Record-high housing prices in the US could collapse by up to 20 percent over the next year if a recession sparked by Joe Biden’s inflation takes hold, a top Wall Street economist has warned.
Mortgage rates jumped more than a quarter point this week and remain at the highest level in 14 years, offering no relief to sidelined homebuyers.
Newsfeed: Mortgage rates jump again, remain above 6% Read More »
Buyer beware: You may want to think carefully about that home purchase now, according to one expert. “From an affordability perspective, this might be the worst time you could buy because mortgage rates have spiked quite a bit,” Chistopher Mayer …
Newsfeed: Housing expert: ‘This might be the worst time you could buy’ Read More »
Home prices declined 0.77% from June to July, the first monthly fall in nearly three years, according to Black Knight, a mortgage software, data and analytics firm.
Another month, another plunge in housing.
Hot on the heels of the latest catastrophic homebuilder sentiment print and plunging single-family starts and permits, analysts expected existing home sales to accelerate their recent decline with a 4.9% MoM drop in July.
The housing market is slowing as higher mortgage rates sideline many prospective homebuyers. With competition declining, the house hunters who are still in the market are enjoying newfound bargaining power, a striking contrast from just a few months ago, when buyers often had to pull out every stop in order to win.
Builder sentiment in the market for single-family homes fell into negative territory in August, as builders and buyers struggle with higher costs.
Newsfeed: Homebuilders say U.S. is in a ‘housing recession’ as sentiment turns negative Read More »
Buying a home in the US is the least affordable it’s been in 33 years as mortgage rates soar this year and home prices hit record highs.
Renters across the country are feeling the brunt of housing inflation. Nearly 60% of renters said their rent increased in the past 12 months, according to a Freddie Mac survey of 2,000 Americans conducted in June and given exclusively to Yahoo Money.
U.S. mortgage rates are tumbling even after the Federal Reserve hiked its benchmark interest rate by 75 basis points last week.