U.S. HOME BUILDER SENTIMENT PLUNGE TO LOWEST LEVEL SINCE MAY 2020
U.S. home builder sentiment plummeted in July to its lowest level since the early months of the coronavirus pandemic, as high inflation and the steepest borrowing costs in more than a decade brought customer traffic to a near standstill. At ...
BIDDING WARS ARE COMING FOR RENTERS
When Donna Jones and her husband looked to rent a home in Northern Virginia in February, they often received the same response: Sorry, but someone else offered to pay more rent. “We didn’t even know you could do that,” Ms. Jones said. ...
HOME SELLERS DROP PRICES IN PANDEMIC HOT SPOTS
Home sellers across the country — including those in formerly scorching hot pandemic-fueled markets — have had to adjust expectations and drop prices as home buyers lose purchase power to rising mortgage rates. More than 40% of home sellers...
WHERE DID HOMES FOR SALE INCREASE THE MOST IN CALIFORNIA?
The number of active U.S. listings rose 8% year over year in May, likely driven by new sellers and a slowdown in would-be buyers deterred by high prices, Realtor.com said in a report Thursday. Listings were down 12% year over year in April. Th...
DEMAND FOR SECOND HOMES TAKES A SHARP DOWNTURN
Sky-high prices, loan-fee increases and financial-market weakness are putting a dent in demand for vacation homes, which soared during the pandemic. There’s still more demand for second homes than there was before the pandemic. Demand for...
ADJUSTABLE-RATE MORTGAGE DEMAND HITS HIGHEST SINCE 2009
The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or less) increased to 5.37% from 5.20%, the highest rate since 2009. The adjustable-rate mortgage share of applications last week...
WILL HOUSING INVENTORY FINALLY INCREASE THIS YEAR?
Survey data suggests some relief is on the horizon for Americans grappling with one of the worst housing shortages of all-time. Almost two-thirds (64%) of prospective 2022 sellers anticipate listing a home within the next six months and with hi...
WILL RISING MORTGAGE RATES CAUSE HOME PRICES TO FALL
Buying a home just became a lot more expensive—and it’s expected to only get worse in the coming months. Mortgage interest rates surged to their highest point since March 2020—the earliest days of the coronavirus pandemic—indicating ...
CALIFORNIA PLANS FOR 2.5 MILLION NEW HOMES BY 2030
California needs to build 2.5 million homes by the end of the decade to address the state’s current housing shortage, more than double the goal from the last planning period, state housing officials announced Wednesday, March 2. Of those, ...