Homebuilder pessimism has deepened as confidence in the U.S. housing market continues its downward spiral amid skyrocketing mortgage rates and inflation. Home construction businesses blame rising rates for the decline in sentiment, by making housing less affordable for first-time buyers at a time when single-family home prices are at an all-time high. Supply shortages and…
Homebuilder Pessimism Deepens As Housing Recession Shows ‘No Signs of Abating’: NAHB
Real Estate Firm Predicts Sharpest Turn in Housing Market Since 2008 Crash
September 16, 2022
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The average rate for a 30-year fixed mortgage topped 6 percent this week for the first time since the financial crisis of 2008–09, making it difficult for buyers as well as considerably softening the sellers’ grip on the market. Mortgage lender Freddie Mac reported on Sept.15 that the 30-year fixed mortgage rate for the week…
Working Wages Don’t Pay Rent in Orange County, Report Says
September 15, 2022
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An average worker cannot afford market-rate apartments in Orange County, New York, in 2022, according to a newly released report by Hudson Valley Pattern for Progress. To afford a one-bedroom apartment in the county, which has a fair market rate of $1,107, a renter must have a regular 40-hour-a-week job that pays over $20 an…
Housing Activity ‘Took a Nosedive’ as Mortgage Rates Hit 15-Year Highs—a Chart That Says It All
Mortgage rates are at their highest point since the Great Recession as housing affordability continues to decline, according to Freddie Mac (OTC:FMCC) data. The 30 year fixed increased from 5.66 percent to 5.89 percent. The long-term rate hasn’t been this high since November 2008, shortly after the Great Recession was triggered by the collapse of…
These US Cities See the Largest Increase in Rent Prices
September 9, 2022
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While New York, California, and Boston, Massachusetts, continue to be the most expensive rental markets in the country, some unexpected locales have actually experienced the largest increases in one-bedroom rental prices year over year. The August report from Rent.com puts Greensboro, North Carolina, at the top of the list, with rent hikes of 74.2 percent,…
Average US Homes Selling Below Listed Price as Market Slowdown Continues
September 7, 2022
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The average American home is now selling below its asking price for the first time since March 2021, according to data from online brokerage Redfin. According to Redfin, the average sale-to-list price ratio fell to 99.8 percent in the four-week period ended Aug. 28—the first time it was below 100 percent in almost 18 months. The number of listings…
Bank of America to Give Away Zero-Down-Payment Mortgages for Minority Homebuyers
September 2, 2022
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Bank of America (BoA) announced a new trial program that will offer first-time minority homebuyers mortgages that will not require down payments, closing cost mortgages, or minimum credit score checks, it said in a statement on Aug. 30. Minority activist groups have called these long-standing criterions obstacles to minority homeownership. The bank has yet to disclose…
Home Prices Rising at ‘Robust Clip’ Despite Some Deceleration: Case-Shiller
New data from Standard & Poor’s reveal a subtle deceleration of steadily rising home prices, causing some to speculate that a cooling off in the housing market may be on the horizon, even as the market remains far hotter than pre-pandemic levels. S&P released its monthly Case-Shiller Home Price Index on Aug. 30, which raised…
Is a Real Estate Recession on the Horizon?
Recession has been the buzzword in the real estate industry ever since mortgage interest rates started to climb toward 6 percent. The latest report from the National Association of Realtors (NAR) indicates that existing home sales across the United States have been shrinking for the past six months. Sales dropped 26 percent, from 6.5 million…
Inflation Pushes Rents to Record High, New York City’s Climb Above $4,000
August 30, 2022
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Inflation is pushing rent to new highs, as more than half of U.S. metropolitan areas have witnessed double-digit rent increases, with even some of the “hotter” regions in the Sun Belt showing signs of cooling down, according to the Zumper National Rent Index for August. Many renters who were already facing high rents are also facing a…
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