Demand for mortgages dropped as interest rates rose to new highs, with both purchase and refinance mortgage applications registering weekly declines. MBA’s Market Composite Index, which measures mortgage loan application volume, fell by 5.7 percent for the week ending May 12 compared to the previous week, according to a May 17 press release. Joel Kan,…
Mortgage Demand Declines as Rates Continue to Rise
May 18, 2023
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Home Prices Jump in Nearly 70 Percent of Residential Markets in First Quarter
May 10, 2023
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U.S. home prices rose in a majority of markets during the first quarter of the year, with around one in 14 markets seeing a double-digit increase in prices. Single-family existing-home sales prices rose in 152 of the 221 tracked markets in Q1, 2023, according to a May 9 press release by the National Association of…
Commercial Real Estate Could Trigger the Next Big Bank Shock
May 4, 2023
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Commentary Charlie Munger, believed by some to be the real “brains” behind Berkshire-Hathaway, the multinational investment leviathon helmed by Warren Buffet, recently told The Financial Times, “We have a lot of troubled office buildings, a lot of troubled shopping centres, a lot of troubled other properties. There’s a lot of agony out there” in real…
Midwest Rents on the Rise, While California Sees Rents Dip After 2 Years
For the first time in two years, high-priced California rentals have undergone a slight decline, while markets in the Midwest are experiencing an increase in monthly rentals. Realtor.com’s March rental report indicates 14 markets in California have seen year-over-year declines, including Riverside-San Bernardino at -5.3 percent, Sacramento at -2.1 percent, and San Francisco and Los…
ANALYSIS: Will Commercial Real Estate Be the Next Market to Crash?
News Analysis A storm is brewing in the U.S. commercial real estate market, says Charles Munger, vice chair of Berkshire Hathaway. During an interview, the 99-year-old legendary investor told the Financial Times that U.S. banks have plenty of “bad loans” and will be vulnerable when the “bad times come” and commercial property prices crater. “It’s…
States Protest Biden’s Move to Hike Mortgage Fees for Buyers With Good Credit
May 3, 2023
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Financial officers from 27 states issued a letter to President Joe Biden protesting a new policy from the Federal Housing Finance Agency (FHFA) that increases mortgage fees for some higher-credit borrowers while lowering them for more risky borrowers. This policy, which critics say will penalize people with good credit and encourage risky borrowing, went into…
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…
Moody’s Forcasts 10 Percent Fall in House Prices Over Next 2 Years Amid Higher Rates
April 24, 2023
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The American housing market may fall even further as rising mortgage rates suppress demand and the stock of new homes begins to grow, according to Moody’s. Home prices are expected to tumble between 5 and 10 percent over the next two years, Moody’s economist, Matthew Walsh, told Yahoo Finance in an April 18 interview. Walsh noted a…
Pennsylvania Offers $50,000 Grants to Low-Income Homeowners for Repairs
April 24, 2023
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In Pennsylvania, where the median income is $68,000 per household or $38,000 for individuals, taxpayers are giving low-income homeowners and landlords up to $50,000 for home repairs. Homeowners will get grants and landlords with affordability restrictions will get loans. The state legislature passed the Whole-Home Repairs Program in the summer of 2022 with $125 million…
Housing Payments Rise Across US Despite Fall in Home Prices
April 22, 2023
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Even though U.S. home prices have fallen by their biggest margin in over ten years, monthly housing payments have hit a record high, according to real estate brokerage Redfin. Median home-sale price fell 2.6 percent from a year back during the four weeks ending April 16, Redfin said in a press release Thursday—the biggest decline in…
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