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New-home sales post a May surprise with an 11% monthly gain
Source: Scotsman Guide --- Friday’s new residential sales report from the U.S. Census Bureau brought some surprising good news, as new single-family home sales jumped 10.7% monthly to a seasonally adjusted annual rate of 696,000 units in May. The gain was very much an...
Mortgage applications rise amid strong demand for ARMs
Source: Realty Biz News --- Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10%...
Demand For Vacation Homes Is Now Below Pre-Pandemic Levels
Source: Redfin --- High home prices and mortgage rates, along with economic uncertainty and an increase in second-home loan fees, have put an end to the pandemic-driven vacation-home boom. Demand for vacation homes has fallen below the pre-pandemic baseline for the...
US housing market price correction to hit ‘coast to coast,’ economist warns
Source: NY Post --- The scorching pandemic-era US housing market is on the verge of a “coast to coast” price correction as the Federal Reserve hikes interest rates, a prominent economist warned this week. Mark Zandi, chief economist at Moody’s Analytics, said his firm...
Out of 50 major housing markets in America, just 6 now have more new real estate listings now than before the pandemic. Here’s what that might mean
Source: MarketWatch --- Even as mortgage rates continue their upward climb (see the lowest rates you can qualify for here), home prices have continued to rise. And one big factor in those rising home prices is that America is currently facing a real estate inventory...
New Home Sales Increase in May Before Fed June Rate Rise
Source: NAHB --- After posting four consecutive monthly declines on rising mortgage rates and worsening affordability conditions, new home sales posted a solid gain in May as some buyers rushed into the market in advance of the Federal Reserve’s June interest rate...
