Builders Concerned About Sudden Pullback in New-Home Market Builders say more buyers are backing out of sales contracts for new homes as traffic fizzles, causing homebuilder confidence to drop for the eighth straight month, the Commerce Department reported Tuesday. Single-family home construction last month declined 10% annually, matching the lowest level since the onset of …
Tag: News
Aug 17
What Climate, Health Care Bill Doesn’t Do
What Climate, Health Care Bill Doesn’t Do President Joe Biden signed the Inflation Reduction Act into law Tuesday, a sweeping climate, healthcare and tax bill that spares affordable housing investment and other real estate from the most feared new taxes. The $784 billion legislation allows Medicare to negotiate prescription drug prices, invests billions of dollars …
Aug 16
10 Most Affordable Lake Towns
10 Most Affordable Lake Towns 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 …
Aug 16
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’
Mortgage Rates Rocket Back Above 5%, But Market ‘Stabilizing’ 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 average for the 30-year …
Aug 15
Possible Economic Downturn Likely to Be Mild
Possible Economic Downturn Likely to Be Mild The country isn’t officially in a recession yet, despite two consecutive quarters of national contraction of the gross domestic product, a commonly cited indicator of an economic downturn, says Lawrence Yun, chief economist for the National Association of REALTORS®. And several healthy economic trends, including a robust job …
Aug 15
Grants Aim to Inspire More Women Real Estate Leaders
Grants Aim to Inspire More Women Real Estate Leaders The Women’s Council of REALTORS® wants to inspire more women to take on leadership roles in the real estate industry through its Supporting Women of Real Estate grants, which provide local and state REALTOR® associations funding for new and innovative programs aimed at advancing women. While …
Aug 12
Mortgage Rates Dip Below 5%; Buyers Get ‘A Second-Chance Opportunity’
Mortgage Rates Dip Below 5%; Buyers Get ‘A Second-Chance Opportunity’ After weeks of escalating borrowing costs, home buyers are getting a second chance to lock in lower rates. The 30-year fixed-rate mortgage fell to an average just below 5% for the week ending Aug. 4, Freddie Mac reports. With rates dipping in recent days, mortgage …
Aug 10
Dip in Mortgage Rates Little Consolation to Squeezed Buyers
Dip in Mortgage Rates Little Consolation to Squeezed Buyers With volatile mortgage rates driving home buyers from the market, economists are skeptical that a dip in borrowing costs this week will have a meaningful impact. The 30-year fixed-rate mortgage fell to an average of 5.3%—still nearly double what it was a year ago—for the week …
Aug 09
Market to Ease Despite High Home Prices
Market to Ease Despite High Home Prices Even though national GDP contracted for the second quarter in a row and home sales have fallen for five straight months, property prices are likely to continue growing because of low inventory, Lawrence Yun, chief economist for the National Association of REALTORS®, said Wednesday during NAR’s quarterly Real …
Aug 08
2nd Historic Fed Rate Hike Unlikely to ‘Further Damage’ Mortgage Borrowers
2nd Historic Fed Rate Hike Unlikely to ‘Further Damage’ Mortgage Borrowers With skyrocketing inflation and mounting recession fears, the Federal Reserve made another aggressive move Wednesday, raising its benchmark rate by three-quarters of a percentage point for the second time this year to try and tame the economy. However, higher mortgage rates may not necessarily …
Aug 05
Remote Online Notarization Is One Step Closer
Remote Online Notarization Is One Step Closer The U.S. House of Representatives passed a bill Wednesday evening to expand the availability of remote online notarization (RON) nationwide, a key advocacy priority for the National Association of REALTORS®. The bipartisan SECURE Notarization Act now goes to the Senate for consideration. RON allows a notary and signer …
Aug 04
Pending Home Sales Tumble as More Buyers Get Priced Out
Pending Home Sales Tumble as More Buyers Get Priced Out Pending home sales fell in June as surging mortgage rates and record-high home prices are making home buyers more cautious in moving forward. The median existing-home price hit an all-time high in June ($416,000). Homes were 80% more expensive in June than they were in …
