Recession has been the buzzword in the real estate industry ever since mortgage interest rates started to climb toward 6 percent. The latest report from the National Association of Realtors (NAR) indicates that existing home sales across the United States have been shrinking for the past six months. Sales dropped 26 percent, from 6.5 million…
Blackstone-Owned Landlord to Cease Buying Homes in 38 Cities as US Housing Market Slows
August 29, 2022
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A single-family landlord firm owned by the private investment company, Blackstone, will end it purchases of homes in 38 American cities, as the U.S. housing market begins to slow down dramatically. The residential property company, Home Partners of America, (HPA) was acquired by Blackstone in June 2021 for $6 billion at the height of the COVID-19 pandemic housing…
The Start of the 2022 Housing Crash
Empty homes have started to pile up across the country. Inventory is surging, along with price cuts in cities least expected. Counties where there has been a large influx of buyers—such as in Tampa, Fla.; Dallas, Tex.; and Phoenix, Ariz.—are now seeing a large influx in inventory. The housing market is in bubble territory due…
Home Sales Drop 6 Percent in July as ‘Housing Recession’ Hits, Says NAR
August 18, 2022
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Existing U.S. home sales have dropped 5.9 percent in July, the sixth consecutive month of decline, according to the National Association of Realtors (NAR), which admitted a “housing recession.” At a seasonally adjusted annual rate of 4.81 million, home sales are down 25.9 percent since January and 20.2 percent from a year ago. “The ongoing…
‘Severe’ Housing Slump Possible With 15 Percent Price Drop: Fitch
August 17, 2022
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The likelihood of a severe downturn in the U.S. housing market has risen, according to an August 17 report from credit reporting agency Fitch Ratings. “However, our ratings-case scenario provides for a more moderate pullback that includes a mid-single-digit decline in housing activity in 2023, and further pressure in 2024,” said Fitch, after it recently affirmed a…
Lumber Prices Poised to Stabilize Amid Rising Interest Rates, Cooling Housing Market
The past couple of years have been highly volatile for lumber prices, topping $1,500 in 2021 and $1,400 per thousand board feet in 2022. Lumber has plummeted nearly 50 percent year to date, to below $600, but the raw material has experienced a modest rebound from recent lows over the last week. Since lumber’s peak…
Drastic Drop Unlikely for US Housing Market, Economist Says
As the U.S. real estate market slowly cools and sales volumes decrease significantly, whether housing prices will plummet has become a major concern for many. But one economist has predicted there will not be an abrupt collapse as experienced after the previous U.S housing bubble. Due to the FED’s interest rate hike and rising mortgage…
Mortgage Demand Sinks to 22-Year Low as Recession Fears Mount
July 21, 2022
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Mortgage applications in the United States decreased 6.3 percent for the week ending July 15 compared to the previous week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Mortgage demand fell for a third week in a row to the lowest point since 2000 as high inflation and interest rates hammered…
Housing Heat Index: Which State Real Estate Markets Are Doing the Best, Worst During the Pandemic Boom?
By Jeff Ostrowski From Bankrate.com Before the coronavirus recession, Utah’s housing market was on fire. Then came the COVID-19 pandemic, which sent residents of Northern California and Seattle in search of affordable homes and more space, and an already-hot market grew hotter. Dave Robison, past president of the Utah Association of Realtors, sums up the…
US Housing Market Proving Resilient
July 1, 2022
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Commentary A U.S. housing market downturn will arrive, but it won’t be anything like 2008. After an unreasonably hot period for home prices following the COVID-19 pandemic, fueled by a new suburban migration wave and historically low interest rates, pundits are calling for a major housing crash similar to the one experienced during the Great…
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