Through the first 24 months of the pandemic, U.S. home prices soared 38.5%. In some markets, like Phoenix and Dallas, home prices grew by more than 50%.
Well, that should have been a wake-up call. The 30-year mortgage rate soared by 24 basis points recently to 6.18%. So the latter now stands at well more than double the 2.65% rate which prevailed just 18 months ago in January 2021, and at the highest level since the tail end of the Great Financial Crisis in 2009.
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Commercial real estate values have soared over the past two years, with most property sectors climbing past pre covid values by over …
The average for a 30-year loan fell to 5.3%, the lowest in a month and down from 5.7% last week, Freddie Mac said in a statement Thursday.
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After a string of steady increases, mortgage rates fell this past week — a mixed blessing for the fragile U.S. economy. The lower rate on a 30-year fixed mortgage is a relief for home shoppers who have been watching rates climb, but it’s also a sign that a recession could very well be around the corner as the market slows.
Potential homeowners in the United States received a touch of relief this month as Realtor.com released new data stating home inventory increased by 18.7% in June.
Stocks are veering south post holiday, following earlier optimism over reports President Joe Biden may lower tariffs on some Chinese goods to help ease the inflation sting.
The Urban exodus documents here extensively over the past two years has had profound consequences on the US economy. Starting with the pandemic, and subsequently accelerating due to the historic riots, unprecedented lawlessness and historic crime rates unleashed by democratic administrations in major US metroareas, urban exodus has had a “Donut Effect,” causing greater domestic migration out of urban counties and into the surrounding suburbs.
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The pandemic housing boom hit a peak and should start rolling over as rising inventory forces some home sellers to slash prices. The weight of soaring mortgage rates and increasing inventory are the possible markings of a top that has already led some sellers in major US cities to cut listing prices.
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It might seem like a rather odd move for the Bank for International Settlements (BIS) to make after Bitcoin has lost around 60% of its value in only six months, but the globalist institution is now allowing member banks to hold 1% of their reserves in the cryptocurrency (around $1.8 trillion total).
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