The recent wildfires that swept across Los Angeles have left a significant mark on communities, particularly in Pacific Palisades, where families like Joe Thompson’s find themselves in a desperate search for housing. Displacement due to such natural disasters is not a new phenomenon in the United States; however, the interconnected issues of escalating rents and
Real Estate
The U.S. housing market witnessed a noteworthy increase in sales of previously owned homes in November, with a reported rise of 4.8% from the previous month, as indicated by the National Association of Realtors (NAR). The annualized sales rate reached 4.15 million units, reflecting a 6.1% increase compared to the same month last year. This
The mortgage landscape has experienced subtle shifts in recent weeks, primarily marked by a decline in rates that, while modest, has impacted homeowner behavior significantly. Specifically, the average interest rate for 30-year fixed-rate mortgages with conforming balances dipped from 6.69% to 6.67%. This slight decrease is noteworthy because it reflects a consecutive downturn over the
In a notable development, mortgage rates have seen an upward trend for four consecutive weeks, culminating in a sharp decline in mortgage demand. According to recent data from the Mortgage Bankers Association, total mortgage application volume dropped by 3.7% compared to the prior week. This decline comes despite seasonal adjustments, including considerations for the New
December witnessed a notable shift in the UK housing market, as the average property price declined for the first time in nine months. The reported decrease of 0.2% from November to December, as revealed by Halifax, marks a significant transition from the previously sustained growth the market had enjoyed. Economists had anticipated a rise of
As the calendar flipped to 2024, Home Depot faced a complex environment characterized by elevated interest rates and a cautious consumer sentiment. Initially, this led to subdued performance, especially in large-scale home improvement projects—critical revenue drivers for the retail giant. However, as the year progressed, signs of recovery emerged, planting seeds of optimism for what
As Europe gradually emerges from the economic hardships that have characterized recent years, the real estate sector is anticipated to experience a significant recovery in 2025. Analysts predict a pivotal year ahead, where a surge in investment activity could herald the rejuvenation of various market segments. According to projections from real estate giant CBRE, investment
As the housing market typically enters a seasonal lull during the winter months, December 2024 demonstrated an alarming drop in mortgage applications driven largely by an uptick in interest rates. The Mortgage Bankers Association reported a staggering 21.9% drop in total mortgage application volume for the last two weeks ending December 27th, when compared to
The housing market, which has long been an indicator of economic health, is entering a pivotal stage as we close out 2024. While the increase in available inventory is a welcome relief for potential buyers, the reality is more complicated when we delve deeper into current statistics and the underlying factors driving the market. In
In 2024, the Federal Reserve has executed a series of three interest rate cuts, which typically would set off ripples throughout the economy, particularly in the housing market. However, many potential homebuyers are finding themselves in a state of frustration as mortgage rates remain stubbornly high. According to Jordan Jackson, a global market strategist at