Receding expectations for the Federal Reserve to lower interest rates in the coming months are keeping US mortgage rates around 7%, more than double what they were three years ago. This prolonged high-rate environment is slowly but surely transforming the housing market. “Homeownership is becoming less of a middle-class dream and more of an aspirational
Prices continue to rise due to this spring’s lower-than-usual inventory. The slight silver lining for buyers is that mortgage rates have decreased slightly. The median U.S. home sale price reached a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. Weekly average mortgage rates dipped to 7.02% from a
The share of houses for sale that are brand new is hovering at nearly double the pre-pandemic rate. In the first quarter, 33.4% of single-family homes for sale in the U.S. were newly built. This figure is essentially unchanged from a year earlier but down slightly from a record-high 34.5% two years ago. Despite the
April Housing Costs Fuel Core Inflation Despite Signs of Moderation Housing expenses remained high in April, primarily driving up core inflation. The shelter component of the Consumer Price Index (CPI), comprising mainly rent and homeowners’ equivalent rent (OER), saw a 0.4% increase, consistent with March. Over the past year, shelter costs rose by 5.5%, the
California properties located near wildfire-prone areas have experienced much slower appreciation compared to other regions. The state is currently facing a significant home insurance crisis, with numerous companies either withdrawing from the market or reducing coverage in areas susceptible to wildfires. In May 2023, major insurers State Farm and Allstate announced they would no longer
If you’re planning to sell your home, these are the renovations you should prioritize. They’re also useful if you want to boost your home’s value for other reasons, such as increasing your home equity for future loans or simply improving your living experience. 1. Manufactured Stone Veneer Replacing vinyl siding with stone veneer, even on
We often hear about cyber attacks on large companies, but small businesses are also at risk. According to recent government data, 38% of small businesses experienced a cyber breach or attack last year, with an average cost of over £8,000 per attack. Small businesses can be easier targets than larger corporations for several reasons. Key
Real estate crowdfunding involves raising money online for real estate purchases from a large group of investors. Individuals and businesses use internet platforms and social media to access capital from many potential investors. The concept is that many people can invest small amounts, quickly raising large sums of money. Let’s get to the point. Pros
Escrow is a key step when buying a home, serving to protect both buyers and sellers. It ensures that the transaction is secure and goes smoothly up to the closing. Both parties should engage with their escrow officer and be ready to handle any problems that might come up. Proper preparation can make the escrow
The first round of settlements in the buyer agent commission lawsuits faced unexpected complications just one day before they were expected to be finalized. In Illinois, the Batton case plaintiffs have sought a temporary restraining order and injunction against the preliminary settlements involving Anywhere, RE/MAX, and Keller Williams. These settlements are scheduled to be finalized
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