Mortgage applications have fallen for the fourth straight week amid elevated mortgage rates, according to a recent report by the Mortgage Bankers Association (MBA). The volume of mortgage loan applications fell by 1.4 percent for the week ended June 2, on a seasonally adjusted basis, said an MBA press release on June 7. On an…
‘Constrained’ Home-Purchase Activity: Mortgage Applications Register Fourth Consecutive Weekly Drop
June 8, 2023
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Another Insurance Company Stops Offering Policies to Homeowners in California
June 5, 2023
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Another major insurance provider has announced it’s no longer selling new policies for personal and business properties in California, becoming the latest insurer to reduce its footprint in the state amid inflationary pressures and growing exposure to wildfire risks. Allstate, the fourth-largest provider of casualty and property insurance in California, said in a statement obtained…
Industry Experts Predict Mortgage Rates Below 6 Percent by 2024
Despite the national slump in real estate sales, Lawrence Yun, the chief economist at the National Association of Realtors (NAR), is forecasting that mortgage rates will fall closer to 6.0 percent by the end of 2023 and go below 6.0 percent in 2024. He expects new and existing-home sales to bottom out in 2023 before…
‘Big Short’ Investor Warns of Potential $200 Billion Housing Market Crash Due to Underestimated Flood Risks
Dave Burt, CEO of DeltaTerra Capital and renowned “Big Short” investor who foresaw the 2008 housing crisis, has voiced his concern over a potential repeat of the crisis. His worry is centered on what he sees as an underestimation of the systemic risk flooding poses to the mortgage market. Burt’s successful prediction of the subprime…
Home Prices Rose in March for Second Time After Months of Declines
Home prices across the United States rose for the second consecutive month in March amid widespread shortages and inventory issues, according to data published on May 29. Home prices increased by 0.4 percent nationwide month over month, data from the S&P CoreLogic Case-Shiller US National Home Price index showed. That marked the second month in a row of gains after…
US Mortgage Rates Hit 6-Month High as Home Sales Decline
May 26, 2023
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Mortgage rates in the United States have hit the highest level in six months while loan applications and home sales are declining. The average 30-year fixed-rate mortgage rate hit 7.12 percent on May 25, according to a May 25 post by Mortgage Daily News (MDN). The previous high of 7.10 percent was hit on March…
Majority of Top 10 Least Affordable Cities for Homebuyers Located in California
Eight out of the 10 least affordable cities for homebuyers in the United States are located in California, according to a recent report, with the state’s median sales price of a home over 30 percent higher compared to the early pandemic period. The eight Californian cities include Santa Barbara, Berkeley, Santa Monica, Glendale, Burbank, Los…
Landlords Face a Crisis After Years of Strong Growth
May 24, 2023
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After witnessing over a decade of strong growth, landlords are now facing the worse real estate crisis since 2008. Even in the first months of the pandemic, areas of the country like Florida were able to benefit, as millions of Americans fled major metropolitan regions to more welcoming locations. Despite a temporary drop in tenants in…
Retail Is the Lifeblood of America’s Cities, and It’s in Crisis
May 23, 2023
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Commentary Whole server racks (the equivalent of whole forests in the print era) have been sacrificed to stories about “The Retail Apocalypse” and the “Death of Retail.” All the stories present a binary view: retail is dead; retail isn’t dead. The truth lies somewhere in between. Retail, broadly speaking, is doing well. But retail covers…
US Housing Market in Ongoing Monthly Decline
May 23, 2023
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The U.S. housing market continued to show signs of decline as mortgage applications and sales of existing homes fell while properties are taking longer to get sold. Mortgage applications for new home purchases dropped by 11 percent in April 2023 compared to March, according to a Mortgage Bankers Association May 19 press release. “Since the…
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