Econ & Housing

Alex Veiga  |  Associated Press Los Angeles — Home loan borrowing costs climbed again this week, pushing the average long-term U.S. mortgage rate to its highest level in nearly 23 years, another blow to prospective homebuyers facing an increasingly unaffordable housing market. The average rate on the benchmark 30-year home loan rose to 7.31%, from

Article 2 Comments A U.S. government shutdown, perhaps as soon as Saturday night, will force the National Flood Insurance Program to suspend issuing of new policies, potentially causing a major disruption for home buyers. The National Home Builders Association said that an estimated 1,300 property sales across the country could be affected every day that

According to the annual data from the Census Bureau’s Survey of Construction (SOC), a total of 29,000 5,000+ square-foot homes were started in 2022, down from 33,000 in 2021.  In the boom year of 2006, the number of new 5,000+ square foot homes reached a peak of 45,000.   In 2007, the number fell to 37,000.  In 2008,

A record 26% of homebuyers are looking to move to a different part of the country, up from 24% a year ago and 19% before the pandemic began, a new Redfin report found.  Redfin grounded this study on the searches of about two million Redfin.com users who viewed for-sale homes online across more than 100

The U.S. Census Bureau and the U.S. Department of Housing and Urban Development (HUD) have released its new residential sales statistics for August 2023, finding that sales of new single‐family houses in August were at a seasonally adjusted annual rate of 675,000—8.7% below the revised July rate of 739,000, but 5.8% above the August 2022

The housing market is just four days away from facing a massive disruption that could delay thousands of home closings in an already tight market. The government is poised to shut down at midnight on Saturday with Congress divided on how to avert a federal closure. While the Senate is moving ahead with its bipartisan

New home sales missed estimates today but had three months of positive revisions, which continues the story of the builders managing the higher mortgage rate environment. But they still only have 76,000 completed units for sale today. That’s right — for all the hype of massive housing inventory coming from the builders, today we sit