Media headlines focusing on a pending US housing market crash are based on limited data that's skewed by the outsized 2021 numbers New markets require new approaches and tactics. Experts and industry leaders take the stage at Inman Connect New York in January to help navigate the market shift — and prepare for the next one. Meet the moment and join us. Register here.This post has been republished with permission from Mike De
Over the last four weeks, borrowing costs have posted their largest decline since 2008. If all your buyers want for Christmas is a lower mortgage rate—they may just get it.The 30-year fixed-rate mortgage averaged 6.33% this week, according to Freddie Mac, dropping for the fourth consecutive week after hitting a high of 7.08%. Mortgage rates are falling due to increasing concerns about lackluster economic growth, says Freddie Mac Chief Economist
Over the past year, rising inflation and the Fed boosting interest rates in response have caused turmoil in the housing market. Little more than a year ago, mortgage rates were near record lows. Now, they are around 7%, two to three times higher.While some markets have seen housing prices fall in response, in most cases, the drop hasn’t been sufficient to keep mortgage payments for new purchases similar. All of this has resulted in higher housi
Los Angeles voters approved a tax on the sale of mansions and other multimillion-dollar real estate transactions to raise money for affordable housing in the second-largest US city.The measure, known as Proposition ULA, boosts the one-time transfer tax to 4% for property deals between $5 million and $10 million, and 5.5% for transactions of $10 million and above. The current rate on all sales is 0.45%. The increase takes effect on April 1, and wi
But there’s still a long way to go before consumers feel much relief or the Federal Reserve hits its goal of a 2 percent annual price target The price of gasoline is dropping like a rock. Chicken wings are suddenly a bargain. And retailers drowning in excess inventory are looking to make a deal.After more than a year of high inflation, many consumers are finally starting to catch a break. Even apartment rents and car prices, two items
U.S. banks reported a 3.2% rise in third-quarter net income from a year earlier, but an uptick in early delinquency and higher unrealized losses with securities may reduce future profits, the Federal Deposit Insurance Corporation (FDIC) said on Thursday.Jointly, banks posted $71.7 billion in profit in the third quarter. The FDIC compiles data from 4,746 commercial banks and savings institutions it insures.FDIC acting Chairman Martin Gruenberg sai
Borrowing costs fall for the third consecutive week, but will that bring home buyers back to the market? Aspiring home buyers saw signs of hope for greater affordability this week as the average 30-year mortgage rate dropped to 6.49%, Freddie Mac reports. Recent economic data suggests mortgage rates have peaked after surpassing 7% in the second week of November. “Rates are still more than double those of a year ago,” cautions Nadia Evangelou,
The architects of the financial system overhaul known as Dodd-Frank suffered numerous slings and arrows while crafting their historic legislation. The final rules put in place in 2010 to stabilize the system after the ravages of the financial crisis were highly controversial in many corners of the banking world — and hotly contested in Washington.However, as the economy heads into another period of potential weakness, the fruits of that labor a
The “broke college student” stereotype has been around for a while. But as college costs have risen to exorbitant levels, the stakes have gotten higher too. Where college students used to fear a budget-friendly ramen noodle diet, now 1 in 5 students have dealt with housing insecurity, according to a recent survey from student loyalty network, Student Beans. The company defines housing insecurity as someone who “finds themselv
Pending home sales continued to fall in October as higher mortgage rates shook buyer confidence. Read more from NAR’s latest home sales report. Pending home sales fell for the fifth consecutive month in October as rising mortgage rates brought many housing markets to a halt. But now that rates show signs of stabilizing, economists say more home buyers—particularly first-timers—may gradually return to the market.Still, contract signings
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