housing market

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Australians Displeased With PM's $2.9M Home Buy

Anthony Albanese's decision criticized even by some in his own party

(Newser) - Australia is in the middle of a housing crisis, and many in the country are struggling with the high cost of living. So it may come as no surprise that news of the prime minister spending about $2.9 million on a seaside house perched atop a cliff with panoramic...

In Constantly Flooding Town, 'We Won't Rebuild, It's Not Worth It'

Locals in Florida's Shore Acres, in Tampa Bay area, are spooked by storms, high home insurance rates

(Newser) - Tens of thousands of properties in the Tampa Bay region were damaged or completely destroyed as Hurricane Helene tore through Florida's Gulf Coast, where some homes ended up submerged in several feet of water, reports WUSF . "It's overwhelming and it's devastating," Marie Rowley, who lives...

Real Estate Market Has Stalled, Analysis Shows

Redfin finds turnover rate is running at 2.5%

(Newser) - One reason people are having a tough time buying a house these days could be that there aren't all that many for sale. An analysis by Redfin shows that in the first eight months of the year, 2.5% of homes in the US got a new owner. That'...

Report Illustrates How Sharply Home Costs Have Risen

Americans need to earn six figures in 23 states and territories to afford a house

(Newser) - Anxiety over the US housing market's surging prices is summed up succinctly in a new report from Bankrate . They write that since 2020, the number of households needing to earn six figures to afford a home has skyrocketed from seven states and territories to 23 today. The five highest:...

Trend Shifts to Smaller, Cheaper Builds for New Homebuyers

Square footage of new builds dropped by 4% last year

(Newser) - First-time homebuyers are up against so many obstacles today—inflation, low inventory, and soaring interest rates—that the issue made it into the State of the Union . "I know the cost of housing is so important to you," President Biden said. "Inflation keeps coming down, and mortgage...

New Realtors' Settlement 'Will Blow Up the Market'

National Association of Realtors agrees to $418M deal that will slash commissions to settle suits

(Newser) - The National Association of Realtors has signed off on a huge deal that some say "will blow up" the housing market. The New York Times has seen a copy of the $418 million settlement that would get rid of the standard 5% or 6% commission fee for real estate...

A Troubling Amount of US Renters Are in Deep

More and more US tenants spend 30% or more of their income on housing

(Newser) - The often-recommended rule of thumb when it comes to housing is to not hand over more than 30% of your gross income to a landlord or mortgage company and the accompanying utilities. In the United States, more renters than ever are surpassing that limit, further burdening a middle class beset...

Millennials' Tactic on Housing Market: Live With Parents

Many are living rent-free to save up for a down payment

(Newser) - Millennials have found the solution to affording a down payment on first-time homes in a volatile market: shacking up with their parents. According to the Washington Post , more than a fifth of millennials living with their parents by choice are saving up for their own down payment. The National Association...

Boomers Throw a Wrench Into Housing Market

Older buyers have the means to edge out younger buyers in a tough market

(Newser) - With mortgage rates soaring and fewer homes for sale, Baby Boomers are dominating the housing market like a real-life game of Monopoly. The shifts in who is buying homes have been trending in that direction for quite some time, but it was confirmed this month by data released from the...

New Ruling Could Be the End of Realtor Commissions

The fallout may also affect up to 80% of real estate agents' future in the industry

(Newser) - A federal jury's ruling will have a profound effect on the careers of the 1.6 million people who sell homes in the US. Per the Wall Street Journal , the National Association of Realtors (NAR) along with two brokerage groups must pay up after the verdict found them guilty...

The Era of the Smaller Home Is Upon Us

Square footage is dropping, as are accompanying home prices, as homebuilders try to attract buyers

(Newser) - With the cost of housing so high these days, it's no wonder that many have given up on the idea of homeownership, at least for the time being. Now, homebuilders appear to have hit on a solution of sorts, at least for those willing to embrace minimalism: erecting smaller...

10 Best and Worst Real-Estate Markets

McKinney, Texas, is tops, with Baltimore last

(Newser) - The housing market has been a volatile arena for a few years now, and WalletHub set out to rank the best places to buy a home in the current state of things. The site used a slew of metrics, including affordability, median appreciation, the number of days homes are typically...

This City Has the Most Overvalued Houses

Homebuyers in Atlanta paying nearly 50% above historical averages

(Newser) - The housing market may have cooled off from last year, but prices remain sky high in much of the country. In Atlanta, for instance, people are paying prices nearly 50% above historical averages there, according to an analysis out of Florida Atlantic University . While that city is tops on the...

This Might Become the Priciest Home in Texas

Lakefront estate in Austin is up for $50M, possibly for rich Californians fleeing their state

(Newser) - An eye-popping asking price for an estate in Texas might be a reflection of the super-rich of California looking for different places to call home. The Wall Street Journal reports that the lakefront compound in Austin has been listed for $50 million, which would make it the most expensive home...

Americans Have Some Big Housing Misconceptions

Mortgage rates aren't historically high, for one

(Newser) - The housing market isn't great, but neither is Americans' understanding of it. So finds a NerdWallet survey released Tuesday. Three standout findings from the survey:
  • About 11% of respondents, which NerdWallet equates to 28 million American adults, say they intend to buy a home over the next 12 months.
...

Opendoor Is Laying Off Almost a Fifth of Its Workers

'We're navigating one of the most challenging real estate markets in 40 years,' CEO says

(Newser) - Online house-flipping firm Opendoor has become the latest company to downsize in the wake of the rapid shift in the housing market. CEO and co-founder Eric Wu said in an email to employees shared on the company blog Wednesday that with a "heavy heart," the company is saying...

For Buyers, Mortgage Rates Hit Unwelcome Milestone

Average 30-year rate is now 7% for the first time in 2 decades

(Newser) - Average long-term US mortgage rates topped 7% for the first time in more than two decades this week, a direct result of the Federal Reserve's aggressive rate hikes intended to tame inflation not seen in some 40 years, per the AP . Mortgage buyer Freddie Mac reported on Thursday that...

He Signed $400K Deal for Home, Was Told to Pay Another $100K

'Toronto Life' explores the chaotic world of Ontario real estate

(Newser) - Toronto is certainly not the only city in recent years to experience a building boom and soaring home prices. Nor is it the only place whose construction industry was upended by pandemic-related supply and labor crunches. But the greater Toronto area had a shortage of affordable housing long before the...

New Real Estate Wrinkle: Reluctant Sellers

Many have a low mortgage rate now, so why sell and possibly double it on a new place?

(Newser) - The housing market is a complex place at the moment, with the Fed's aggressive rate hikes sending mortgage rates north of 6% for the first time in nearly 15 years. Much of the resulting coverage has focused on the buyers' view of things—how those higher rates add hundreds...

Mortgage Demand Hits 22-Year Low
Mortgage Demand
Hits 22-Year Low
Jul 20, 2022 10:50 AM CDT

Mortgage Demand Hits 22-Year Low

The real estate market is cooling amid high rates, high inflation, high prices

(Newser) - While heat waves and wildfires have dominated recent headlines, there’s a major cooling trend in the US housing market. According to the Mortgage Bankers Association's weekly survey, mortgage applications dropped a seasonally adjusted 6.3% last week, per CNBC. That puts mortgage demand at its lowest point since...

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