Higher interest rates and slowing home sales have tipped real estate into a “buyers market” after two years of sellers calling the shots.
Higher interest rates will soften demand for real estate and provide a "reset" for home shoppers, Fed Chairman Jerome Powell said.
“Sellers are losing control of the housing market," Redfin's deputy chief economist said.
After declining since mid-May, the average U.S. rate for a 30-year fixed mortgage rose this week, Freddie Mac said.
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.
U.S. home prices gained 20.6% in March from a year earlier, the fastest national pace on record, according to S&P CoreLogic Case-Shiller Indices.
The share of offers for U.S. properties that had a competitive bid fell to the lowest level in more than a year, according to a Redfin report.
The economy added 390,000 jobs in May, giving leeway to Federal Reserve policymakers to pursue an aggressive plan to tighten monetary policy.
Economic confidence in the U.S. reached the lowest level since 2009, according to a Gallup poll conducted last month.
Mortgage rates in the U.S. dropped to a one-month low this week as investors diverted more money to the bond markets.
Mortgage rates fell to a one-month low on Tuesday, retreating almost a quarter of a percentage point after a stock market selloff last week.
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.
