Chinese investors were the most active buyers of US real estate last year among foreigners — spending a record $6.1 billion on homes mainly in Florida and California, according to the National Association of Realtors.
Newsfeed: Chinese spent $6.1B on US real estate last year Read More »
The index of builder sentiment finally gave way and plunged to 55 in July from 67 last month, seventh straight monthly decline and lowest since May 2020.
Newsfeed: Homebuilder Confidence Collapses In July Read More »
If it was the Biden admin’s intention to crush the housing market (with the help of the Fed’s rate hikes) and spark a powerful recession just so it can lower inflation, well “mission accomplished.”
Newsfeed: Housing Market Peaks: Home Prices Finally Drop From All-Time Highs Read More »
Housing has become increasingly unaffordable to millions of Americans — with home prices and mortgage rates continuing to rise (see the lowest rates you may qualify for now here).
Just as we warned back in March, housing affordability, as measured by Goldman Sachs, has deteriorated to its worst level on record.
Newsfeed: Housing Crisis Worsens As Affordability Reaches Record Low Read More »
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.
Newsfeed: David Stockman on Why the Great Reckoning Has Begun Read More »
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.
Newsfeed: US Mortgage Rates Plunge to 5.3% in Biggest Drop Since 2008 Read More »
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 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.
Newsfeed: Home Price Cuts, Rising Inventories Are Ominous Signs Of Top Read More »