In today’s real estate market, buying a home has become less affordable for many individuals. The median sales price for homes has continued to rise, reaching $422,600 in July – an increase of 4.2% from the previous year. This surge in home prices has created a financial strain on potential buyers, making it difficult for
Real Estate
The recent drop in mortgage rates for the fourth consecutive week failed to generate significant excitement among current homeowners and potential homebuyers. Despite the decrease in average contract interest rates for 30-year fixed-rate mortgages, the total mortgage application volume only rose by a mere 0.5% from the previous week, according to the Mortgage Bankers Association’s
As the Federal Reserve gears up to cut interest rates, another critical aspect of the housing market is on the verge of facing a potentially challenging situation. The National Flood Insurance Program (NFIP), a vital government-sponsored insurance program, requires reauthorization by September 30th to continue issuing new policies or enhancing coverage on existing ones. The
Affordable housing is a critical issue that Vice President Kamala Harris seeks to tackle with her proposed economic policies. Her plan involves measures to reduce the costs associated with both owning and renting a home in the United States. One of the key components of her proposal is the construction of 3 million new housing
Over the past decade, top homebuilders such as D.R. Horton and Lennar have shown impressive returns, outpacing the broader S&P 500 index. However, recent downgrades in their investment outlook have raised concerns among analysts about the industry’s future prospects. Despite this, there are still investors who remain optimistic about the performance of homebuilders in the
In July, closed sales of previously owned homes increased by 1.3% compared to June, reaching a seasonally adjusted, annualized rate of 3.95 million units. This marked the first uptick in sales after five consecutive months of decline. However, sales were still 2.5% lower compared to the same period last year. The Northeast region experienced the
The recent decrease in mortgage rates over the past few weeks has not translated to an increase in refinance applications. In fact, applications to refinance a home loan dropped by 15% last week. This decline comes after a 23% surge in demand over the past four weeks due to falling mortgage rates. It is worth