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☆ Americans say it’s the worst time ever to buy a home
▼ + stars: | 2024-05-09 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

Just 21% say it’s a good time to buy a house, according to a Gallup survey released Thursday. An overwhelming majority of Americans — 76% — say it’s a bad time to buy a house. Young Americans seeking to buy a home have been confronted by a toxic one-two punch of record-high home prices and painful mortgage rates. For context, in April 2019, the final reading before Covid-19, 61% of Americans polled by Gallup said it was a good time to buy a house. Mortgage rates top 7%Americans started to sour on the housing market as mortgage rates spiked and home prices surged after Covid.

Persons: ” Jeffrey Jones, White, ”, Lawrence Yun, ” Yun Organizations: New, New York CNN, Gallup, Young, homebuyers, National Association of Realtors, Federal Reserve, NAR Locations: New York, That’s

☆ US homes sales dropped last month as March prices reached a record high
▼ + stars: | 2024-04-18 | by ( Bryan Mena | ) edition.cnn.com time to read: +3 min

Sales fell across the country except in the Northeast region, which saw an increase for the first time since November 2023. Rising home prices coupled with mortgage rates stuck at elevated levels means Americans are still dealing with a tough housing market. Sales might not rise meaningfully higher as the Federal Reserve signals that it won’t cut interest rates anytime soon. Then mortgage rates began to decline on hopes that the Fed would cut interest rates aggressively in 2024, but those expectations have been thrown out the window. Mortgage rates have held steady in recent weeks but are poised to rise because they track bond yields, which are climbing on persistently high inflation readings.

Persons: “, Lawrence Yun, haven’t, trickling, Yun, ” Yun, hasn’t Organizations: Washington CNN —, National Association of Realtors, Federal Reserve, NAR Locations: United States, Northeast

☆ Feeling older than you are? It could be how you sleep
▼ + stars: | 2024-03-26 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +5 min

CNN —Not getting enough sleep may cause you to feel five to 10 years older than you really are, according to two new studies. A lack of energy and motivation can certainly contribute to feeling older while limiting a person’s ability to remain physically and socially active, both of which contribute to feeling young, Balter said. For every night of poor sleep during that time, people reported feeling about a quarter of a year older than their chronological age. “These findings support that sleep, a vital biological phenomenon, might hold the key to feeling young,” Balter and her colleagues wrote in the study. “If you suspect that your sleep deprivation is due to a sleep disorder such as insomnia or sleep apnea, it’s crucial to seek evaluation and treatment from a healthcare professional,” he said.

Persons: CNN —, “, ” Leonie Balter, Balter, ”, Chang, Ho Yun, ” Yun, It’s, ” Balter, Sleepiness, chronotype, Yun Organizations: CNN, Stockholm University, Royal Society, Seoul National University, Getty Locations: Sweden, Seongnam, South Korea

☆ Home prices are falling in these 32 real estate markets as affordability improves after the toughest quarter in 38 years
▼ + stars: | 2024-02-10 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Modest yet meaningful declines in home prices and mortgage rates gave aspiring homeowners some much-needed relief in the fourth quarter, according to recently released data from the National Association of Realtors (NAR). The third quarter of 2023 was the worst three-month stretch for home affordability in 38 years , according to data from the NAR’s housing affordability index. In nearly half of US markets, families bringing in less than $100,000 couldn’t afford to buy a standard home on a 10% down payment last quarter, according to the NAR. 32 cities where home prices are fallingProperty value gains were widespread and significant in the fourth quarter. Below are those 32 US cities where single-family homes got cheaper in the fourth quarter compared to the prior year, according to the NAR.

Persons: —, ”, Lawrence Yun, Yun, That’s, ” Yun Organizations: Service, National Association of Realtors, Business, NAR, ” Homeowners Locations: Northeast

Sales of existing homes fell by 4.1% in October as a shortage of houses for sale and higher mortgage rates dampened activity, the National Association of Realtors said on Tuesday. The annual level of sales reached 3.79 million, down 14.6% from a year ago when sales were 4.44 million. “Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said NAR Chief Economist Lawrence Yun. There is some relief, however, as mortgage rates have fallen in the past week. Some housing industry analysts believe rates could trend under 7% early next year as overall interest rates begin falling amid expectations the Federal Reserve is done raising rates.

