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,…
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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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,…
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….
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 Falls to 25-Year Low as Interest Rates Top 7 Percent: Mortgage Bankers Association
October 26, 2022
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Business & Marketseconomyhousing marketinflationMarket Composite IndexMarketsmortgage bankers associationmortgage demandmortgage ratesreal estateUSUS Real Estate
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Mortgage applications have fallen to their lowest level in 25 years as interest rates hit record highs, according to the Mortgage Bankers Association (MBA). The MBA’s Market Composite Index, which measures mortgage application loan volume, fell 1.7 percent on a seasonally adjusted basis for the week ending Oct. 21 compared to a week earlier, according…
Goldman Sachs Analysts Expect Housing Market to Deteriorate Further as Rate Hikes Are Not Fully Felt
October 25, 2022
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Business & Marketseconomic policieseconomyhomebuilder sentimenthousing marketinflationmortgagereal estateUSUS Real Estate
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Goldman Sachs analysts have warned that the already weak housing market may face further trouble, as the effect of high mortgage rates has yet to be fully felt. The analysts say that the housing market is expected to slide in the coming months, as existing homes sales data for September failed to fully capture the…
US Home Prices Slowed in August at Fastest Pace on Record: Report
U.S. home price increases in August slowed at the fastest pace on record amid surging mortgage rates, according to a new report. Prices climbed 13.0 percent nationally in August as compared with the previous year, or down from 15.6 percent in July, according to the S&P CoreLogic Case-Shiller index. It noted that it’s the largest deceleration…
Earn Less Than $100,000 per Year? You Could Be Priced Out of Rentals in America’s Top 15 Cities
If you earn less than $100,000 a year, you may find it difficult to secure a rental apartment in the top 15 cities in the United States. In fact, a recent report from Apartment Guide found that households need an annual income of at least $254,000 to rent an average apartment in New York City…
Existing Home Sales Fall to a 10-Year Low as US Housing Recession Deepens
October 21, 2022
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Business & Marketseconomic policieseconomyHome salesinflationmortgage ratesreal estateUSUS Real Estate
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Existing home sales have fallen to their slowest pace in 10 years, as the U.S. housing recession worsens. Home sales have not been this slow since September 2012, with the exception of the first few months of the pandemic, and are 23.8 percent lower from the same time last year. Sales of previously owned homes in…
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