In today’s real estate market, the American Dream of owning a home is becoming increasingly elusive for many. The soaring prices of homes, coupled with a shortage of inventory, have created a financial strain on potential buyers. The median sales price for homes has seen a steady increase, hitting $422,600 in July, which is a
Real Estate
Recent data shows that mortgage rates have been on a decline for the past four weeks, yet the response from both current homeowners and homebuyers has been lukewarm. While there was a slight uptick of 0.5% in total mortgage application volume last week, the enthusiasm seems to be lacking. The average contract interest rate for
As consumers eagerly await the Federal Reserve’s interest rate cut, another crucial event is coming up that could significantly impact the real estate market – the reauthorization of the National Flood Insurance Program (NFIP). Established by Congress in 1968, the NFIP is the primary flood insurance provider in the United States, offering coverage to millions
Affordable housing is a critical issue in the United States, affecting individuals and families from all walks of life. Vice President Kamala Harris recently outlined an economic plan that emphasized the importance of affordable housing. Her proposal includes the construction of 3 million new housing units, aimed at improving affordability across the country. This initiative
Over the past decade, the shareholder returns of leading homebuilders such as D.R. Horton and Lennar have outperformed the broader S&P 500 index. Despite facing recent downgrades in their investment outlook, there is still optimism among some investors regarding the industry’s potential for growth and performance. This trend suggests that there may be underlying strengths
In July, closed sales of previously owned homes rose by 1.3% compared to the previous month. This increase marked the first gain in five months. Despite this improvement, sales were 2.5% lower than the same period last year. The Northeast saw the most significant gains in sales, while the Midwest experienced flat sales. Prices also
The trend of falling mortgage rates in the past few weeks has been significant, but it seems the rush to refinance has slowed down. Refinance applications dropped by 15% last week, which is a notable decrease. Despite this decline, there has been a substantial increase of 90% compared to the same period last year. The
In the wake of the Bank of England’s first interest rate cut in four years, Britain’s biggest high street lenders have swiftly responded by slashing borrowing costs. This move has led to a surge in homebuyer activity, with Barclays, Halifax, HSBC, and NatWest now offering five-year fixed rate mortgages below the BOE’s key rate of
Inflation rates in the United States continued to decrease in July, largely due to a drop in price pressures for common consumer staples such as food and energy, as well as physical goods like automobiles. According to the U.S. Department of Labor, the consumer price index (CPI) rose by 2.9% in July compared to the
The construction boom in the United States has had a significant impact on the rental market, leading to lower rents and other benefits for renters. With record levels of construction activity since the pandemic, there has been a surge in the supply of empty units, resulting in more inventory being available for renters. In June,