The U.S. housing market lost more than $2 trillion in home value during the second half of 2022 as homebuyer demand waned amid elevated mortgage rates, even as home prices fell 11.5 percent from their May peak, according to real estate brokerage Redfin. At the end of 2022, the total value of U.S. homes was…
American Housing Market Loses $2.3 Trillion of Value
February 24, 2023
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30-year mortgageBusiness & Marketseconomic policieseconomyhomebuyer demandmortgage affordabilityreal estaterising mortgage ratesU.S. housing marketUSUS NewsUS Real Estate
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New Home Prices Drop in Canada in Most Cities Thanks to Higher Mortgage Rates: StatCan
New home prices have dropped again, declining 0.2 percent month over month in January in 25 of 27 cities, according to a new report by Statistics Canada (StatCan). In the New Housing Price Index for January 2023, released on Feb. 22, the agency indicated that higher mortgage rates are putting pressure on new house prices,…
Mortgage Insurance Costs Being Cut by $800 for 850,000 Americans
February 23, 2023
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Business & Marketseconomic policieseconomyExecutive BranchFHAHUDMarketsmortgage insurancepersonal financePolicies & ImpactsPoliticsreal estateUSUS NewsUS Real Estate
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U.S. mortgage insurance costs are being cut by $800 for 850,000 Americans. Families buying their first home will be eligible to receive some relief from mortgage insurance payments, following an announcement by the White House on Feb. 23. Vice President Kamala Harris announced the new program during an event in Maryland on Feb. 23 along…
US Mortgage Rates Continue Upward Trend, Weighing on Housing Affordability
A new survey revealed that U.S. mortgage rates continue to rise as interest rates adjust in response to stronger-than-expected economic growth. According to Freddie Mac’s Primary Mortgage Market Survey (PMMS), the 30-year fixed-rate mortgage (FRM) averaged 6.5 percent for the week ending Feb. 23, up 18 basis points from 6.32 percent in the previous week….
Mortgage Rates Surge Back Toward 7 Percent, Sending Demand for Home Loans Down by Double Digits
Mortgage applications plunged as the 30-year fixed mortgage rate inched higher toward 7 percent, a weekly industry survey discovered. For the week ended Feb. 17, the seasonally adjusted Market Composite Index—a measurement of mortgage loan application volumes—declined 13.3 percent, down from the 7.7 percent drop in the previous week, according to the Mortgage Bankers Association…
New Zealand Raises Interest Rate to 4.75 Percent, Eating Into Housing Affordability
February 22, 2023
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Asia & PacificAustraliaBusiness & MarketsGlobal Real Estatehousing affordabilityinflationinterest rate hikesofficial cash ratereal estaterecessionReserve Bank of New ZealandWorld
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New Zealand’s central bank has raised the official cash rate (OCR) by another 50 basis points to 4.75 percent after Cyclone Gabrielle destroyed the livelihood of many Kiwis. “It is too early to accurately assess the monetary policy implications of these weather events, given that the scale of destruction and economic disruption are only now…
New Portuguese Law Will Force Owners of Vacant Homes to Get Tenants
February 21, 2023
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Business & Marketseconomic policieseconomyEuropeGlobal Real Estategolden visahousing crisisInvestmentPortugalreal estateWorld
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The Portuguese government announced new measures last week to handle the country’s housing crisis, including ending the so-called “golden visa” program, and would put a ban on short-term holiday rental licenses, like for Airbnbs. Lisbon wants to force owners of vacant properties across Portugal to open them up to long-term renters because of soaring home and…
Buyer Damages Home Then Backs Out
Dear Monty: On the morning of closing, the buyer did the final walk-through. Then his agent called, asking about the water valve replaced years earlier. They used this incident to extort 500 dollars from my agent. I wasn’t talking with this buyer. The sale of my house was contingent on him selling his home. While…
Tuesday Morning Becomes Latest US Retailer To Close Stores
Tuesday Morning, the beleaguered discount home goods retailer, will shutter more than half of its stores nationwide after filing for Chapter 11 bankruptcy protection on Feb. 14. The Dallas-based company confirmed that it will shutter 263 stores that are situated mainly in “low-traffic regions.” Tuesday Morning operates 487 stores with approximately 1,600 full-time and 4,700…
How Much Can Discount Real Estate Brokers Save Home Sellers?
February 20, 2023
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Business & MarketsCommissionhome sellersInvestmentreal estatereal estate brokersUSUS NewsUS Real Estate
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The average American is always looking for ways to save money—from markdowns on a dozen eggs to deductions on realtor commissions when they sell their homes. Over the past few years, discount commission brokerages have been popping up all over the country, guaranteeing commissions as low as 1.5–3.0 percent on each home sale. But how…
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