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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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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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…
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,…
New Home Sales Fall as Mortgage Rates Rise, Eroding Demand
October 27, 2022
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Business & Marketseconomyinflationlack of affordabilityMarketsnew home salesreal estaterecessionrising mortgage ratesU.S. home pricesUSUS Real Estate
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The purchase of new homes fell last month as mortgage rates surged and sapped demand, the latest data from the U.S. Census Bureau show. “Sales of new single-family houses in September 2022 were at a seasonally adjusted annual rate of 603,000 … This is 10.9 percent below the revised August rate of 677,000 and is…
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