Existing Home Sales slipped for the sixth straight month in July. But the good news was, median prices fell 2.4%, inventory continued to rise, and demand was strong, with 82% of homes sold in less than a month. Housing Starts dropped in July. Starts for single-families are down 18.5% yearly, but up 17.4% for buildings with 5 units or more. Building Permits are down 11.7% annually for...
August 2022
The biggest story of 2022's housing market has been rapidly rising mortgage rates. After all, mortgage rates haven't risen so fast in 40 years. The average rate on 30-year fixed rate mortgages was 2.7% last August, and reached 5.7% in June 2022. Higher rates affect the entire housing market, as higher monthly payments mean depressed buyer demand and homeowners who decide not to sell because they don't...
Realtor.com reports active inventory continues to grow, up 30% from a year ago. This jump in supply gives today’s shoppers an extra home to consider for every three that were on the market this time last year. Freddie Mac tells us: “Declines in purchase demand continue to diminish while supply remains fairly tight….The consequence is that house prices likely will continue to rise, but at a...
This is a GREAT article from The EPOCH TIMES that gives one an understanding of how the Housing Market is looking. From The EPOCH TIMES By Naveen Athrappully Housing sentiment in the United States, as measured by the Fannie Mae Home Purchase Sentiment Index (HPSI), has fallen to its lowest level in more than 10 years. In July, the HPSI declined by two points, to 62.8, the lowest level since 2011...
Data firm Black Knight reports home price growth in June dropped nearly two percentage points, the largest monthly slowdown since the early 1970s. June also saw the largest single-month inventory increase in 12 years. CoreLogic, another major data outfit, found price growth slowed for the second month in a row. They now forecast annual home price appreciation will drop to 4.3% by June 2023, in...
Today with interest rates raising, one wants to ensure their credit score is the best it can be. Your credit score, also known as your FICO Score, plays an important role when you apply for a mortgage. You can get a free credit report from each of the three credit bureaus once a year at AnnualCreditReport.com. This is the only source for free credit reports, and it’s authorized by federal law. It...
Have an extra room that's just taking up space? Put your creativity to work and transform it into the "play" place you've always wanted! Here are a few ideas: Rock Out. Let the rock-n-roll in you rip loose in a room designed to be your very own music studio. Bearing in mind that you’ll want to remain friends with your neighbors, a careful soundproofing plan is key. The door to the space will need...