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 »
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.
Newsfeed: US Mortgage Rates Plunge to 5.3% in Biggest Drop Since 2008 Read More »
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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