“You don’t need a Ph.D. in economics from the University of Chicago to understand that 7% mortgage rates are a threat to the U.S. housing market. We’re already seeing it. On Tuesday, we learned that mortgage purchase applications fell 13% last week. That’s starkly sharper than the 1.1% decline we saw in the previous week. […]
“Home sales have been falling through for many sellers since the beginning of the summer, according to one analyst, as many homebuyers are retreating from the housing market. “June is when many builders will tell you they have seen an inflection in the housing market,” Deepa Raghavan, senior equity analyst at Wells Fargo Securities, told […]
“A 32-year-old rule that requires developers of large projects in Boston to invest in childcare facilities hasn’t been consistently followed, but a new effort from the mayor aims to fix that. Mayor Michelle Wu last week signed an executive order to standardize the amount that developers must pay, an attempt to create a more consistent […]
“Rising inflation and interest rates have cooled off the red-hot housing market, and many Americans wonder what will come next. One thing is certain — it’s a market the likes of which we haven’t seen before. In a typical real-estate cycle, four phases occur: expansion, hyper supply, recession and recovery. But hyper supply is missing from the equation this […]
“Historically speaking, the Federal Reserve’s inflation fighting playbook always starts with housing. It goes like this. The central bank begins by applying upward pressure on mortgage rates. Not long afterwards, home sales sink and existing home inventory spikes. Then homebuilders begin to cut back. That causes demand for both commodities (like lumber and steel) and […]
“There were 11,184 homes available for sale on the local Multiple Listing Service at the end of June, a number that has been slowly but steadily rising since March after beginning the year at historic lows. This — coupled with rising mortgage interest rates and buyer fatigue has led some people to suspend their home […]
“Mortgage rates moved higher once again this week. The average rate on a 30-year fixed-rate mortgage increased to 5.81%, according to Freddie Mac. This is the third straight week of rate increases. Last week, the average rate on a 30-year loan jumped 0.55% percentage points as a result of a higher-than-expected inflation reading for May. […]
“It’s all about leverage. With rates rising, the chance of an accident that has cascade effects is increasing. What Could Possibly Go Wrong? As you will doubtless have been informed, world equities are now in a bear market. What happens next? The most excessive speculation has already been washed out of the system. Those warning […]
“A new analysis of the nation’s top apartment owners shows they earned massive profits off of rent increases last year. The top 10 publicly traded apartment companies saw their net incomes rise 57% to nearly $5B, according to a report released Tuesday from government watchdog Accountable.US. Those profits in many cases far exceeded the losses incurred at the start […]
“Sales of new U.S. homes plummeted in April by the most in nearly nine years, dented by the combination of high prices and a steep climb in mortgage rates. Purchases of new single-family homes decreased 16.6% to an annualized 591,000 pace, the weakest since April 2020, government data showed Tuesday. The figure fell well short […]
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