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What a dip in mortgage demand says about the housing market

Housing Wire

Mortgage rates are now firmly above the 5% mark , at the highest level since 2009, depressing both purchase and refinance applications. The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $647,200) increased to 5.37% from 5.20%. Interest in residential mortgage loans fell 8.3%

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Biden’s first-time homebuyer tax credit in the age of COVID-19

Housing Wire

economy into a recession and killed more than 208,000 Americans, the plan from the frontrunner in the presidential election is well-aimed to assist the only weak link in an otherwise booming the housing market: First-time buyers trying to scrape together a down payment. Now that the pandemic has plunged the U.S.

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How much will home prices climb over the next year?

Housing Wire

All year, the strength of homebuyer demand and the tight supply of homes for sale has meant that the market pretty rapidly found a floor on the home-price correction of 2022. If you were looking at the market in the fall of 2022, you would have expected home prices to continue to fall further in 2023. In 2022 there were 418,000.

Inventory 341
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Fed retreat from MBS market sparks short-term uncertainty

Housing Wire

What happens when the Federal Reserve begins pulling back in a serious way from the mortgage-backed securities (MBS) market that it has helped to prop up through billions of dollars in bond purchases since the start of the pandemic in 2020 — to the point where it now holds a $2.7 trillion agency MBS portfolio? The Feds existing $2.7

Marketing 371
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Home sales will be weak in 2024 regardless of “soft landing”: Fannie Mae

Housing Wire

“In order to achieve a soft landing, economic growth will have to slow to a rate that is below trend for some time in order for the unemployment rate to rise sufficiently to cause wage growth to slow consistent with a 2% inflation target over the long term, but not so slow that the economy falls into a contraction,” the ESR group said.

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“It’s crazy”: Homebuilders big and small struggle to finish projects

Housing Wire

single family homes on the market were new builds, according to a report by Redfin. But homebuilders big and small continue to run into the same problems – building permits are on file, contracts with buyers are inked, but subcontractors often don’t show, and access to materials have led to longer build times and cost overruns.

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IS THE HOUSING MARKET HEADED FOR A CRASH?

Will Springer Realtor

Then the housing bubble burst. Fast forward to today and markets here and across our nation are going through serious inflationary pressures. Flood of buyers – As I noted last month , Millennials will fuel this housing market for at least a decade to come as about 4.5 million for sale today. >> The same U.S.