At the end of last year, I made some guesses about the housing market in 2023. Well, here we are, six months into the new year and how did those predictions turn out? I spoke with economist Kathryn Rooney Vera, Chief Market Strategist, StoneX and we had a freewheeling conversation about the housing market and I’ll combine her observations with an evaluation of mine from last year.Rooney Vera recently joined StoneX as its chief ma
Many homeowners have anxiety when it comes to maintaining their home, a survey shows. Here’s a breakdown of the top projects. Seventy-eight percent of homeowners say they have buyer’s remorse over purchasing their home within the last 12 months, mostly because of unexpected repair costs, according to a survey from Hippo, a home insurance group. Proactive home maintenance, however, can help ward off many repair nightmares.After all, two-thirds
Pending home sales may be down significantly from a year ago, but housing activity is quite lively in many parts of the country. Read more from NAR’s latest housing report. Although pending home sales fell 2.7% month over month in May, according to new data from the National Association of REALTORS®, that’s not necessarily an indication of a slowing housing market.Low inventory is the primary reason contract signings are down a whopping 22%
Mortgage rates turned higher again last week. But the increase did not cut into mortgage demand, as buyers sought newly built homes.Total mortgage application volume rose 3% compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. An additional adjustment was made for the Juneteenth holiday.Applications for a mortgage to purchase a home rose 3% for the week but were 21% lower year over year. Th
Jumbo loan rates higher than conforming mortgages for 3rd week in a row as spread widens to 16 basis points, latest MBA lender survey reveals Homebuyer demand for purchase loans picked up last week to the highest level since May even as rates on jumbo mortgages surged, according to a weekly survey of lenders by the Mortgage Bankers Association (MBA).The MBA’s Weekly Mortgage Applications Survey shows applications for purchase mortgage
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‘The ongoing recovery in home prices is broadly based,’ Case-Shiller says The numbers: U.S. home prices rose in April as the housing market continues to contend with a scarcity of for-sale listings. Homeowners’ unwillingness to sell is pushing up home prices, despite elevated mortgage rates. The S&P CoreLogic Case-Shiller 20-city house-price index rose 0.9% in April, as compared with the previous month. Home prices were s
Homebuying tumbles to a 28-year low in May.“Numerology” tries to find reality within various measurements of economic and real estate trends.Buzz: Deep discounts on California homes shrank this spring – especially to the south – as the purchasing pace is almost historically sluggish.Source: My trusty spreadsheet reviewed May’s homebuying report from the California Association of Realtors.Fuzzy math: Is the springtime pri
There’s good news coming for millions of renters. But there is still a long way to go to cool housing costs in the economy.After years of eye-popping price increases, renters may finally be getting some relief.Rent prices fell 0.5 percent in May compared with the year before, according to data from Realtor.com released Monday. The firm’s tracking showedthat to be the first year-over-year drop since early inthe pandemic, when strong
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