Housing
U.S. pending home sales sag more than expected in November
A “Sale Pending” sign outside a house in Morgan Hill, California, on Tuesday, Oct. 4, 2022. David Paul Morris | Bloomberg | Getty Images Contracts to buy U.S. previously owned homes fell far more than expected in November, diving for a sixth straight month in the latest indication of the hefty toll the Federal Reserve’s […]
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Home sales tumbled more than 7% in November, the 10th straight month of declines
Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors. The seasonally adjusted annualized pace was 4.09 million units. That is weaker than the 4.17 million units housing analysts had predicted, and it was a much deeper fall than usual monthly declines. Sales were down 35.4% year […]
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Mortgage refinance demand surged 6%, as rates dropped to the lowest level since September
A property for sale in Monterey Park, California Frederic J. Brown | AFP | Getty Images Mortgage interest rates dropped again last week, and while that did little to bolster demand from homebuyers, it did send homeowners looking for savings on their monthly payments. Applications to refinance a home loan jumped 6% last week from […]
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Homebuilder sentiment drops for the 12th straight month, but a bottom may be near
A worker walks on the roof of a new home under construction in Carlsbad, California. Mike Blake | Reuters Homebuilders were less confident about their business in December, but they are starting to see potential green shoots. Builder sentiment in the single-family housing market dropped two points to 31 in December on the National Association […]
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Home flipping profits drop at the fastest pace in over a decade
As the housing market cools quickly, house flippers are finding it harder to make fast profits. In the third quarter, gross flipping profit, which is the difference between the median purchase price paid by investors and the median resale price, dropped to $62,000, according to ATTOM, a real estate data provider. That’s down 18.4% from […]
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Mortgage demand inches higher as interest rates move lower
After a month of declines, mortgage application volume is rising, as current homeowners and potential buyers move on lower mortgage rates. Applications rose 3.2% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index. The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($647,200 or […]
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Mortgage rates drop after CPI report, but the housing market is far from out of the woods
A prospective home buyer, left, is shown a home by a real estate agent in Coral Gables, Florida. Getty Images The average rate on the 30-year fixed mortgage dropped to 6.28% Tuesday, according to Mortgage News Daily. It is now at the lowest level since mid-September. The decline came after a lower-than-expected reading of the November’s […]
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Mortgage demand falls again even as rates sink further
A “For Sale” sign in front of a home in Sacramento, California, on Monday, Dec. 5, 2022. David Paul Morris | Bloomberg | Getty Images Lower mortgage rates are pulling some current homeowners back to the refinance market, but not enough to offset the drop in demand from homebuyers. Mortgage application volume fell 1.9% last […]
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Germany’s housing sector is ripe for a critical price correction, economists warn
The German housing sector has been remarkably powerful in the previous couple of decades, but it faces a significant cost correction in the future couple of years, according to some analysts. Tim Graham / Contributor / Getty Visuals The German housing industry has been remarkably robust for decades, but it faces a critical selling price […]
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Mortgage rates fall for the third straight week, but demand still drops further
A For Sale sign appears in front of a house on Oak Street in Patchogue, New York, on May 17, 2022. Steve Pfost | Newsday | Getty Images Mortgage rates soared over 7% just a month ago, but since then they have fallen more than half a percentage point. Still, mortgage loan application volume decreased […]
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