While Federal Reserve policymakers had forecast 3 rate cuts next year, futures markets see an 85% chance of at least 6 rate cuts after a key inflation metric shows the economy is cooling rapidly Mortgage rates are continuing a stunning retreat from 2023 highs this week after a key inflation metric showed the economy is cooling rapidly — perhaps too rapidly for those hoping for a soft landing in 2024.The Bureau of Economic Analysis reported
The S&P CoreLogic Case-Shiller National Home Price Index posted a yearly increase of 4.8% in October, the fastest annual rate gain of 2023 and 'the strongest national growth rate since 2022'October saw the highest home price increase of 2023, according to new data, despite mortgage rates also rising significantly that month.The S&P CoreLogic Case-Shiller National Home Price Index posted a yearly increase of 4.8 percent and
And to all a goodnight... We look forward to serving you in the new year.
A recent surge in construction of single-family homes could offer more opportunities for home buyers in the new year.Existing-home sales posted a slight gain last month, breaking a streak of five consecutive monthly declines and foreshadowing what is expected to be a more favorable real estate market in 2024.The National Association of REALTORS® reported Wednesday that existing-home sales, which are completed transactions for single-family
Despite unprecedented challenges, and the predictions of naysayers, the residential real estate market showed surprising strength in 2023, according to industry analyst Michael Gifford Despite unprecedented challenges, the housing market emerged as a resilient and surprising beacon of stability in 2023. While supply constraints continued and the Federal Reserve’s interest hike lasted longer than expected, the sharp decline in hom
Homeowners looking to refinance are finding savings after mortgage rates dropped again last week.The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($726,200 or less) decreased to 7.07% from 7.17%, with points falling to 0.59 from 0.60 (including the origination fee) for loans with a 20% down payment, according to the Mortgage Bankers Association. That was the lowest level since July.“Mortgage
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Buyers may balk at lengthy inspection reports, but not every item is an emergency. Know what may—and may not—be cause for alarm.The results of a home inspection can make or break a home sale, particularly if buyers are unsure about the items flagged in the report. They may panic at the sight of a long laundry list of repairs.“No home is perfect,” says Adam Long, president of HomeTeam Inspection Service, which has more than 200 offices nat
Construction spending (not adjusted for inflation) totaled $2.027 trillion in October at a seasonally adjusted annual rate, up 0.6% from the upwardly revised September rate and up 11% year-over-year (y/y), the Census Bureau reported today. However, without a deflator, it is impossible to say how much of the y/y gain is in units vs. price. Private residential construction rose 1.2% for the month, with single-family homebuilding up 1.1% (
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