As mortgage rates are up near 7 percent and home sales slow down across the country, many are wondering if the Golden State of California is still a seller’s market. Real estate experts predict that California’s housing market will soften in 2023, with home prices expected to fall by 8.8 percent. However, they believe that…
Realtors’ Association Projects Softening Housing Market With Moderate Recession in California in 2023
October 13, 2022
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Wall Street Expects Second-Biggest Home Price Drop Since Great Depression
October 6, 2022
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Business & Marketseconomyhome priceshousinginflationinterest ratesMarketsmortgage ratesreal estaterecessionUSUS NewsUS Real Estate
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Top investment firms, including Morgan Stanley, are predicting a significant drop in U.S. home prices amid high mortgage rates, elevated home prices, and affordability challenges. Morgan Stanley is calculating home prices to dip by 7 percent by the end of 2023, which is more than twice as large as the 3.1 percent peak-to-trough decline seen…
Mortgage Application Pace Plunges to 25-Year Low as Housing Recession Deepens
October 5, 2022
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The pace of mortgage applications has fallen to a multi-decade low amid high housing interest rates, according to the latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, declined by 14.2 percent on a seasonally adjusted basis for the week ended Sept. 30, 2022, compared…
US Home Prices Decline by Record Margin Since 2009 Financial Crisis: Report
October 4, 2022
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Home prices across the United States fell by a large margin in the month of August, while inventory levels stalled, according to a recent report by mortgage analytics firm Black Knight. Median home prices declined by 0.98 percent in August, after falling by 1.05 percent in July, according to a press release on Oct. 3. July and…
How Much Will a House Cost by 2030? Predictions and Tips to Start Saving
By David McMillin From Bankrate.com Just 17 percent of Americans believe it’s a good time to buy a home, according to a recent survey from Fannie Mae. Between higher mortgage rates, still-high home prices and broader inflationary pressure, putting off buying a home might be the only option for some. What happens if you wait, though?…
Smith & Wesson Sued Over July 4 Shooting; Mortgage Rates Jump to Highest Since 2008 | NTD Business
Victims of a mass shooting sue a major gunmaker, accusing it of illegally targeting young men prone to violence with its ads. Mortgage rates are hitting a level not seen since the global financial crisis; is it still a good time for you to buy a home? The UK’s central bank says it’ll buy an unlimited amount…
Mortgage Refinancing Hits 22-Year Low as 30-Year Mortgage Rates Seen Rising Above 7 Percent
September 28, 2022
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Mortgage rates jumped again last week after the Federal Reserve reaffirmed its aggressive policy to raise interest rates to fight inflation. The average interest rate for a 30-year fixed-rate mortgages for conforming loan balances rose to 6.52 percent from 6.25 percent. Points increased from 0.71 to 1.15, including the origination fee, for 80 percent of…
Mortgage Refinancing Hits 22-Year Low as 30-Year Mortgage Rates Rise Above 7 Percent
September 28, 2022
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30-year mortgageBusiness & Marketseconomic policieseconomyhousing marketinflationMarketsmortgage ratespersonal financereal estaterecessionUSUS Real Estate
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Mortgage rates jumped again last week after the Federal Reserve reaffirmed its aggressive policy to raise interest rates to fight inflation. The average interest rate for a 30-year fixed-rate mortgages for conforming loan balances rose to 6.52 percent from 6.25 percent. Points increased from 0.71 to 1.15, including the origination fee, for 80 percent of…
Ex-Treasury Secretary Says ‘We’re in New Financial Territory’
September 28, 2022
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Lawrence Summers, the former Secretary of Treasury under the Clinton administration, has warned that home mortgage rates are set to climb even higher. “The U.S. 10-year rate just crossed above 4 percent. Mortgage rates comfortably exceed 7 percent. We are now in new financial territory,” Summers noted in a tweet on Sept. 28. The average contract rate…
Home Prices Cooled Down at Fastest Pace in ‘History of the Index’
September 27, 2022
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U.S. home prices decelerated at a record pace in July, despite remaining elevated compared to a year back, according to S&P Dow Jones Indices. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, registered a 15.8 percent gain in July 2022 compared with July 2021, a Sept….
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