The numbers: U.S. existing-home sales fell 7.7% to a seasonally adjusted annual rate of 4.09 million in November, the National Association of Realtors said Wednesday. This is the 10th straight Read more
Tag: housingrecession
U.S. building permits fall 11.2% in November, while housing starts only dip slightly
The numbers: Construction on new U.S. homes fell a seasonally adjusted 0.5% in November to 1.43 million, the Commerce Department said Tuesday. The drop in construction on homes follows the Read more
Mortgage refinancing demand falls to lowest level since 2000
The numbers: Mortgage rates remain above 7%, slowing demand for refinancing and dragging overall mortgage demand down for the seventh week in a row. Mortgage applications fell 0.1% this week, Read more
People are keen to move out of big cities due to inflation. They are eyeing these sunny locations for lower-cost living.
Americans are fed up with the high cost of living in big cities, and they’re planning on moving to sunny, more affordable locations. That’s according to a new report by Read more
Decline in U.S. pending home sales gathers steam in September
The numbers: U.S. pending-home sales fell 10.2% in September, which is the fourth straight monthly drop, according to the monthly index released Friday by the National Association of Realtors (NAR). Read more
Mortgage rates surpass 7%, Freddie Mac says — ‘leading to greater stagnation in the housing market’
High mortgage rates continue to pressure the housing market, as the sector undergoes a deep slow down after two years of blockbuster growth. The 30-year fixed-rate mortgage averaged 7.08% as Read more
U.S. new home sales retreat in September, partially reversing surprising gain in prior month
The numbers: U.S. new home sales fell 10.9% to a seasonally-adjusted annual rate of 603,000 in September, from a revised 677,000 in the prior month, the Commerce Department reported Tuesday. Read more
Mortgage applications drop after rates top 7%, the highest since 2001
The numbers: Mortgage applications fell 1.7% this week, as higher mortgage rates continue to depress buyer demand, dragging down the housing sector. Applications continue to trend at the lowest level Read more
‘Bad news for homeowners’: The number of homes on the market is rising. That’s unusual for this time of the year.
It took a while, but it’s finally happening — the number of for-sale listings on the market is rising, even during what is generally a slow season for the real-estate Read more
Mortgage bankers expect rates to drop to 5.4% in 2023. What will home prices do?
NASHVILLE, Tenn. — High mortgage rates and recession fears are hurting home prices, so expect growth to be flat this year, one expert says. “Our forecast is for home-price growth Read more
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