U.S. mortgage rates declined for a second straight week, hitting a two-month low while mortgage applications increased 2.2 percent for the week ending Nov. 18 from a week earlier, according to an industry association, reflecting a slight improvement in the constrained housing market. “The 30-year fixed-rate mortgage fell for the second week in a row…
Mortgage Rates Drop to 2-Month Low Sending Demand Up
November 23, 2022
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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,…
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…
Mortgage Demand Slumps to 25-Year Low as Rates Climb
October 20, 2022
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Demand for mortgages has fallen to a multi-decade low amid rising interest rates that have hit record levels, according to the Mortgage Bankers Association (MBA). MBA’s Market Composite Index, which measures the volume of loan applications, fell 4.5 percent for the week ending Oct. 14 from a week earlier on a seasonally adjusted basis, an…
US Home Prices Decline by Record Margin Since 2009 Financial Crisis: Report
October 4, 2022
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Home prices across the United States fell by a large margin in the month of August, while inventory levels stalled, according to a recent report by mortgage analytics firm Black Knight. Median home prices declined by 0.98 percent in August, after falling by 1.05 percent in July, according to a press release on Oct. 3. July and…
What Do Zoning Laws and the Fed Have to Do With National Security?
October 3, 2022
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Commentary Inflation is hitting us at the gas pump, supermarket, as well as mortgage and rent. While the Federal Reserve (Fed) tries to beat inflation by increasing interest rates, that actually makes mortgage and rent payments worse, not better. Average mortgage payments at the mean have increased by almost 60 percent since the fourth quarter…
US Home Prices Cooled at a Record Pace in June
August 2, 2022
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Skyrocketing mortgage rates and inflation in the United States have caused the housing market to tumble in June, allowing historically high home prices to stabilize and unit stock to grow, according to a report from mortgage data analytics firm Black Knight. The rise in housing prices rapidly slowed in June, according to the report, though…
Houses for Sale Are Staying on the Market Longer as Bidding Wars Fizzle, Demand Sinks
July 25, 2022
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Houses in the United States are taking longer to sell as bidding wars have decreased and demand has dipped, according to real estate brokerage firm Redfin. For the four weeks ending July 17, the typical home was on the market for 19 days before being sold, one day more than the same period in 2021,…
Zillow Revises Home Price Appreciation Forecast, New Prediction Down 8 Points
Home prices in the United States, which are showing signs of cooling following a pandemic-recovery spike, are now expected to rise at a slower rate than previously predicted, according to real estate marketplace firm Zillow. In its March report, Zillow predicted home prices would rise 17.8 percent year-over-year by February 2023. In its latest forecast…
Home Listings Rise in June While Prices Begin to Drop, Demand Reaching ‘Breaking Point’
July 1, 2022
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Business & Marketseconomyhome listingshousing inventorymortgage ratesreal estaterealtorU.S. home pricesUSUS Real Estate
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The U.S. housing market seems to be cooling off as the tight inventory situation shows signs of reversal, according to data from real estate listings website Realtor. In June, the number of real estate listings increased by 18.7 percent compared to the same time in 2021, according to a June 30 news release by the…
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