Home construction companies continue to be stuck in a deep rut, as confidence in the market falls once again this month. Rising mortgage rates and building material shortages have made new housing less affordable for most of the year, pushing away first-time buyers. The National Association of Home Builders (NAHB) reported on Oct. 19 that its monthly…
Homebuilder Confidence Falls for Record Tenth Straight Month
October 19, 2022
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Business & MarketsCompanieseconomic policieseconomyhome builder sentimentinflationInvestmentMarketsmortgage ratesreal estateUSUS Real Estate
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Homebuilder Confidence Falls for Record 10th Straight Month
October 19, 2022
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Business & MarketsCompanieseconomic policieseconomyhome builder sentimentinflationInvestmentMarketsmortgage ratesreal estateUSUS Real Estate
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Home construction companies continue to be stuck in a deep rut, as confidence in the market falls once again this month. Rising mortgage rates and building material shortages have made new housing less affordable for most of the year, pushing away first-time buyers. The National Association of Home Builders (NAHB) reported on Oct. 19 that its monthly…
In Times of High Inflation, What Happens to Rents?
Commentary In times of high inflation, what happens to rents? Tenants are getting squeezed with higher prices for food, medical care, gas, and everything else, hence they have less money available for paying rent. Will this also create a crisis for rent-collecting landlords that have their own set of mortgage and property-operating expenses? Any other…
California Home Sales Drop 30 Percent as Housing Recession Bites
Sales of homes in California were down more than 30 percent in September compared to a year prior, resuming a declining trend that began earlier this year amid soaring interest rates and inflation. Owing to a rise in rates, last month’s median home price was $821,680, which was down 2.1 percent from August, but up 1.6 percent…
Realtors’ Association Projects Softening Housing Market With Moderate Recession in California in 2023
October 13, 2022
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Business & MarketsCalifornia housing marketeconomyMarketsmortgage ratesreal estateRegional-Local NewsU.S. real estate marketUSUS Real Estate
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As mortgage rates are up near 7 percent and home sales slow down across the country, many are wondering if the Golden State of California is still a seller’s market. Real estate experts predict that California’s housing market will soften in 2023, with home prices expected to fall by 8.8 percent. However, they believe that…
Mortgage Demand Slump Deepens as Rates Climb to Highest Since 2006
October 12, 2022
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30-year mortgageBusiness & Marketseconomic policieseconomyinflationInvestmentMarketsmortgage applicationreal estateUSUS Real Estate
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Demand for home loans continues to slump as mortgage rates last week rose to their highest level in almost 21 years. Mortgage application volumes for a home purchase loan fell 2 percent for the week ending Oct. 7, 39 percent lower than the same week in 2021, according to a report by the Mortgage Bankers…
Mortgage Market on Red Alert
October 10, 2022
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Business & MarketsBusiness Columnistseconomyinterest rateMarketsmortgageOpinionreal estateUSUS NewsUS Real EstateViewpoints
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Commentary The financial markets are fragile right now. And there’s no better illustration of this than the multiple layers of issues plaguing the U.S. mortgage market. To U.S. consumers, the mortgage interest rate is probably the most direct translation of the Federal Reserve’s interest-rate moves. More than 50 million Americans have a mortgage, and a…
US Home Sales Tanking: Industry Leaders Weigh in on What’s Next
For the third straight month in a row, pending U.S. home sales have plunged, the National Association of Realtors (NAR) recently reported. At the end of August, three out of four major regions experienced month-over-month declines in real estate transactions, with only the West seeing a slight gain. Year-over-year, all four regions indicated double-digit decreases….
Wall Street Expects Second-Biggest Home Price Drop Since Great Depression
October 6, 2022
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Business & Marketseconomyhome priceshousinginflationinterest ratesMarketsmortgage ratesreal estaterecessionUSUS NewsUS Real Estate
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Top investment firms, including Morgan Stanley, are predicting a significant drop in U.S. home prices amid high mortgage rates, elevated home prices, and affordability challenges. Morgan Stanley is calculating home prices to dip by 7 percent by the end of 2023, which is more than twice as large as the 3.1 percent peak-to-trough decline seen…
Mortgage Application Pace Plunges to 25-Year Low as Housing Recession Deepens
October 5, 2022
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Business & Marketseconomyhigh interest rateshousing recessionMarketsmortgage applicationsmortgage ratesmortgage refinancereal estaterecessionUSUS NewsUS Real Estate
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The pace of mortgage applications has fallen to a multi-decade low amid high housing interest rates, according to the latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, a measure of mortgage loan application volume, declined by 14.2 percent on a seasonally adjusted basis for the week ended Sept. 30, 2022, compared…
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