In today’s housing market, the dream of owning a home is becoming increasingly unattainable for many Americans. With higher mortgage rates and a limited supply of homes relative to the high demand, prices are soaring and creating financial strain for potential buyers. The National Association of Realtors reported that the median sales price for homes
Real Estate
In the past week, mortgage rates experienced a decline for the fourth consecutive week. This decrease should have been a cause for celebration among current homeowners and potential homebuyers, yet the response was lackluster. The average contract interest rate for 30-year fixed-rate mortgages dropped to 6.44%, marking the lowest rate since April 2023. Despite this
As consumers hunt for their dream homes, they eagerly await the Federal Reserve’s prospective interest rate cut, expected to be executed in September. However, a looming threat awaits their plans at the end of that very month – the need for the reauthorization of the National Flood Insurance Program (NFIP). Without the timely action of
Affordable housing is a key component of the opportunity economy that Vice President Kamala Harris has recently outlined. She emphasized the importance of making homeownership more accessible in the U.S. during a speech in Raleigh, North Carolina. Harris proposed the construction of 3 million new housing units, both for rent and for sale, over the
The shareholder returns of leading homebuilders such as D.R. Horton and Lennar managed to outperform the S&P 500 from August 2014 to August 2024, which initially seems like a positive indicator. However, the recent downgrade in the investment outlook for both companies raises concerns. This points to potential underlying issues that may impact the future
In July, closed sales of previously owned homes increased by 1.3% compared to June, reaching a seasonally adjusted, annualized rate of 3.95 million units. This marked the first increase in five months, although sales were still 2.5% lower than the same time the previous year. The Northeast region saw the largest gains in sales, while
While mortgage rates have experienced a decline for the third consecutive week, the rush to refinance seems to have slowed down. Refinance applications dropped by 15% from the previous week, indicating a slight decline in demand. However, it is important to note that the volume of applications was 90% higher than the same time last
In the wake of the Bank of England’s first interest rate cut in four years, Britain’s biggest high street lenders have been aggressively reducing their borrowing costs. Lenders such as Barclays, Halifax, HSBC, and NatWest are now offering five-year fixed rate mortgages at rates below the BOE’s current key rate of 5%. This move has
In the month of July, inflation in the United States saw a decline, primarily driven by easing price pressures for essential consumer goods and services such as food, energy, and housing. The consumer price index (CPI), a crucial measure of inflation, recorded a 2.9% increase from the previous year. This data signifies a decrease from
The U.S. has experienced a construction boom that has had a significant impact on rental markets across the country. As a result of record-construction activity since the pandemic, the supply of empty units has increased, leading to more apartment inventory being available for renters. Multifamily units completion reached a peak in June, surpassing any other