Over 53K US home purchase agreements failed in Late-Q3, marking a 16.3% termination rate. Coastal boomtowns, especially in Florida, experienced contract cancellation rates exceeding 20% due to rising rates. Mortgage rates topping 7% marked the largest contract termination percentage in 20-yr.
The CARES Act, responding to COVID-19, implemented a moratorium on foreclosures and provided forbearance for federally-backed mortgages.Mortgage loans constitute ~70% of total US household debt, surpassing $12T, reflecting the significant role of housing in the economy.
Even though you’re the one responsible for paying the premiums, mortgage insurance protects the lender if you default on the loan. With PMI, however, you’ll only be required to have it if you don’t meet the typical requirement of making a down payment of at least 20% on a conventional loan. For example, you can […]
First-time buyers hold a record 50% of the Real Estate market share. Yet, a significant number of repeat buyers are choosing to stay in their current homes. First-time buyers are competing for limited affordable starter homes, causing↑ home prices.
US home prices increased by 0.4% in October compared to November and were up 7% compared to October 2022. This marks the seventh consecutive month of price increases. The lack of housing supply is seen as a bigger constraint on the market than affordability. Luxury-tier prices saw unexpected surges in price appreciation, indicating strong demand […]
Florida has been the most popular state to move to for 2-yr, with several of its cities ranking among the top destinations for newcomers.Jupiter anticipates substantial growth due to its family-friendly environment, excellent schools, beautiful beaches, and diverse entertainment options.
Multifamily demand reached its highest level since 2021, but new supply outpaced demand, causing vacancy rates to ↑. Asking rent growth decelerated to 0.8% due to upward pressure on vacancy. Vacancy rates for high-end properties ↑ 3% while annual rent growth turned negative.
Interest rate volatility on the 30-year fixed-rate mortgage has significantly impacted the housing industry since the Covid pandemic. Prior to this, interest rates were stable, which helped stabilize the industry. However, the Federal Reserve reduced interest rates during the pandemic, leading to a surge in the market. The rapid change in rates has created a […]
Fall home buying offers unique opportunities with historically lower housing prices, particularly for budget-conscious buyers. However, limited inventory during this season may require buyers to be flexible in their preferences and make compromises. Homebuyers in the fall can enjoy tax benefits, including deductions for property taxes and mortgage interest, reducing their overall liability. The decrease […]
Examining Rent-to-Income-Ratios by U.S. Metros Since wages are higher in more expensive areas than those in low-cost markets, a more accurate measure of rent affordability is the rent-to-income ratio, which is the portion of income that must be set aside for housing costs each month – regardless of the rent or income level. U.S. Census […]