Commentary Fifteen years ago, the entire housing sector sunk from its highs. Because so much debt is involved in this market, carried by banks but then bundled without regard to risk and resold in financial markets, this turn of events precipitated a financial crisis that spread around the world. Government and central banks undertook unprecedented…
Now It’s Housing Again
April 21, 2023
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Existing Home Sales Drop as Mortgage Demand Crashes
April 21, 2023
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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…
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…
How to Cut Costs by Self-Managing Your Rental Properties
April 20, 2023
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By Dave Spooner Many small to mid-sized landlords want to self-manage their rental properties, and for good reason. Above all, self-managing your properties means more take-home revenue—you won’t have to say goodbye to a large portion of your rental income each month to pay a property manager or company. Another benefit is that you’ll be…
Are Home Purchase Preapproval Letters Helpful?
Dear Monty: We have a showing scheduled next week for a home. The seller’s agent is asking for a copy of our preapproval letter. Our approval is for quite a bit more than we are willing to offer, and we are concerned that when they learn we can pay more, they will not be as…
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…
IN DEPTH: US Commercial Real Estate Predictions Getting ‘Ugly’
The U.S. commercial real estate (CRE) market may crash soon and cause a ripple effect that could lead to a downturn as significant as the 2008 crisis, said a prominent real estate investment CEO. Speaking in an interview last week, Patrick Carroll, the CEO of the real estate investment firm Carroll, told CNBC that the…
‘Going To Be Ugly’: Commercial Real Estate Predictions Turn Dire
The U.S. commercial real estate (CRE) market may crash soon and cause a ripple effect that could lead to a downturn as significant as the 2008 crisis, said a prominent real estate investment CEO. Speaking in an interview last week, Patrick Carroll, the CEO of the real estate investment firm Carroll, told CNBC that the…
Retiring? If You Need a Home Loan, Get One First
Retired engineers Kelly and Derek Barkey assumed they would be approved when they applied for a $50,000 home equity line of credit two years ago to fix up their new house. The Barkeys, now 56 and 59, had just sold their longtime home in Southern California and paid cash for a house worth about $850,000…
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