consumers by…
House Prices Fell in September in All 20 US Cities Tracked by S&P Global
November 29, 2022
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Home prices in 20 major cities across the United States fell in September, according to data from S&P Dow Jones Indices, indicating a deceleration in the housing market. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index fell by 1 percent on a monthly basis in September (before seasonal adjustment), with the 10-City composite…
Mortgage Rates Drop to 2-Month Low Sending Demand Up
November 23, 2022
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U.S. mortgage rates declined for a second straight week, hitting a two-month low while mortgage applications increased 2.2 percent for the week ending Nov. 18 from a week earlier, according to an industry association, reflecting a slight improvement in the constrained housing market. “The 30-year fixed-rate mortgage fell for the second week in a row…
Sales of Previously Owned Homes Drop for Ninth Month Straight as Mortgage Increases and Inventory Falls
November 18, 2022
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Existing-home sales declined for the ninth straight month in October, falling 5.9 percent from September, according to the National Association of Realtors (NAR), revealing the demand-dampening effects of higher interest rates amid decades-high inflation. Existing-home sales for October registered a seasonally adjusted annual rate of 4.43 million, a fall of 28.4 percent from 6.19 million in 2021….
Top Wall Street Banks to Take Paper Losses of $17 Billion in Mortgage-Backed Securities
November 18, 2022
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Rising mortgage rates are forcing big banks to write down losses on their mortgage-backed securities (MBS) amid the Federal Reserve’s tightening interest rate policy and regulations. An MBS is an investment product that bundles home loans and other real estate debts, which then are bought from the banks that issued them. Wall Street’s big four…
Surging Mortgage Rates Could Drive Home Prices Down 20 Percent: Dallas Fed
November 17, 2022
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Surging mortgage rates are now threatening to drive U.S. home prices down as much as 20 percent, according to a new study. Many prospective buyers have been pushed out of the market due to rising home prices and higher mortgage rates. The sharp rise in mortgage rates this year “boost the odds of a severe…
Toronto’s House Prices Will Continue to Fall, but Not at the Speed Seen This Spring: RBC Report
Despite soaring interest rates that have dampened Toronto’s housing market in recent months, a new RBC report says the slide in activity “seems to be stabilizing.” “The last four months have been very quiet but the sharp declining trend seems to be stabilizing,” said Robert Hogue, assistant chief economist at RBC, in his Nov. 7…
Mortgage Rates Decline Following Signs of Easing Inflation
November 11, 2022
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After data showed inflation cooled in October, mortgage rates fell sharply on Thursday by its biggest ever margin, according to data from Mortgage Daily News (MDN). The Consumer Price Index (CPI) data released on Nov. 10 showed 12-month inflation growing by 7.7 percent in October, down from 8.2 percent in September, and below market expectations…
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