US housing market ‘in much worse shape’ than Fed admits: economist

The Federal Reserve’s policy tightening has sent the US housing market into a slump – and policymakers have yet to fully recognize the scale of the problems, according to a leading economist. Ian Shepherdson, chief economist at Pantheon Macroeconomics, provided a bearish outlook for homeowners after federal data showed sales of new single-family homes bottomed … Read more

Home prices fall for the first time in three years, the biggest drop since 2011

An aerial view from a drone shows homes in a neighborhood on January 26, 2021 in Miramar, Florida. According to two separate indexes, prices for existing homes have reached their highest level in 6 years. Joe Raedle | Getty Images Home prices fell 0.77% from June to July, the first monthly decline in nearly three … Read more

Apartment rents are finally slackening after an incredible run. Here’s how to play it

An apartment for rent sign seen on the Upper East Side of Manhattan. Adam Jeffrey | CNBC Apartment rent growth appears to have peaked after a terrific run in 2021, and that could boost some of the real estate stocks that were early darlings of the pandemic. Nationally, rents rose just 0.8% between June and … Read more

Home prices plunge in ‘pandemic boom towns’ as market crashes

Landlords in markets that boomed when the real estate sector was hot during the COVID-19 pandemic are now being forced to cut prices due to falling demand, according to data released Monday by Redfin. Salt Lake City is among the most overheated markets.Getty Images In the United States, 21% of home sellers lowered their asking … Read more

Home prices plunge in ‘pandemic boom towns’ as market crashes

Landlords in markets that boomed when the real estate sector was hot during the COVID-19 pandemic are now being forced to cut prices due to falling demand, according to data released Monday by Redfin. In the United States, 21% of home sellers lowered their asking prices in July – the highest share since Redfin started … Read more

US enters ‘housing recession’ as mortgage rates and construction costs rise

The U.S. housing market has plunged into a full-scale recession as tighter economic policy and soaring spending weigh on homebuilders. Builder confidence has fallen for eight consecutive months, marking its worst period since the housing market implosed in 2007 amid the Great Recession, data showed Monday. The National Association of Home Builders / Wells Fargo … Read more

Mortgage rates drop sharply after negative GDP report and latest Fed hike

Just a day after the Federal Reserve raised its benchmark rate, mortgage rates fell sharply. The average rate on the popular 30-year fixed-rate mortgage fell to 5.22% on Thursday from 5.54% on Wednesday, when the Fed announced its latest rate hike, according to Daily Mortgage News. The rate fell further on Friday to 5.13%. Rates … Read more