home prices

Mortgage rates rise to nearly 6.3%, the highest level since 2008

Mortgage rates rise to nearly 6.3%, the highest level since 2008

Mortgage rates jumped higher for the fifth week in a row, further pushing past 6% in the face of yet another aggressive interest rate hike by the Federal Reserve. The 30-year fixed-rate mortgage averaged 6.29% in the week ending September 22, up from 6.02% the week before, according to Freddie Mac. That is significantly higher …

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Map: How fast sellers are slashing home prices in America’s 97 biggest housing markets

The Pandemic Housing Boom saw US home prices spike an unprecedented 43% in just over two years. But that’s over now: Spiked mortgage rates have pushed the US housing market into a sharp slowdown that could threaten some of those gains. Some firms—including John Burns Real Estate Consulting, Zonda, and Zelman & Associates—are already predicting …

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The US housing market downturn will be worse in 2023, forecasts Goldman Sachs

The US housing market downturn will be worse in 2023, forecasts Goldman Sachs The US entered into its first housing downturn of the post–Great Financial Crisis era. And the worst still awaits. On Tuesday, researchers at Goldman Sachs released a paper titled “The Housing Downturn: Further to Fall.” The investment bank now forecasts that activity …

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Revised: Odds of falling home prices in your local housing market, as told by one interactive map

“We saw [home] prices moving up very very strongly for the last couple of years. So that changes now. And rates have moved up,” Powell told reporters in June. “We are well aware that mortgage rates have moved up a lot. And you are seeing a changing housing market. We are watching it to see …

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US home sales fell in July; some buyers see silver lining

LOS ANGELES — The housing market’s comedown from its high-flying days early this year is deepening, with home sales in July falling for the sixth straight month. Sharply higher mortgage rates, surging inflation and prices that remain near all-time highs are making homes less affordable. Sales fell 20.2% from July last year, reaching the slowest …

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Hot ZIP Codes | Cary, Durham named among hottest ZIPs in America

Two Triangle places are scoring high marks in a new ranking for hottest ZIP Codes in the United States. Cary was ranked No. 11 and Durham came in at No. 30 in Realtor.com’s annual list. The report noted that the latest median price in Cary is $442,000, slightly more than Raleigh’s. Stephanie Jabusch bought her …

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Recession is spreading, warns Peter Boockvar

There may be no escape from recession. The latest reports on housing and manufacturing, according to investor Peter Boockvar, suggest it’s rapidly spreading to other parts of the economy. “People are not being sensitive enough to this economic slowdown and what it’s going to be mean for corporate earnings and profit margins,” the Bleakley Advisory …

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Is the ‘home price correction’ coming for your housing market? These interactive maps show Moody’s 2023 and 2024 forecasts

The Pandemic Housing Boom finally met its match this spring: spiked mortgage rates. As the Federal Reserve moved into inflation-fighting mode, financial markets quickly put upward pressure on mortgage rates. Those elevated mortgage rates—which topped out at 6.28% in June—coupled with sky-high home prices, threw cold water onto the housing boom. Home shoppers simply had …

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The housing market correction takes an unexpected turn

The Federal Reserve has a simple inflation-fighting playbook. It goes like this: Keep applying upward pressure on interest rates until business and consumer spending across the economy weakens and inflation recedes. Historically speaking, the Fed’s inflation-fighting playbook always delivers a particularly hard hit to the US housing market. When it comes to housing transactions, monthly …

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New housing market data reveals a stunning shift as these 21 of the top 50 metro areas show price declines for June

It’s finally happening. After soaring 40% from pre-pandemic levels in the greatest boom in decades, home prices peaked in June, and started falling in July. That’s the stunning, sudden shift revealed in a new set of data just introduced by the American Enterprise Institute’s Housing Center, one of the top sources for in-depth, city-by-city numbers …

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