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…
US Home Prices Decline by Record Margin Since 2009 Financial Crisis: Report
October 4, 2022
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US Construction Spending Drops for Second Month as Housing Recession Deepens
October 4, 2022
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Business & Marketsconstruction spendingeconomyhousing recessioninflationMarketsmulti family homesreal estaterecessionResidential constructionsingle family homesU.S. housing marketUSUS NewsUS Real Estate
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Construction spending in the United States—an indicator of total spending on all types of construction—fell in August for the second month as the housing market declines further into a recession. Construction spending last month was estimated at “a seasonally adjusted annual rate of $1,781.3 billion, 0.7 percent below the revised July estimate of $1,793.5 billion,”…
Experts Warn Homebuyers of Red Flags Beyond Climbing Interest Rates
Over the past two years, houses nationwide were going like hotcakes, with sellers often receiving tens or even hundreds of thousands of dollars over asking price. Buyers often waived inspections and picked up some of the sellers’ costs in dire hopes of securing that coveted single-family home. While the current landscape has changed due to…
Mortgage Refinancing Hits 22-Year Low as 30-Year Mortgage Rates Rise Above 7 Percent
September 28, 2022
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Mortgage rates jumped again last week after the Federal Reserve reaffirmed its aggressive policy to raise interest rates to fight inflation. The average interest rate for a 30-year fixed-rate mortgages for conforming loan balances rose to 6.52 percent from 6.25 percent. Points increased from 0.71 to 1.15, including the origination fee, for 80 percent of…
Mortgage Refinancing Hits 22-Year Low as 30-Year Mortgage Rates Seen Rising Above 7 Percent
September 28, 2022
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30-year mortgageBusiness & Marketseconomic policieseconomyhousing marketinflationMarketsmortgage ratespersonal financereal estaterecessionUSUS Real Estate
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Mortgage rates jumped again last week after the Federal Reserve reaffirmed its aggressive policy to raise interest rates to fight inflation. The average interest rate for a 30-year fixed-rate mortgages for conforming loan balances rose to 6.52 percent from 6.25 percent. Points increased from 0.71 to 1.15, including the origination fee, for 80 percent of…
Home Prices Cooled Down at Fastest Pace in ‘History of the Index’
September 27, 2022
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Business & Marketseconomyhigh inflationhome prices fallinflationinterest rate hikeMarketsmortgage ratesreal estateU.S. housing marketUSUS Real Estate
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U.S. home prices decelerated at a record pace in July, despite remaining elevated compared to a year back, according to S&P Dow Jones Indices. The S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, which covers all nine U.S. census divisions, registered a 15.8 percent gain in July 2022 compared with July 2021, a Sept….
Mortgage Rates Jump to 14-Year High as Fed Delivers Jumbo Rate Hike
September 23, 2022
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U.S. mortgage rates spiked to record highs for the fifth straight week following the Federal Reserve’s decision to raise its key interest rate. The average interest rate on a 30-year fixed-rate mortgage was 6.29 percent for the week ended Sept. 22, according to data from the mortgage lender Freddie Mac. This is the highest level…
Sales of Previously Owned Homes Fell in August, as Prices Ease From Record Highs
September 22, 2022
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Sales of previously owned homes fell in August from July for the seventh consecutive month of decline, while prices declined from record highs. The annual rate of existing home sales fell 0.4 percent, to 4.80 million units, last month, the slowest pace since early in the pandemic in May 2020, according to the National Association of…
Fed Chair Says Housing Price ‘Correction’ Would Put Market in Better Balance
September 21, 2022
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Federal Reserve Chairman Jerome Powell said that the U.S. housing market will probably face a reset after a period of “red hot” price increases that have put home ownership out of reach for many Americans. The average contract rate for a 30-year fixed rate mortgage had already hit an historically high 6.25 percent last week…
Here’s How Much a New Monthly Mortgage Will Cost
For the first time since the housing crash more than a decade ago, mortgage rates have exceeded 6 percent, rising alongside the Federal Reserve’s inflation-busting tightening efforts. The 30-year fixed-rate mortgage averaged 6.02 percent for the week ending on Sept. 15, according to the new Freddie Mac Primary Mortgage Market Survey (PMMS), up from…
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