Persistent inflation is proving “quite harmful to the housing market,” says NAR Chief Economist Lawrence Yun. The housing market is quickly contracting as rising mortgage rates and stubbornly high inflation prompts more home buyers—and even sellers—to back away. The National Association of REALTORS®’ Pending Home Sales Index, a forward-looking indicator based on home contract signings, dropped for the fourth consecutive month in S
Treasury Secretary Janet Yellen said that while slower growth would help tame inflation, data released Thursday showed the US economy was resilient in the face of global challenges.A government report outlining a 2.6% annualized pace for expansion in the third quarter “clearly shows solid growth in the US, Yellen told reporters in Cleveland, where she’s scheduled to deliver a speech on the Biden administration’s policies.“We see here an e
Many under the age of 40 are looking at real estate as a means to generate income rather than looking for their own home to live in, a new survey shows. A growing number of young adults are charting a different path toward building wealth through homeownership, prioritizing buying an investment property before a primary residence, according to a new survey by Mynd, a company that leverages technology tools to help investors buy, finance and manag
Home prices are still higher than they were a year ago, but gains are shrinking at the fastest pace on record, according to one key metric, as the housing market struggles under sharply higher interest rates.Prices in August were 13% higher nationally compared with August 2021, according to the S&P CoreLogic Case-Shiller Home Price Index. That is down from a 15.6% annual gain in the previous month. The 2.6% difference in those
For-sale listings on the market are rising in late October, which is unusual for this time of the year, Altos Research says. It took a while, but it’s finally happening — the number of for-sale listings on the market is rising, even during what is generally a slow season for the real-estate sector.Active inventory of homes has hit a new peak for the year, according to data from Altos Research.Inventory bottomed out at the beginning of March t
The housing market in 2021 was one for the record books. With prices at historic highs and the number of listings in a deep hole, open houses looked like Black Friday sales and many would-be buyers were elbowed out of the melee.In 2021, the share of buyers paying all cash for home purchases trended higher in the United States, but the overwhelming majority of home sales still involved mortgages. Unfortunately, as with every year, many 2021 mortga
Whether a you're looking to purchase a vacation home, multifamily apartment building, or primary residence with the purpose of renting out space, you will surely have questions about the process. 1. What are the rules for doing a 1031 exchange? A 1031 exchange is a way to sell an investment property and defer the capital gains tax by purchasing another property of “like-kind.” Here are the main rules all real estate professionals sh
Less than a month after Hurricane Ian caused widespread devastation to southwestern Florida, investors and other buyers are scouring for housing deals in a region where home prices have soared in recent years.Demand remains strong from both locals and out-of-staters, according to residential real-estate agents in Naples, Fla., and other areas near the path of the Category 4 storm. They say they have received numerous inquiries
A measure of US homebuilder sentiment dropped for a 10th straight month in October, hitting the lowest level since the early days of the pandemic and illustrating a housing market battered by soaring mortgage rates.The National Association of Home Builders/Wells Fargo gauge decreased 8 points to 38, the weakest since May 2020, figures showed Tuesday. The gauge was weaker than the most pessimistic forecast in a Bloomberg survey of economists.Senti
Falling prey to a wire fraud scheme, he lost the down payment that took his family years to save. Now he’s helping real estate pros protect their clients against cyber scams.Aaron Cole and his wife and two children stand in front of the home they nearly lost in Canby, Ore., after Cole was swindled out of the family's $123,000 down payment in a wire fraud scheme.After a yearlong search, Aaron Cole and his family finally found their dream home in
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