More than almost 50 percent of homes sold in the United States in March were above the initial listing price, in 20 of the nation’s top 50 metropolitan regions, according to residential real estate search group, OJO Labs, on April 19. Rising interest rates and a nationwide housing shortage are causing selling prices and mortgage rates to skyrocket…
US Homes Are Selling Above Their Listing Price as Competition for Housing Soars
US Home Prices Rise in March, Building Permits Increase Due to Housing Shortage
April 19, 2022
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Home construction in the United States rose in March 2022, but starts for single-family housing fell amid rising mortgage rates across the country, with residential construction marked by a severe shortage of houses. Housing starts—an indicator of the number of private homes in a given period of time on which construction has begun—increased by 0.3 percent…
Home Sales Decline in March While Prices Continue to Rise
The latest report from Redfin attests to one of the most competitive housing markets on record: as housing prices rise at the fastest rate in years, prospective buyers have become less likely to invest in real estate, resulting in a diminishing rate of home sales in the past month. According to Redfin’s data, seasonally-adjusted home…
Mortgage Rates Climb to Highest Point in Over a Decade as Home Sales Tumble
April 15, 2022
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Mortgage rates across the United States have been steadily increasing over the past several weeks and are now approaching record high levels. Fixed-rate 30-year mortgage loan rates rose for the sixth consecutive week, rising by 28 basis points from 4.72 to 5 percent for the week ending April 14, Freddie Mac reported. This is the…
Mortgage Rates Climbing, But National Housing Market Still Steady
April 12, 2022
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After years of mortgage interest rates basking in the two to four percent range, the past month has witnessed a trend of slowly rising rates, with some creeping up to as high as 5.25 percent for low finance loans. “We’ve been in the two’s and three’s for so long, and then it seemed like one…
The Longest Housing Crash in History
April 6, 2022
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What would you think if you walked into your favorite grocery store and saw that the shelves were 80 percent bare? It echoes in there. The store is only one-fifth stocked. It’s eerie. Let’s call it “shelf awareness”. What kind of feelings does this evoke inside of you? These store shelves represent the available supply…
Mortgage Applications Fell 6.3 Percent Last Week as Interest Rates Rise
Demand for mortgage applications in the United States fell by 6.3 percent on a seasonally adjusted basis last week, according to the Mortgage Bankers Association (MBA) survey for the week ending April 1. The Refinance Index decreased 10 percent from the previous week and was 62 percent lower than the same week one year ago, as…
US Home Listing Prices Rose in February, Increasing Competition for Housing
Competition for homes in February among U.S. buyers for this spring heated up for the second month in a row, after news that mortgage rates will go up through 2022, according to OJO Labs, which runs the Movoto by OJO real estate search site. It said that 39.9 percent of homes have sold for more than…
Mortgage Refinance Demand Falls After Rates Rose Higher
March 30, 2022
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U.S. mortgage applications have decreased 6.8 percent from the week before, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 25. The drop in applications comes as mortgage rates rose for another week, hitting current borrowers who were applying to refinance, but demand from homebuyers still…
Real Estate Investor and Best-Selling Author Discusses Impact of War, Bureaucracy, and the Pandemic on US Property Markets
March 29, 2022
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In a wide-ranging interview with The Epoch Times, renowned real estate investor, music composer, and bestselling author Philip Nicozisis shared his insights on the impact of the pandemic and the Ukraine war on commercial and residential property markets, while venturing into loftier topics like the importance of free markets and the preservation of civil liberties….
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