Existing Homes Sales Fall to a Two-Year Low After Mortgage Rates Surge
Sales of previously owned homes in April dropped to the lowest level since the start of the pandemic, the National Association of Realtors said.
May 19, 2022 2 MIN
Sales of previously owned homes in April dropped to the lowest level since the start of the pandemic, the National Association of Realtors said.
The evolution of remote work will play a role in determining future home-price growth, according to a report from NBER.
A jump in mortgage rates is shifting builders' focus to rental homes, chilling the for-sale market, said Lawrence Yun, NAR's chief economist.
Homebuilder confidence declined to a nearly two-year low in May as higher mortgage rates discouraged buyers and inflation resulted in more expensive material costs for builders.
Far Rockaway Village in New York is the kind of housing Fannie Mae wants to invest more in: Homes that low-income people can afford in their own neighborhood.
Construction data shows outlying counties of smaller metro areas experienced a 20.7% growth rate. Somewhat more dense small metro core areas posted a smaller 15.7% annual growth rate.
The last time the Fed signaled the end of a bond-buying program, mortgage rates jumped more than a percentage point in the span of two months.
Almost half of all mortgaged U.S. homes are “equity rich” after a record gain in home prices, according to a report from AATOM Data Solutions.
Consumer confidence in the housing market dropped to the lowest level since the early months of the Covid-19 pandemic, according to a report on Monday.
A surge in home prices coupled with a jump in mortgage rates sent affordability for American homebuyers to the lowest level since 2008, according to a report from NAR.
Soaring inflation rates along with elevated housing prices weighed on the minds of Americans.
The U.S. unemployment rate held steady at 3.6% last month as the gain in payrolls beat economists' expectations.
The Fed increased its benchmark rate by half a percentage point and laid out a plan to reduce its balance sheet to fight inflation.
Mortgage interest rates in the U.S. this week reached the highest level in almost 13 years as the Federal Reserve fought inflation by tightening monetary policy.
The average U.S. rate for a 30-year fixed mortgage rose to the highest level since August 2009, Freddie Mac said in a report.
The average U.S. rate for a 30-year fixed mortgage rose to the highest since April 2010, Freddie Mac said in a report on Thursday.
The CFPB sued TransUnion, one of the nation’s largest credit bureaus, claiming it violated a 2017 consent order.
The three largest credit reporting companies in the U.S. announced last week they will remove about 70% of medical collection debt from consumer records.
Less than 2% of requests to correct errors on consumer records maintained by Equifax, Experian, and TransUnion resulted in corrections in 2020, down from 25% in 2019, the report said.
