The US Housing Market Is Being Transformed by 7% Mortgage Rates

7% Mortgage Rates Reshape the US Housing Market

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

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A 4% Decline in Pending Sales Follows a Surge in Home Prices to Record Highs

Record High Home Prices Lead to 4% Drop in Pending Sales

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

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Housing Expenses See Two-Year Low Amid Inflation Downturn

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

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california wildfires

The Impact of California Wildfires on Real Estate Markets

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

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home renovation

Top 8 Home Renovation Projects That Increase Property Value In 2024

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

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hackers targeting small businesses

How Hackers Are Targeting Small Businesses: Big Target

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

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real estate crowdfunding

The Pros and Cons of Investing in Real Estate Crowdfunding

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

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escrow process

What to Expect During the Escrow Process? Sellers Requirements

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

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Homebuyers to prevent commission settlements

Homebuyers Seek to Stop Approval of Commission Settlements

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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