With listings still in short supply, homebuyers are “dealing with an affordability shock” and new homes will play an outsize role in housing markets, Zonda Chief Economist Ali Wolf said at ICNY. Continue reading
Fannie Mae economists no longer expect a recession and are considerably more optimistic that mortgage rates have additional room to come down below 6 percent. Continue reading
Does the rapid slowdown in the economy mean a recession is now inevitable in the new year, or is a “soft landing” still possible? Economists are divided on the nation’s economic outlook for 2024. Continue reading
After rates fell from October highs, homebuyers with a new mortgage are paying about $400 less each month. Still, there’s no buying spree — yet. Continue reading
Agent “glut” means part-timers are now the majority, leading to “widespread incompetence and pressure to maintain high commission rates,” according to the Consumer Federation of America. Continue reading
Sales of newly built single-family homes fell 12.2 percent between October and November to an annual rate of 590,000, but lower interest rates may bring relief. Continue reading
The good news for real estate pros is that closely watched forecasts agree home sales will bottom in Q4 2023, and mortgage rates are looking ready to come down significantly next year. Continue reading
Listings and pending sales hit the highest level in roughly a year, according to a new report from Redfin. Still, a record number of contracts were canceled. Continue reading
Two closely watched forecasts agree that mortgage rates have probably peaked, but diverge sharply on how quickly they’ll come down over the next two years. Continue reading
Purchase mortgage applications trended up last week for the first time in nearly a month as mortgage rates retreated from 2023 highs, according to the MBA’s weekly survey of lenders. Continue reading