When Shannon Tebb listed her downtown Toronto loft for sale in mid-June, she did everything to make the property attractive for buyers. She hired stagers, painted walls, washed the windows, listed the place below market value and advertised all over social media. But by July, she was pulling the property off the market—and not because…
Foreign Homebuyers, Led by China, Spend $59 Billion in the US
August 3, 2022
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buyersforeign buyersOpinionreal estateThinking About ChinaU.S. housing marketUSUS NewsUS Real EstateViewpoints
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Commentary Foreign buyers poured $59 billion into the U.S. housing market from April 2021 through March 2022, snapping up nearly 100,000 homes across the country amid a severe housing shortage and record-high prices. Despite the huge dollar amount, non-U.S. citizens accounted for a modest 2.6 percent of the total volume of existing-home sales during that…
US Home Prices Cooled at a Record Pace in June
August 2, 2022
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Business & MarketseconomyinflationInvestmentMarketsmortgage ratespersonal financereal estateU.S. home pricesUSUS Real Estate
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Skyrocketing mortgage rates and inflation in the United States have caused the housing market to tumble in June, allowing historically high home prices to stabilize and unit stock to grow, according to a report from mortgage data analytics firm Black Knight. The rise in housing prices rapidly slowed in June, according to the report, though…
House Prices Drop Sharply in Major Australian Cities in July
Australian house prices continued to fall as five out of eight capital cities saw a drop in prices in July, with Sydney and Melbourne leading the downward trend. According to real estate data provider CoreLogic, Australian home values dipped by 1.3 percent in July, the third consecutive monthly drop, following a near 29 percent national…
Climbing Rates, Halt in Refinancing Blamed for Mortgage Industry Nosedive
Headlines across the nation continue to trumpet the recent slump in the mortgage industry, as thousands of loan professionals now find themselves furloughed for the time being. Industry giants like JP Morgan Chase and Loan Depot are planning to slash thousands of jobs, while published reports indicate layoffs have been in the hundreds at Wells…
New Zealand Property Market in ‘Correction’ Phase and Faces Significant Challenges
July 28, 2022
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Asia & PacificBusiness & MarketseconomyGlobal Real EstateinflationmortgageNew Zealandreal estatereal estate marketWorld
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The New Zealand (NZ) property market faces significant challenges as house values have fallen for three consecutive months, and sales activity shows clear signs of slowing. CoreLogic NZ’s latest property market update revealed that the total value of residential real estate fell $40 billion (US$25 billion) across the June quarter to $1.69 trillion. The value…
Sales of New US Homes Drop to Lowest Level in Two Years as Consumer Demand Subsides
Sales of new single-family homes in the United States dropped by more than eight percentage points in the last month, their lowest levels in just over two years, signaling that increased mortgage rates and soaring prices are decreasing consumer demand for housing. New home sales declined 8.1 percent to a seasonally adjusted annual rate of 590,000…
Passing Your Real Estate on Successfully: Avoiding Probate
When you want to leave a valuable asset behind for your beneficiaries, real estate makes an excellent gift. However, if you do not plan carefully, the property may have to go through probate court. Once it is in probate court, the court decides how to divide your estate and property. This means it may have…
Houses for Sale Are Staying on the Market Longer as Bidding Wars Fizzle, Demand Sinks
July 25, 2022
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Business & Marketseconomyhousing affordabilityMarketsnew home salesreal estateU.S. home pricesU.S. home salesUSUS Real Estate
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Houses in the United States are taking longer to sell as bidding wars have decreased and demand has dipped, according to real estate brokerage firm Redfin. For the four weeks ending July 17, the typical home was on the market for 19 days before being sold, one day more than the same period in 2021,…
US Home Sales Fell in June as Prices Reach New Heights
Sales of previously occupied U.S. homes slowed for the fifth consecutive month in June as higher mortgage rates and rising prices kept many home hunters on the sidelines. Existing home sales fell 5.4 percent last month from May to a seasonally adjusted annual rate of 5.12 million, the National Association of Realtors said Wednesday. That’s…
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