In another sign of a reversal of fortune for homebuilders, new-home sales in July tumbled to their slowest pace in six years. Just a year ago, homebuilders were overflowing with new contracts and, at times, raffling off their few remaining lots to wait-listed buyers. But since then, buyer traffic has slowed significantly as costs have soared. Rising mortgage rates and high inflation have crashed the homebuilding party.New-home sales in July reach
Mortgage rates appear to be settling in the 5% range after recent dramatic climbs that shocked home buyers. The 30-year fixed-rate mortgage averaged 5.13% this week, down slightly from its 5.22% average a week ago, Freddie Mac reports.Mortgage rates peaked at 6% in early June, which prompted a pullback in housing demand. However, “home sales may soon stabilize since mortgage rates have fallen to near 5%, thereby giving an additional boost
Mortgage rates fell slightly last week, but not enough to fuel any kind of recovery in consumer demand for home loans.Total mortgage application volume fell 2% from the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. Demand stands at the lowest level since 2000. It hit a similar low in July.Applications for a mortgage to purchase a home dropped 1% for the week and were 18% lower than the same week
The U.S. government is providing almost $12 million to help residents pay rent and mortgages in south Florida, a place that has been called the epicenter of the nation’s affordable housing crisis.The South Florida Times news site reported that the U.S. Department of Housing and Urban Development will provide $11.7 million for Miami-Dade County, which has seen housing prices and rents soar in recent months. Hillsborough County will see $2.8 mill
Water views for less than $300,000? A realtor.com® study identifies where buyers can snag waterfront property at an affordable price. Lakefront homes may offer home buyers a chance to buy a waterfront property at a more affordable price than a vacation home on the ocean. Some of the least expensive lake towns may not be as well-known, but they offer house hunters a chance to live on the water and still enjoy the activities and views that go alo
Check out these before-and-after virtual renderings to see what a difference a few style updates can make to an outdoor space. First impressions matter, and the outside of a home has become a key area to spotlight to make sure a property gets noticed. The startup Dzinly offers virtual exterior renderings done by designers that give homeowners ideas of the possibilities before they commit to a pricey remodel.Matt Mosher, founder of Dzinl
Though weekly changes in borrowing costs are volatile, housing activity is reaching more balanced levels—which is ultimately good for buyers, says Freddie Mac’s chief economist. Home buyers are having difficulty gauging opportunities to save on a property purchase as mortgage rates become more volatile. The average for the 30-year fixed-rate mortgage swung above 5% again this week, clocking in at 5.22%, Freddie Mac reports. Last week, the ave
Apartment hunters face bidding wars, with more competition to come before demand eases. Manhattan apartment rents continued their upward climb in July as the hottest market in decades hits its busiest leasing season.The median rent on new leases last month was $4,150, up 2.5% from June and 29% from a year earlier, according to appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. Still Smashing
NAR’s chief economist shares what now needs to happen to bring down borrowing costs and increase affordability for home buyers. Inflation eased slightly in July, which could bode well for the housing market in the months ahead, says Lawrence Yun, chief economist for the National Association of REALTORS®. Overall, inflation slowed from 9.1% in June to 8.5% in July, but prices for food and rent continued to climb, the Bureau of Labor Statisticsâ
Even before she lost her job this past spring, things were tight for Nikki Cox. She worked as a service representative at an insurance company in North Carolina and had been making $20 an hour. Half of her income went to rent."If I did have something left over, it might be about a hundred [dollars], maybe," she says. But even that "would buy my groceries and my necessities."It left Cox in trouble when her company's business dropped and her hours
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