Existing home sales showed a 5.4% decline in June from May, but prices remain elevated, according to the National Association of Realtors. The median sale price of existing homes in the U.S. set a new record high of $416,000 in June, marking a 13.4% increase from a year ago.
Just one day after the Federal Reserve raised its benchmark rate, mortgage rates took a sharp turn lower.
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Home sellers slashed prices in June in areas that were red-hot earlier in the pandemic, according to Realtor.com.
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Analysts expected Case-Shiller Home Price acceleration to slow modestly in May (the latest available data in this heavily lagged and smoothed data set) and they were right but the slowdown is still almost comedic.
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Amid a plunge in homebuilder confidence, record low affordability, tumbling single-family starts and permits, and multi-decade lows in mortgage applications, it is no surprise that analysts expected a 5.9% MoM plunge in new home sales in June
The tax limits generally deductions for passive activity losses (PALs) from real estate unless you can qualify as a real estate professional. To measure up, you must be able to prove that you spent enough time on your real estate activities. In a new case, Sezonov, TC Memo 2022-40, 4/20/22, the taxpayer came up short, even with the Tax Court giving him the benefit of the doubt.
Newsfeed: Real Estate Professionals Must Put in the Time Read More »
The Federal Reserve will probably have to inflict much more pain on the economy to get inflation under control. Growth is already slowing in response to the Fed’s repeated interest rate increases, with the housing market softening, technology companies curbing hiring and unemployment claims edging up.
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About 45 percent of small business owners in the United States are freezing the hiring of new workers because of high labor costs and skyrocketing inflation, according to the Alignable July Hiring Report.
Low financing costs, excess savings, and a demand for more space during the pandemic fueled a frenzy in the housing market that sent home prices surging.
Newsfeed: The U.S. housing market has gone cold 🥶 Read More »
Blackstone, one of the most dominant real estate investors in the world, is going to dominate more after completing the biggest real estate fund of its kind. It may soon have over $50 billion to invest.
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