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☆ An affordability crisis is making some young Americans give up on ever owning a home
▼ + stars: | 2024-02-03 | by ( Bryan Mena | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —Americans are living through the toughest housing market in a generation and, for some young people, the quintessential dream of owning a home is slipping away. Mortgage rates surged in recent years, hitting the highest levels in more than two decades last fall. CNN spoke with some young Americans about their thoughts on the current state of the US housing market and their plans for the future. “The housing market is not a single person’s market.”What typically happens when a regional housing market becomes too unaffordable is that people without the means simply move somewhere cheaper, such as a suburb an hour away, for example. Still, affordability takes into account mortgage rates, family incomes and single-family home prices, which remain a vexing pain point.

Persons: It’s, Baby, Brandie Grant, Grant, ”, “, ” Brandie Grant, Brandie, Ross, Emily Bunton, Ross Bunton, That’s, ” Bunton, I’m, Corey Griffis, ’, hasn’t, ” Griffis, Shyahm Aguilar, Shyahm Aguilar Shyahm Aguilar, Aguilar, we’ve, ” Aguilar, that’s, there’s, Fannie Mae’s, ” Mark Palim, Fannie Mae, Mario Tama, Daryl Fairweather, Redfin’s, Sofiya Vyshnevska, Vyshnevska, “ Young Organizations: DC CNN, Baby Boomers, CNN, San Francisco Bay Area, National Association of Realtors, Housing Administration, Montana State University, Federal, Housing Survey, “, NAR Locations: Washington, San Francisco Bay, United States, St, Louis , Missouri, Portland , Oregon, Mexico, Santa Fe , New Mexico, Santa Fe, Merida, Colorado, Phoenix, Queen Creek , Arizona, Minneapolis, Houston, Dallas, Austin , Texas, Tampa, Jacksonville, Orlando, Florida, Atlanta

These are tough times for the housing market. Meanwhile on Wednesday, the Mortgage Bankers Association said mortgage applications have plunged 28% since last year and are now at the lowest level since late 1996. After two years of a pandemic-fueled housing market frenzy and another year of rising rates and tight inventory, consumers are weary. During the pandemic, as the Federal Reserve moved to lower interest rates, mortgage rates fell to 3% and below, prompting a wave of refinancings. “Mortgage applications declined to the lowest level since December 1996, despite a drop in mortgage rates,” said Joel Kan, deputy chief economist at the Mortgage Bankers Association.

Persons: Freddie Mac’s, ”, Lisa Sturtevant, ” Sturtevant, Joel Kan, Redfin, Niko Voutsinas Organizations: Mortgage Bankers Association, National Association of Home Builders, Housing, Bright MLS, “, Federal Reserve, Mortgage, Association Locations: Washington, Chicago

☆ One-Third of U.S. Home Buyers Paying in Cash
▼ + stars: | 2023-06-07 | by ( ) www.wsj.com time to read: 1 min

One-third of home purchases in the U.S. in April were made in cash, up from 30.7% a year earlier, and the highest share in nine years, according to an analysis by Redfin. All-cash purchases are making up a bigger portion of the home buying pie for one major reason: higher mortgage rates are deterring home buyers who take out mortgages more than they are deterring all-cash buyers. Overall home sales fell 41% from a year earlier in April in metro areas included in Redfin’s analysis, which comprised 40 of the most populous U.S. metros. That compared with a 35% decline for all-cash sales. Mortgage rates are near their highest...

Locations: U.S

☆ Premarket stocks: The housing market is a mess, but this isn't 2008
▼ + stars: | 2022-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But within those reports, investors found ominous clues about the future of the housing market, underscoring fears of an upcoming crisis. “We’ve had a time of a red-hot housing market all over the country,” Fed President Jerome Powell told me in September. “For the longer term what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level…and people can afford houses again. “This is the sharpest turn in the housing market since the housing market crash in 2008,” said Redfin’s chief economist, Daryl Fairweather, last month. What’s next: Investors will next look to housing starts data next week as an indicator of where the housing market is headed.

☆ Enjoy your Airbnb — just don’t forget to do the laundry and take out the trash
▼ + stars: | 2022-09-22 | by ( Allison Morrow | ) edition.cnn.com time to read: +7 min

Airbnb hosts say there are two reasons for the higher fees and the chore demands: Covid-19 raised sanitation requirements, and — you guessed it — inflation. Airbnb allows hosts to set their own rates and encourages them to avoid cleaning fees if possible. BOTTOM LINEThe social media outrage about cleaning fees and chores is certainly a PR headache for Airbnb, but it’s far from a crisis. Plus, Jon speaks to Redfin’s Chief Economist Daryl Fairweather about what homebuyers need to know about mortgage rates. ), but mortgage rates may keep going up as long as the Fed keeps raising interest rates.

☆ One in five home sellers is now dropping their asking price as the housing market cools
▼ + stars: | 2022-09-02 | by ( Diana Olick | ) www.nbcnews.com time to read: +2 min

Home sellers are getting nervous, as the once hot housing market cools fast. One in five sellers in August dropped their asking price, according to Realtor.com. Homes in August sat on the market an average of five days longer than they did a year ago — the first annual increase in time on the market in over two years. The supply of homes for sale is also rising fast, up nearly 27% from a year ago, even as fewer sellers decide to list. “Expect homes to linger on the market, which may lead to another small uptick in the share of sellers lowering their prices.”

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