Even though mortgage rates eased down a bit, demand for mortgages fell for the week ended Oct. 28, according to data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures mortgage loan-application volume, declined by 0.5 percent on a seasonally adjusted basis for the week ended Oct. 28 when compared to a…
Mortgage Demand Slumps Again Despite Rates Easing as Housing Downturn Intensifies
November 2, 2022
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Business & MarketseconomyHome saleshousing marketMarketsmortgage applicationsmortgage demandreal estaterecessionrising mortgage ratesU.S. interest rate hikesUSUS Real Estate
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Chinese Real Estate Giant Country Garden Downgraded to ‘Hold’ with Debts Risks
China’s largest private-sector developer, Country Garden (02007.HK), was recently downgraded from investment level due to its sluggish cash flow, closing to a debt default. The real estate giant has launched several rounds of self-help efforts since last year, including cutting the annual salary of its founder by 97 percent. HSBC Research in an October report…
Australian House Prices Fall for Sixth Consecutive Month in October
Home values across Australia have experienced their sixth consecutive drop in October, with Brisbane leading the downward trend. According to real estate data provider CoreLogic, national dwelling values dipped another 1.2 percent in October, following a 1.4 percent drop in September and a 1.6 percent decrease in August. House prices in Brisbane dropped at the…
Homebuyers Fleeing Big Cities Due to High Inflation and Rates
November 1, 2022
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Business & MarketsCalifornia housing marketeconomyhome buyersinflationMarketsreal estaterelocationrising mortgage ratesSacrementoU.S. home pricesUSUS Real Estate
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Homebuyers are increasingly moving to affordable places within the country as U.S. mortgage rates crossed the 7 percent mark last month and decades-high inflationary pressures cut into real incomes. According to Seattle-based real estate brokerage Redfin, homebuyers are looking to move into Sacramento, Las Vegas, and Tampa, with the biggest outflows seen in San Francisco,…
Homebuilders Worried About Steeper Downturn in the Housing Market
November 1, 2022
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Business & Marketseconomyhome priceshousing affordabilityhousing marketMarketsreal estaterising mortgage ratesU.S. home salesUSUS NewsUS Real Estate
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As the housing market cools down, homebuilders are concerned that the downturn might be too steep for them to handle. The COVID-19 economy was a good time for homebuilders as low interest rates and higher demand saw home prices spike by more than 40 percent in two years. But now that mortgage rates are elevated,…
Can’t Afford a Home in the US? Experts Share Their Top Tips Before Investing Overseas
It’s no secret among Americans that many would-be homebuyers have been priced out of the market due to rising mortgage interest rates and persistent inflated listing prices. Some are now considering more affordable options abroad, but experts are warning potential buyers to do their homework before shelling out their savings for the American Dream overseas….
Pending Home Sales Plunge as US Housing Market Gets Rocked by High Mortgage Rates
The number of pending home sales plunged in September due to soaring mortgage rates, according to data released on Friday by the National Association of Realtors. The group’s pending home sales index declined 10.2 percent last month, far exceeding what analysts had predicted for September. Pending transactions fell 31 percent year-over-year, it found. It noted…
US Mortgage Rates Hit Over 7 Percent, the Highest in Over Two Decades
October 28, 2022
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Business & Marketseconomic policieseconomyFreddie MacHome salesinflationInvestmentMarketsmortgage ratespersonal financereal estateUSUS Real Estate
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Mortgage rates rose above 7 percent for the first time in more than 20 years, as the American housing market continues to decline. Prior to March of this year, home-borrowing rates were on the way down after a 40-year low, before the Federal Reserve started to increase interest rates to combat out of control inflation….
Building on Floodplains Over: Leaders
Governments have called an end to housing developments on floodplains as a major buyback scheme is unveiled for people affected by catastrophic flooding in the New South Wales (NSW) Northern Rivers. The $520 million (US$335 million) buyback scheme is the centrepiece of an $800 million package co-funded by the NSW and federal governments to give…
Must-Have Home Features for Buyers in a Recession
During 2021 and the start of 2022, swimming pools were just one must-have for homebuyers. The pandemic lockdown spurred many people to make their homes private resorts in case vacations were out of the question—also, the more square footage, the better when buying a home. But things have changed. Home prices and interest rates make…
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