Rising interest rates have increased the average monthly loan payment by a whopping $1,000 year over year. With the rate for a 30-year mortgage rising to 7.08% this week—the highest average since April 2002, according to Freddie Mac—the average monthly loan payment is now $1,000 more than a year ago, Nadia Evangelou, senior economist and director of forecasting for the National Association of REALTORS®, writes on the Economists’ Outlook bl
Persistent inflation is proving “quite harmful to the housing market,” says NAR Chief Economist Lawrence Yun. The housing market is quickly contracting as rising mortgage rates and stubbornly high inflation prompts more home buyers—and even sellers—to back away. The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on home contract signings, dropped for the fourth consecutive month in S
Treasury Secretary Janet Yellen said that while slower growth would help tame inflation, data released Thursday showed the US economy was resilient in the face of global challenges.A government report outlining a 2.6% annualized pace for expansion in the third quarter “clearly shows solid growth in the US, Yellen told reporters in Cleveland, where she’s scheduled to deliver a speech on the Biden administration’s policies.“We see here an e
Many under the age of 40 are looking at real estate as a means to generate income rather than looking for their own home to live in, a new survey shows. A growing number of young adults are charting a different path toward building wealth through homeownership, prioritizing buying an investment property before a primary residence, according to a new survey by Mynd, a company that leverages technology tools to help investors buy, finance and manag
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Home prices are still higher than they were a year ago, but gains are shrinking at the fastest pace on record, according to one key metric, as the housing market struggles under sharply higher interest rates.Prices in August were 13% higher nationally compared with August 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is down from a 15.6% annual gain in the previous month. The 2.6% difference in those
For-sale listings on the market are rising in late October, which is unusual for this time of the year, Altos Research says. It took a while, but it’s finally happening — the number of for-sale listings on the market is rising, even during what is generally a slow season for the real-estate sector.Active inventory of homes has hit a new peak for the year, according to data from Altos Research.Inventory bottomed out at the beginning of March t
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The housing market in 2021 was one for the record books. With prices at historic highs and the number of listings in a deep hole, open houses looked like Black Friday sales and many would-be buyers were elbowed out of the melee.In 2021, the share of buyers paying all cash for home purchases trended higher in the United States, but the overwhelming majority of home sales still involved mortgages. Unfortunately, as with every year, many 2021 mortga
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