U.S. rental prices stabilized this month and showed some signs of cooling down, while month-over-month average price levels remain mostly unchanged, according to Rent.com’s July Report. Nationwide, rent prices largely remained stable at a 16-consecutive-month record high with one- and two-bedroom apartments still up year-over-year 25.3 percent and 26.5 percent, respectively. Rent.com states an average…
Mortgage Demand Sinks to 22-Year Low as Recession Fears Mount
July 21, 2022
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Mortgage applications in the United States decreased 6.3 percent for the week ending July 15 compared to the previous week, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey. Mortgage demand fell for a third week in a row to the lowest point since 2000 as high inflation and interest rates hammered…
Canada, Mexico, China Lead Foreign Investment in US Real Estate
In the past year alone, international buyers purchased $59 billion worth of residential properties in the United States, indicating an 8.5 percent hike from last year and smashing a 3-year record of declines. A newly released report from the National Association of Realtors (NAR) tracked global buyers from April 2021 to March 2022. While the…
US Homebuilder Confidence Plunges Amid Inflation, Affordability Crisis
July 19, 2022
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Homebuilder confidence in the United States fell in July amid rising interest rates and high inflation that have slowed down sales, according to the National Association of Home Builders (NAHB). The NAHB/Wells Fargo Housing Market Index (HMI) dropped 12 points to 55 in July, the lowest HMI reading since May 2020, according to a July…
New Report Highlights ‘Housing Crisis’ Driven by Low Inventory
A new report argues that America is currently in the midst of a “housing crisis,” as the number of homes available fails to keep pace with surging demand for real estate, freezing many prospective homeowners out of the market under current conditions. Last week, the non-profit organization Up for Growth released its report “Housing Underproduction…
LoanDepot to Lay Off 2,000 Workers Following Mortgage Market Slowdown
July 13, 2022
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California-based mortgage lender LoanDepot has announced that it intends to lay off thousands of workers as the company deals with “rapidly changing market conditions.” LoanDepot is aiming to generate about $375 million to $400 million in “annualized savings” by the end of 2022 by adopting measures like headcount reduction, the company said in a July…
Home Sales Are Being Canceled at the Highest Rate Since the Start of the Pandemic: Redfin
Prospective homebuyers are canceling sales and backing out of deals at the highest rate since the start of the pandemic, Redfin announced on July 11. About 60,000 home-purchase agreements throughout the country fell through in June 2022, roughly equivalent to 14.9 percent of the homes that were under contract that month, compared with 12.7 percent in…
US Housing Affordability Index Drops to Worst Measurement in 16 Years
July 11, 2022
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Housing affordability in the United States declined in May 2022 according to the National Association of Realtors (NAR), falling to its lowest level in 16 years. NAR’s Housing Affordability Index (HAI) was recorded at 102.5 in May, down from 108.1 in April and 148.2 in May 2021, data from the organization shows (pdf). This is…
Mortgage Rates Fall as Recession Fears Mount
July 8, 2022
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U.S. mortgage rates fell for the second consecutive week after a rapid rise in June, the latest data from loan mortgage company Freddie Mac shows. The interest rate on a 30-year fixed-rate mortgage declined to 5.3 percent for the week ending July 6, down from 5.7 percent on June 29, according to Freddie Mac’s data. In the…
Manhattan Apartment Sales Drop, An Ominous Sign For NYC Real Estate Market
Apartment sales contracts for Manhattan nearly plunged by 30 percent last month compared with June 2021, as the New York real estate market began to cool amid fears of recession and rising mortgage rates. NYC real estate sales prices rose to a record high through the first half of the second quarter with rising prices…
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