The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market. Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week…
Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash
September 16, 2022
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Homebuilders and Investors Are Feeling the Intensity of the Struggling Housing Market
Homebuilders are slowing down construction due to the struggling housing market. According to the U.S. Census Bureau, the sale of newly built homes has dropped to a five-year low, at around 511,000 for the month of July. The July census data also show that new homes actively under construction are at about 839,000, which would make…
Working Wages Don’t Pay Rent in Orange County, Report Says
September 15, 2022
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An average worker cannot afford market-rate apartments in Orange County, New York, in 2022, according to a newly released report by Hudson Valley Pattern for Progress. To afford a one-bedroom apartment in the county, which has a fair market rate of $1,107, a renter must have a regular 40-hour-a-week job that pays over $20 an…
Queensland to Host Summit to Deal With Lockdown-Driven Migration, Homelessness
September 13, 2022
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The government of Queensland has announced a Housing Summit to deal with several issues plaguing the state’s housing market following an interstate migration boom driven by lockdowns in Australia’s big southern cities. Premier Annastacia Palaszczuk said an initial roundtable on Sept. 16 will be held followed by the larger Summit in October. “Nothing is more…
Housing Activity ‘Took a Nosedive’ as Mortgage Rates Hit 15-Year Highs—a Chart That Says It All
Mortgage rates are at their highest point since the Great Recession as housing affordability continues to decline, according to Freddie Mac (OTC:FMCC) data. The 30 year fixed increased from 5.66 percent to 5.89 percent. The long-term rate hasn’t been this high since November 2008, shortly after the Great Recession was triggered by the collapse of…
Australian Government Brings Forward Regional Housing Scheme for First-home Buyers
Regional Australians having difficulty getting into the housing market may be able to access a new federal government grant from October 1. In July, the Labor government introduced the Regional First Home Buyer Guarantee (RFHBG) scheme as an expansion of the Home Guarantee Scheme in an effort to boost home ownership in the country. The…
These US Cities See the Largest Increase in Rent Prices
September 9, 2022
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While New York, California, and Boston, Massachusetts, continue to be the most expensive rental markets in the country, some unexpected locales have actually experienced the largest increases in one-bedroom rental prices year over year. The August report from Rent.com puts Greensboro, North Carolina, at the top of the list, with rent hikes of 74.2 percent,…
Rental Market Under Pressure in Brisbane, Queensland After Lockdown-Driven Migration
September 8, 2022
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Demand for rental properties remains sky high in the capital city of Queensland, Australia, following months of interstate migration from some of the most heavily locked down cities in the country. The latest figures from the Australian National University and CoreLogic, a property data firm, showed that rental vacancies in the Greater Brisbane area—around 2.5…
Rental Market Under Pressure in Brisbane, Australia After Lockdown-Driven Migration
September 8, 2022
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Demand for rental properties remains sky high in the capital city of Queensland, Australia, following months of interstate migration from some of the most heavily locked down cities in the country. The latest figures from the Australian National University and CoreLogic, a property data firm, showed that rental vacancies in the Greater Brisbane area—around 2.5…
Average US Homes Selling Below Listed Price as Market Slowdown Continues
September 7, 2022
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The average American home is now selling below its asking price for the first time since March 2021, according to data from online brokerage Redfin. According to Redfin, the average sale-to-list price ratio fell to 99.8 percent in the four-week period ended Aug. 28—the first time it was below 100 percent in almost 18 months. The number of listings…
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