The U.S. housing market continued to show signs of decline as mortgage applications and sales of existing homes fell while properties are taking longer to get sold. Mortgage applications for new home purchases dropped by 11 percent in April 2023 compared to March, according to a Mortgage Bankers Association May 19 press release. “Since the…
US Housing Market in Ongoing Monthly Decline
Home Prices Jump in Nearly 70 Percent of Residential Markets in First Quarter
U.S. home prices rose in a majority of markets during the first quarter of the year, with around one in 14 markets seeing a double-digit increase in prices. Single-family existing-home sales prices rose in 152 of the 221 tracked markets in Q1, 2023, according to a May 9 press release by the National Association of…
New-Home Sales ‘Unexpectedly Rise’ in March to Highest Level in a Year
New-home sales in the United States rose last month even though home prices increased during this period, with easing mortgage rates possibly boosting buying activity. Sales of new single-family homes in March 2023 rose by 9.6 percent to 683,000 from 623,000 in February, according to an April 25 press release (pdf) by the U.S. Census…
Moody’s Forcasts 10 Percent Fall in House Prices Over Next 2 Years Amid Higher Rates
The American housing market may fall even further as rising mortgage rates suppress demand and the stock of new homes begins to grow, according to Moody’s. Home prices are expected to tumble between 5 and 10 percent over the next two years, Moody’s economist, Matthew Walsh, told Yahoo Finance in an April 18 interview. Walsh noted a…
Housing Payments Rise Across US Despite Fall in Home Prices
Even though U.S. home prices have fallen by their biggest margin in over ten years, monthly housing payments have hit a record high, according to real estate brokerage Redfin. Median home-sale price fell 2.6 percent from a year back during the four weeks ending April 16, Redfin said in a press release Thursday—the biggest decline in…
Record Share of Americans Relocating to New Metro Areas
Over a quarter or 25.1 percent of house hunters in the United States were seeking to relocate to a new metropolitan area in February, according to real estate company Redfin. The interest to relocate registered at 22.9 percent in 2022, and approximately 18 percent prior to the pandemic. The latest number is a record high,…
American Housing Market Loses $2.3 Trillion of Value
The U.S. housing market lost more than $2 trillion in home value during the second half of 2022 as homebuyer demand waned amid elevated mortgage rates, even as home prices fell 11.5 percent from their May peak, according to real estate brokerage Redfin. At the end of 2022, the total value of U.S. homes was…
Experts Say Cooling US Housing Market Isn’t in Same Neighborhood as 2008 Price Plunge
It’s one of those moments that lead many Americans to grit their teeth whenever it’s mentioned: the 2008 housing market crash. Few events in recent decades have instilled homeowners with more dread than the notorious housing bubble burst that year. A combination of cavalier lending policies and high market inventory stemming from the subprime mortgage…
NTD Business (Nov. 22): FTX Was Run as ‘Personal Fiefdom’: Lawyers; Investor Home-Buying Plunges
Updates on the FTX cryptocurrency collapse. Attorneys say former CEO Sam Bankman-Fried ran the company like a “personal fiefdom.” A potential railroad strike is coming this holiday season. We have everything you need to know about the situation. Investor home-buying is falling at record rates—the biggest drop since the 2008 financial crisis if you exclude the…
US Home Prices Decline by Record Margin Since 2009 Financial Crisis: Report
Home prices across the United States fell by a large margin in the month of August, while inventory levels stalled, according to a recent report by mortgage analytics firm Black Knight. Median home prices declined by 0.98 percent in August, after falling by 1.05 percent in July, according to a press release on Oct. 3. July and…
US News
- Joshua PhilippRepublicans are now moving to hold FBI Director Christopher Wray in contempt of Congress. The House Oversight Committee previously gave Wray six days to provide a document that they claim… [...]
- Bill PanRoughly 40 million borrowers of federal student loans will soon need to start paying their bills again, under a deal reached by President Joe Biden and House Speaker Kevin McCarthy… [...]
- The Associated PressPORTLAND, Ore.—The driver of the semitruck involved in a fatal crash on Interstate 5 in Oregon earlier this month that left seven farmworkers dead has been indicted on charges of… [...]
- The Associated PressLOS ANGELES—A California appeals court said Tuesday that Leslie Van Houten, who participated in two killings at the direction of cult leader Charles Manson in 1969, should be released from… [...]
- Bryan JungLoretta Mester, president of the Federal Reserve Bank of Cleveland, said there was no “compelling” reason to wait for another interest-rate hike, in a recent interview. Mester told the Financial… [...]
- Epoch VideoU.S. Senate Banking Committee holds a hearing on ‘Countering China: Advancing U.S. National Security, Economic Security, and Foreign Policy’ at 10:00 a.m. ET on May 31. Elizabeth Rosenberg, Assistant Secretary… [...]
- The Associated PressALBUQUERQUE, N.M.—Police officers found Tony Peralta earlier this month sitting on a curb not far from the convenience store in a small southeastern New Mexico community where he borrowed a… [...]
- Epoch VideoU.S. Secretary of State Antony Blinken holds a press conference with members of the EU-US Trade and Technology Council after meeting at 9:05 a.m. ET on May 31. [...]
- Katabella RobertsThe White House announced on May 30 that President Joe Biden is formally withdrawing his nomination of Ann Carlson to be administrator of the National Highway Traffic Safety Administration (NHTSA), just months after… [...]
- Lee SmithSix years ago, senior U.S. spies framed Gen. Michael Flynn, a combat veteran with over three decades in uniform, as a Russian spy. Even after he was forced out of the White… [...]