Existing-home sales declined for the ninth straight month in October, falling 5.9 percent from September, according to the National Association of Realtors (NAR), revealing the demand-dampening effects of higher interest rates amid decades-high inflation. Existing-home sales for October registered a seasonally adjusted annual rate of 4.43 million, a fall of 28.4 percent from 6.19 million in 2021….
Sales of Previously Owned Homes Drop for Ninth Month Straight as Mortgage Increases and Inventory Falls
Top Wall Street Banks to Take Paper Losses of $17 Billion in Mortgage-Backed Securities
Rising mortgage rates are forcing big banks to write down losses on their mortgage-backed securities (MBS) amid the Federal Reserve’s tightening interest rate policy and regulations. An MBS is an investment product that bundles home loans and other real estate debts, which then are bought from the banks that issued them. Wall Street’s big four…
Hard Money Has Some Syndicators in Trouble
Commentary As of April 2022, experienced syndicators (those who raise money from investors to invest in real estate) stopped using hard money to secure deals. At the time, many investors were questioning this practice as not going hard on the money made those of us more experienced lose out on some potential cash-flowing properties. However,…
Surging Mortgage Rates Could Drive Home Prices Down 20 Percent: Dallas Fed
Surging mortgage rates are now threatening to drive U.S. home prices down as much as 20 percent, according to a new study. Many prospective buyers have been pushed out of the market due to rising home prices and higher mortgage rates. The sharp rise in mortgage rates this year “boost the odds of a severe…
Homebuilder Sentiment Falls to Low Levels as Buyer Traffic Evaporates
Homebuilder sentiment in newly built single-family homes dropped in November as prospective buyers shied away from making a purchase due to high costs, according to the National Association of Home Builders (NAHB). The NAHB/Wells Fargo Housing Market Index (HMI), which measures homebuilder sentiment, declined five points, to 33, and registered the 11th consecutive monthly decline,…
Mortgage Rates Decline Following Signs of Easing Inflation
After data showed inflation cooled in October, mortgage rates fell sharply on Thursday by its biggest ever margin, according to data from Mortgage Daily News (MDN). The Consumer Price Index (CPI) data released on Nov. 10 showed 12-month inflation growing by 7.7 percent in October, down from 8.2 percent in September, and below market expectations…
Mortgage Demand Drops as Rates Rise to 7.14 Percent, Near Highest Level Since 2001
With interest rates remaining high, demand for mortgages dropped during the week ended Nov. 4, according to the latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures mortgage loan-application volume, fell 0.1 percent from a week ago on a seasonally adjusted basis, according to an MBA press release on Nov. 9….
American Homeowners Lost $1.3 Trillion in Home Equity in the Third Quarter
In the third quarter, the market lost $1.3 trillion, or 7.6 percent in equity, as home values nationwide began to fall. This marked the largest quarterly decline on record, according to Black Knight, a mortgage software and analytics company. Following the unprecedented real estate boom of the last two years, signs of a slowing housing…
Consumer Confidence in US Housing Market Plunges to Record Low, Says Fannie Mae
Consumer confidence in the American housing market plunged to record low last month, according to a new survey. Growing mortgage rates, higher home prices, and economic instability have led to increased pessimism in the housing market nationwide. Only 16 percent of consumers surveyed said that they would consider buying a home in October, according to…
Mortgage Demand Slumps Again Despite Rates Easing as Housing Downturn Intensifies
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…
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