Persons: ”, Lawrence Yun, ” Yun, “, Danielle Hale Organizations: National Association of Realtors, Midwest, Federal Locations: “

☆ Mortgage rates fall for third straight week, bringing some homeseekers off the sidelines
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

Mortgage rates have cooled in recent weeks as markets absorbed the latest economic indicators, including an improving inflation picture. “For the third straight week, mortgage rates trended down, as new data indicates that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “The gap between the 10-year Treasury yield and the 30-year fixed rate mortgage rate is historically around 180 basis points,” she said. “While the gap has narrowed somewhat, the 30-year mortgage rate remains 280 basis points higher than the bond yield.”By historical norms, she said, mortgage rates should be under 6.5%.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Price, Jiayi Xu, Jerome, Powell, ” Xu, Bob Broeksmit, Lawrence Yun, ” Yun, “, Lisa Sturtevant, ” Sturtevant Organizations: DC CNN —, Mortgage, Association, Federal Reserve, Treasury, Consumer, “, National Association of Realtors, Bright MLS Locations: Washington

☆ Existing home sales dropped in September to 13-year low as surging prices and mortgage rates stymie demand
▼ + stars: | 2023-10-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +5 min

The median price for existing homes — which include single-family homes, townhomes, condominiums and co-ops — was $394,300 last month. That was up 2.8% from a year ago and marked the third consecutive month of year-over-year price increases, setting a record high price for homes in September. Low inventory and high prices contributed to sales of existing homes dropping 2% from August to September to a seasonally adjusted annual rate of 3.96 million units, just above analysts’ expectations. More than 90% of homeowners with a mortgage have rates at 6% or lower, according to ICE Mortgage Technology, which recently acquired mortgage data provider Black Knight. Part of this, of course, is because buyers with the means are working to avoid high mortgage rates by purchasing in cash.

Persons: —, ” Lawrence Yun, ”, Yun Organizations: DC CNN —, National Association of Realtors, NAR, Federal, ”, ICE Mortgage Technology, Black, Homeowners Locations: Washington, Northeast, Midwest, South, homeownership

New York CNN —Sheila Bair, who had a front row seat to the subprime mortgage meltdown, is worried today’s housing market is unsustainably hot. A housing bubble can form when prices rise to unsustainable levels. “I see much less speculation in the housing market today, thank goodness,” said Bair. ‘Dizzying heights’Legendary investor Jeremy Grantham shares Bair’s concern about a housing bubble. In many ways, today’s housing market is the polar opposite of the one that preceded the Great Recession.

Persons: Sheila Bair, ” Bair, Bair, ”, she’s, there’s, Jeremy Grantham, ” Grantham, Goldman Sachs, Fannie Mae, Priscilla Almodovar, it’s, ” Almodovar, Lawrence Yun, homebuyers shouldn’t, ” Yun, Yun, America doesn’t Organizations: New, New York CNN, National Association of Realtors, CNN, Federal Deposit Insurance Corp, NAR, “, UBS Locations: New York, Los Angeles, San Diego, Richmond, Cincinnati, Zurich, Tokyo, Miami, Toronto, Vancouver, London, America, “

LOS ANGELES (AP) — Sales of previously occupied U.S. homes fell for the third month in a row in August, as higher mortgage rates, rising prices and a dearth of properties on the market shut out many would-be homebuyers. Would-be homebuyers are also seeing their purchasing power diminish as mortgage rates push higher. Mortgage rates have been echoing moves in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield has been climbing amid expectations that the Federal Reserve will keep short-term interest rates higher for longer to fight inflation. “It's possible mortgage rates may go up to 8% in the short run,” Yun said.

