Last year, 522 U.S. towns/cities had an average home price of $1M or more, but 58 of those have seen average prices drop below $1M, including four in Fla.
Today’s homebuyers’ monthly mortgage payments are almost 30% higher than year-ago buyers due to higher mortgage rates.
Financially astute wealthy buyers don’t like the uncertainty of today’s market, so some have taken a wait-and-see attitude with home buying.
A major bank failure has scared investors. It’s unclear if things will get worse, but financial stress could lower mortgage rates and push the Fed to reconsider rate increases.
A Michigan city claims six chickens can’t qualify as emotional-support animals, but a federal judge said “maybe” – and that only a jury can decide.
One year ago, mortgage rates started their rise, and people scrambled to buy homes. That means stats comparing March 2023 to March 2022 won’t make a lot of sense.
In a heated political era, no one can predict what the final 2024 U.S. budget will look like, but the White House’s initial proposal boosts a number of housing programs.
Job reports, hourly earnings and price data suggest inflation may be slowing even as bank troubles stir recession fears. But a bond-price drop could help lower mortgage rates.
In 4Q 2022, builders found a “persistent shift in buyer preferences to live outside of densely populated areas” with the share of new urban homes dropping to 44.5%.
If homeowners with an FHA loan default, they may still be able to keep the house through a mortgage modification, which now includes a 40-year option.
