House prices in the UK fell by 1.1 percent year-on-year in February, the biggest annual decline for more than a decade, according to new figures from the Nationwide Building Society. It was the biggest annual house price fall since November 2012, and the first annual decline of UK house prices since June 2020, when the…
UK House Prices Suffer Worst Annual Fall in a Decade, New Figures Show
March 1, 2023
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Business & MarketseconomyHouse Pricesinflationinterest ratesInvestmentmortgage ratesrecessionUKWorld
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Housing Market Shows Signs of Life as Pending Home Sales Rise for First Time in 14 Months
January 27, 2023
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Business & Marketseconomic policieseconomyhousing marketinflationInvestmentMarketsmortgage ratespersonal financePolicies & Impactsreal estateUSUS Real Estate
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The U.S. housing market showed a sign of early recovery, as pending home sales of rose for the first time in 14 months. Pending home sales rose 2.9 percent in December, the first month-over-month increase since October 2021, according to data from Redfin on Jan. 25. The decline in pending sales also eased for the…
Twenty-Five Percent of Homebuyers Looking to Shift to New Metro Areas Due to High Cost of Housing: Report
January 25, 2023
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Business & Marketseconomyhome affordabilityhome buyershome searchershousing marketInvestmentmortgage ratesreal estaterelocationUSUS Real Estate
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Roughly a quarter of Redfin homebuyers looked to move to a different metropolitan area in the fourth quarter of 2022 owing to home affordability issues, with places like Sacramento, Las Vegas, and Phoenix topping the list of destinations. In fourth quarter 2022, 24.6 percent of Refin users wanted to shift to a new metro area,…
Mortgage Rates Decline to Lowest Level in Four Months, 2023 Recession ‘Still an Issue’
January 20, 2023
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Business & Marketseconomic recessioneconomyfalling home salesFed Rate Hikehigh inflationhousing supplymortgage ratesreal estateUSUS Real Estate
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U.S. mortgage rates for 30-year fixed-rate loans have fallen to their lowest in four months amid a slowdown in the pace of interest rate hikes by the Federal Reserve and a decrease in home sales last year, with some experts predicting the easing down of mortgage rates to be the trend for 2023. The average…
Housing Will Remain Depressed
January 20, 2023
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Business & MarketsBusiness ColumnistsFederal Reserve (Fed)housingmortgage ratesOpinionThinking About ChinaViewpoints
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Commentary With the Federal Reserve (Fed) committed to raising interest rates still further, the future of the housing market remains problematic. The higher mortgage rates rise, the less affordable housing will become for the average American. Buying and building will accordingly fall even farther than they already have. In time, however, a counter-trend will likely…
Mortgage Demand Drops to Lowest Level in 26 Years as Housing Market Slump Continues
January 5, 2023
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Business & MarketseconomyMarket Composite Indexmortgage applicationsmortgage demandmortgage ratesreal estaterecessionU.S. home pricesU.S. home salesUSUS Real Estate
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Mortgage demand has fallen in the past two weeks to its lowest level since the 1990s as elevated mortgage rates and fears of a recession take a toll on the market, according to latest data from the Mortgage Bankers Association (MBA). The Market Composite Index, which measures the volume of mortgage loan applications, fell 13.2…
US Home Sales Fall Again, Posts Second-Lowest Monthly Reading in 20 Years
U.S. pending home sales tumbled 4 percent in November, according to the National Association of Realtors (NAR). This is up from the 4.6 percent drop in October, but the reading was worse than the market estimate of a 0.8 percent dip. On a year-over-year basis, pending home sales plummeted 37.8 percent, down from the 37…
US Single-Family Housing Starts Drop in November Due to High Mortgage Rates
December 21, 2022
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Business & Marketseconomic policieseconomyHome ConstructioninflationMarketsmortgage ratespersonal financePolicies & Impactsreal estaterecessionUSUS Real Estate
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Monthly construction of new single-family homes and building permits fell to a two and a half year low in November. This was caused by higher mortgage rates combined with inflation, which further weakened housing market activity, according to a report from the U.S. Census Bureau, on Dec. 20. The single-family housing market once boomed during…
Canada’s Bank Regulator Confirms Mortgage Stress Test Will Stay at Same Rate
Canada’s Superintendent of Financial Institutions announced Thursday that the stress test rate for mortgage applications will remain the same after his annual review. The minimum qualifying rate (MQR), also known as the stress test, will remain at whichever is greater—the mortgage contract rate plus a 2 percent buffer, or 5.25 percent. So, if a mortgage contract…
Existing Home Sales Expected to Drop Next Year to 11-Year Low
December 14, 2022
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Business & Marketseconomyhome pricesinflationInvestmentMarketsmortgage ratesreal estateUSUS Real Estate
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Existing home sales in the United States will likely drop in 2023 to an 11-year low. Sales of previously owned homes will fall for a second year in 2023 to their lowest annual total since 2012, when the housing market was still recovering from the subprime mortgage crisis of 2008–09, according to the National Association of…
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