U.S. Housing Market
REMAX: Home Sales Up by 8.5% Year-Over-Year
The median sales price in September was $439,000, a decrease of $6,000 (1.3%) from August, Continue Reading REMAX: Home Sales Up by 8.5% Year-Over-Year
Mortgage Rates Take Another Tumble
The 30-year fixed-rate mortgage averaged 6.27% as of Oct. 16. Continue Reading Mortgage Rates Take Another Tumble
Yearlong Listing for Frank Lloyd Wright House in Michigan Finally Sells After $1 Million Price Cut
The sellers acquired the property in 2012 for $200,000 and spent $800,000 in renovations and updates to the residence, which was built in 1950. Continue Reading Yearlong Listing for Frank Lloyd Wright House in Michigan Finally Sells After $1 Million Price Cut
Study: Abandoned Residential Properties Could be Worth Over $150 Billion
The so-called “zombie foreclosures” numbered over 7,000 as of the end of the fourth quarter of 2024. Continue Reading Study: Abandoned Residential Properties Could be Worth Over $150 Billion
Construction Begins on 42-Unit Boston Affordable Housing Community
Talbot Commons II will be the second phase of the larger Talbot Commons project, which broke ground in 2020. Continue Reading Construction Begins on 42-Unit Boston Affordable Housing Community
A housing recession is the first step to a Fed-induced recession. Here’s where the housing market goes next
Source: Fortune --- In the early '80s, homebuilders mailed two-by-fours to then Fed Chair Paul Volcker in hope the central bank would relax its inflation fight that saw mortgage rates top 18%. Of course, the Fed didn't back off until the 1981 recession helped tame the...
June New Home Sales: Builder Slow Down Meets Declining Sales
Source: Zillow --- There were 590,000 new home sales nationwide in June (SAAR), down 8.1% from May and down 17.4% from June 2021, according to the U.S. Census Bureau. The median sales price of new houses sold in June was $402,400. The seasonally-adjusted estimate of...
Another big Fed rate hike is here to battle inflation. Economy hangs in balance
Source: npr --- With prices rising at their fastest pace in a generation, the Federal Reserve is ratcheting up its fight against inflation. On Wednesday, the Fed raised its benchmark interest rate by an additional three-quarters of a percentage point. This is the...
30-year mortgage refinance rates plunge three quarters of a point
Source: Fox Business --- What this means: Mortgage refinance rates fell significantly today, with 30-year rates hitting their lowest levels in 34 days. Rates for 20-, 15- and 10-year refinances are also at their lowest levels since the beginning of the month. With the...
Pandemic Homebuying Hotspots With Steep Price Increases Most Susceptible to Housing Downturn in a Recession
Source: Redfin --- Popular migration destinations where home prices soared during the pandemic–including Boise, ID, Phoenix and Tampa, FL–are most likely to see the effects of a housing downturn amplified and home prices decline year over year if the economy goes into...
Home price growth slowed for the second straight month in May, S&P Case-Shiller says
Source: CNBC --- Home prices in May were 19.7% higher compared with the same month last year, according to the S&P CoreLogic Case-Shiller National Home Price Index. This marks the second month of slower increases, as the housing market cools due to higher mortgage...
The No. 1 emerging real-estate market in America is also the RV capital of the world
Source: Marketwatch --- The pandemic spurred millions of Americans to abandon city life, fleeing to the ‘burbs. A new report highlights a novel destination for would-be homeowners to consider: The R.V. capital of the world. The Wall Street Journal/Realtor.com Emerging...
Housing Market Update: Homes Are Taking Longer to Sell
Source: Redfin --- Buyers can now take their time touring and considering homes before making an offer. Still, selection remains very limited despite supply being up, as few homes are being listed and even fewer are selling. The typical home sold during the four weeks...
Falling home prices? This interactive map shows the statistical odds of it occurring in your local housing market
Source: Fortune --- Talk about a 180. Not only has the Pandemic Housing Boom—which pushed U.S. home prices up 42% over the past two years—fizzled out, but we've seen it replaced by a "housing recession." Across the nation, home sales are plummeting and inventory...
Economic calendar: What’s driving mortgage rates the week of July 25-29
Source: Bankrate --- Mortgage rates are notoriously unpredictable. True to form, no one is quite sure how rates will respond to this week’s looming rate hike by the Federal Reserve. On Wednesday, the central bank’s Federal Open Market Committee wraps up a July meeting...
