As mortgage interest rates continue to rise, the housing market is experiencing record-high prices, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. In June, prices were 5.4% higher than the previous year, marking the highest level ever for the index. However, this annual gain was slightly lower than the previous month’s increase
Real Estate
As consumers eagerly await a potential interest rate cut by the Federal Reserve, the looming expiration of the National Flood Insurance Program (NFIP) is casting a shadow over the real estate market. The government-sponsored public insurance program, which is the largest flood insurer in the U.S., must be reauthorized by September 30 to continue issuing
As of August 2024, shareholder returns for major homebuilders D.R. Horton and Lennar have surpassed the performance of the S&P 500. Despite this, analysts have recently downgraded the investment outlook for both companies. However, there is still a sense of optimism among some investors regarding the future performance of the industry. Industry observers note that
Despite a modest 1.3% increase in closed sales of previously owned homes in July compared to June, the National Association of Realtors reported that sales were still 2.5% lower than the same time last year. Lawrence Yun, NAR’s chief economist, acknowledged this sluggishness in the market and attributed it to several factors. Regional Disparities in
The traditional idea of homeownership as a symbol of the American Dream is facing challenges in today’s economy. Rising home prices, stagnating wages, and stringent mortgage requirements are making it increasingly difficult for younger generations and first-time homebuyers to achieve this milestone. The standard 30-year mortgage, established during the Great Depression, may no longer be
Lowe’s, the home improvement retailer, recently reported a mixed performance in terms of earnings and revenues. Despite beating earnings expectations, the company missed on revenues and lowered its full-year outlook. This news resulted in a slight negative turn for the company’s stock, with investors hesitant to jump in due to uncertainties related to the Federal
The recent interest rate cut by the Bank of England has sparked a flurry of activity in the UK housing market. High street lenders, such as Barclays, Halifax, HSBC, and NatWest, have responded by slashing borrowing costs, particularly for fixed-rate mortgages. This move has led to increased buyer activity and a rise in new seller
The proposal for affordable housing in the United States has been a focal point of Vice President Kamala Harris’s economic policies. Harris aims to make owning and renting a home more affordable in the country. She has emphasized the importance of increasing the supply of housing units to address the affordability challenges faced by renters
The construction boom in the U.S. has had a significant impact on the rental market, resulting in lower rents and other benefits for renters. The record levels of construction activity following the pandemic have led to an increase in the supply of empty units, making more inventory available for potential renters. In fact, more multifamily
Homeowners are currently sitting on a whopping $17 trillion in equity, and the average homeowner has gained $28,000 in equity compared to a year earlier. This presents a significant financial opportunity for homeowners who are looking to make major home improvements or repairs. According to a survey by Bankrate, 55% of polled homeowners believe that