U.S. mortgage applications tumbled as potential buyers across the country ignored falling borrowing rates and stayed on the sideline due to still-high home prices. Applications for mortgage loans decreased 0.8 percent from a week earlier, according to data from the Mortgage Bankers Association (MBA) for the week ended Nov. 25, 2022, with an adjustment for the…
Mortgage Demand Drops as Potential Buyers Ignore Falling Rates and Stay on Sidelines
November 30, 2022
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30-year mortgageBusiness & Marketseconomic policieseconomyinflationInvestmentMarketspersonal financereal estaterefinanceUSUS Real Estate
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Proposed Tax Credit Bill Would Spur Creation of 500,000 Affordable Homes: Nonprofit
A coalition of nonprofits, industry trade groups, and state housing agencies is calling on Congress to pass a federal tax credit that would support the creation of 500,000 starter homes in low-income areas. In a letter (pdf) to U.S. House and Senate leaders dated Nov. 28, the nonprofit Neighborhood Homes Coalition urged lawmakers to pass the Neighborhood…
Slump in Canadian Home Prices Slows: Reports
The average home price in Canada is down to about $645,000 from a dramatic peak of over $800,000 in February, according to the Canadian Real Estate Association (CREA). But the drop in prices is slowing and sales are picking up. It could be the beginning of the end for the market downturn, say analysts. “Sales…
House Prices Fell in September in All 20 US Cities Tracked by S&P Global
November 29, 2022
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Business & Marketseconomyhousing marketinflationmortgage demandmortgage ratesreal estateU.S. home pricesUSUS Real Estate
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Home prices in 20 major cities across the United States fell in September, according to data from S&P Dow Jones Indices, indicating a deceleration in the housing market. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index fell by 1 percent on a monthly basis in September (before seasonal adjustment), with the 10-City composite…
Beijing Finally Wakes Up
Commentary After more than a year of delay, equivocation, and finger-pointing, Beijing seems to have awakened to its economy’s needs. The authorities have moved to enhance the liquidity of real estate developers. As this column has pointed out for months, this is something the authorities should have done more than a year ago when Evergrande…
US Housing Markets Are in Turmoil
No sector of the U.S. economy affects middle- and working-class Americans more than housing. Most Americans have the majority of their savings and net worth tied up in their homes. Housing is the primary asset that serves as a literal and metaphorical shelter in the storm, a store of value for the future, and as…
Greens Call Federal Government’s Housing Accord a ‘Complete Con’
November 28, 2022
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Affordable HousingAustraliaaustralian housing marketBusiness & MarketseconomyGlobal Real EstateInternationalJim Chalmerspersonal financereal estaterecessionsocial housingWorld
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The Greens party have accused the federal government of hustling Australians after an analysis by the Parliamentary Library alleged that only 2.02 percent of the one million homes promised under the National Housing Accord would be affordable. The National Housing Accord, announced on Oct. 25, by Treasurer Jim Chalmers, is a landmark agreement between the…
Homeowners Should Brace for Property Price Drop: Data, Experts
Real estate prices have declined over the past several months, but there could be much more to come, data and some experts indicate. The median home price has dropped by about 7 percent since its peak in June. It is still up by about 6 percent since October last year and more than 35 percent…
Will Adding an Accessory Dwelling Unit Pay Off?
November 27, 2022
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accessory dwelling unitsADUBrightEstateinvestingpersonal financepropertyreal estateWealth Management
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Accessory dwelling units (ADUs) are known by many names: in-law suites, guest houses, backyard cottages, or basement or garage conversions, among others. What all ADUs have in common is that they’re a separate living space typically added to a single-family residential lot, and they’re having a moment. Constructing an ADU could increase your property value…
Real Estate Group Founder Expects HK Property Prices to Fall 20 Percent in 2022
With increasing supply of properties due to more Hongkongers emigrating overseas, property prices plummet and are getting worse rapidly. According to the Centa-City Leading Index, since the beginning of 2022, HK property prices have fallen by more than 12 percent. The trend is also not too optimistic, as, in just the past 18 weeks, the…
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