Existing home sales fell in March, as higher interest rates continued to put pressure on borrowers, but some analysts believe that the housing market slump is nearing an end. Rising mortgage rates last month were a likely factor in deterring buyers by adding downward pressure on housing values, as fewer borrowers can afford higher payments. Home…
Existing Home Sales Drop as Mortgage Demand Crashes
April 21, 2023
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Housing Agency Rules Will Force Homeowners With Good Credit to Subsidize High-Risk Borrowers
April 20, 2023
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The Biden administration will soon punish Americans with high credit ratings to pay more for their mortgages to subsidize loans for homebuyers with lower scores. Starting May 1, Americans purchasing a new home or are refinancing their existing mortgages will have to pay higher mortgage rates and monthly fees if they have a higher credit score, The…
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…
De Blasio Argues ‘MAGA Extremism’ Will Be Florida’s Achilles Heel
April 17, 2023
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During a debate that pitted Florida against New York, former New York City Mayor Bill de Blasio claimed that “MAGA extremism” will ultimately undermine the Sunshine State, even as it attracts tens of thousands of former New Yorkers. The Democrat predicted many skilled Floridians would leave the state due to policies such as a newly…
Baby Boomers Replace Millennials as Nation’s Top Home-Buying Generation
A just-released study by the National Association of Realtors (NAR) indicates baby boomers have now surpassed millennials when it comes to home-buying in the United States. In its 2023 Home Buyers and Sellers Generational Trends Report, the NAR indicates the boomers, aged 58–76, comprised 39 percent of all homebuyers at the end of 2022—a 10-point…
High Mortgage Rates Dampen Home Buying Amid Limited Inventory
April 7, 2023
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High mortgage rates have dampened home-buying demand, although a dwindling inventory has resulted in available properties selling out fast in some parts of the country. In the four weeks ended April 2, new listings declined by 21.8 percent compared to a year earlier, according to a news release on April 6 by real estate brokerage Redfin. This…
Morgan Stanley Warns of Something ‘Worse Than Great Financial Crisis’ for Commercial Real Estate Market
Morgan Stanley analysts have issued a stark warning regarding the commercial real estate market in the wake of banking turmoil after the collapse of Silicon Valley Bank (SVB) and Signature Bank last month. In a weekly Global Investment Committee note published on April 3, Lisa Shalett, chief investment officer for Morgan Stanley Wealth Management, noted that the commercial real estate sector faces…
Rental Market Bust Just Around the Corner, Experts Warn
April 4, 2023
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The collapse of the U.S. rental market is just around the corner, some real estate experts warn. Rental prices finally dropped to pre-pandemic levels last month after millions of Americans struggled to keep up with skyrocketing housing costs since the start of the pandemic. In a series of recent tweets, Nick Gerli, the CEO & Founder of…
Home Prices Suddenly Jump After 7 Months Of Declines
April 3, 2023
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U.S. home prices have suddenly jumped after seven months of declines, according to a recent report. Home prices rose 0.16 percent nationally in February compared to January, when adjusted for seasonality, according to Black Knight’s latest Mortgage Monitor Report from April 3. This was the first monthly increase after seven months of declining housing costs. A…
Record Share of Americans Relocating to New Metro—Here’s Where They’re Going
Over a quarter or 25.1 percent of house hunters in the United States were seeking to relocate to a new metropolitan area in February, according to real estate company Redfin. The interest to relocate registered at 22.9 percent in 2022, and approximately 18 percent prior to the pandemic. The latest number is a record high,…
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