Persons: ”, Lawrence Yun, Yun, Freddie Mac, “, ” Yun Organizations: ANGELES, National Association of Realtors, “, Buyers, NAR, Treasury, Federal Reserve, Federal Locations: U.S, It’s

☆ Analysis: China may not fear a closer Russia and North Korea like the West
▼ + stars: | 2023-09-15 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +7 min

“China is too important for both North Korea and Russia, so for them it would be foolish to do something behind China’s back that it wouldn’t like,” he said. Shen Hong/Xinhua/Getty ImagesBalance of powerChina, which supported communist North Korea in the Korean War some 70 years ago, has maintained a complicated relationship with its rogue neighbor. “China would support a more capable North Korea in many respects – economically, militarily – and a North Korea that continues to serve as a troublemaker for the US,” said Li. “When you have a more assertive North Korea it will lead to some sort of incentive for the US and South Korea to seek China’s cooperation in terms of dealing with North Korea,” he said. But despite the potential gains, experts also say China is not immune to the risks that can come from a stronger Russia or a stronger North Korea.

Persons: Russia’s Vladimir Putin, Kim Jong, ”, Alexander Korolev, China’s, Putin, Kim, what’s, Li Mingjiang, Xi Jinping, Shen Hong, it’s, Li, ” Yun Sun, Leif, Eric Easley Organizations: Hong Kong CNN, Relations, University of New, North, Vostochny, Foreign Ministry, Singapore’s Nanyang Technological University, “, Korean, Getty, United, US, China Program, Stimson, NATO, Ewha University Locations: China, Hong Kong, Russian, South Korea, Japan, Ukraine, United States, Europe, Moscow, Pyongyang, Russia, North Korea, Beijing, University of New South Wales, Australia, Ukraine –, Xi, Xinhua, United Nations, Korea, Washington, Sun, US, —, “ Beijing, Seoul, “

☆ US pending home sales rose in July for the second month in a row
▼ + stars: | 2023-08-30 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —US pending home sales ticked up in July by 0.9%, rising for the second month in a row despite elevated prices and rising mortgage rates, according to a report released Wednesday by the National Association of Realtors. “However, rising mortgage rates and limited inventory have temporarily hindered the possibility of buying for many.”There was regional variation in pending home sales according to the index. Pending sales rose in the South, up 2% from June; and the West, which was up 6.2% from June. Affordability challenges expected to keep sales coolPending home sales or contract signings tend to lead existing home sales by roughly one to two months. Few homeowners with ultra-low mortgage rates of 3% or 4% are willing to sell their home and buy another one at 7%.

Persons: ”, Lawrence Yun, Jobs, ” Yun, “, Danielle Hale, ” Hale, Hale Organizations: DC CNN, National Association of Realtors, Realtor.com, Buyers, Mortgage, Association Locations: Washington

Editor’s Note: A version of this story appears in CNN’s Meanwhile in the Middle East newsletter, a three-times-a-week look inside the region’s biggest stories. The drill is the latest in a flurry of Chinese activity in the Middle East, traditionally seen as the US’ backyard. According to the Wall Street Journal, the US wants Saudi Arabia to distance itself economically and militarily from Beijing in return. Four of the top 10 importers of US arms are Gulf Arab states: Saudi Arabia, Qatar, Kuwait and the UAE. Some of these purchases were driven by US restrictions on selling arms to Gulf states under the Biden administration, according to Alhasan.

Persons: ” Hasan Alhasan, “, Barack Obama’s, ”, Mohammed Baharoon, John Calabrese, …, ” Calabrese, CNN’s Becky Anderson, Reema bint Bandar Al Saud, Washington, Biden, Alhasan, China’s, Xi Jinping, ” Yun Sun, ” Alhasan, ” Baharoon Organizations: UAE CNN, United Arab Emirates, American, Washington, UAE, Middle East, International Institute for Strategic Studies, CNN, Asia Experts, East ., US, Dubai Public Policy Research Center, Middle East Institute, Wall Street Journal, China Program, China, Stimson Center Locations: Abu Dhabi, UAE, United States, China, China’s, Xinjiang, Ukraine, Gulf, Asia, Saudi Arabia, Iran, Yemen, Washington, Dubai, Russia, Saudi, Riyadh, Israel, Beijing, Europe, Arab, Qatar, Kuwait, Sun, “

☆ Homebuyers must ‘learn to live’ with near-7% mortgage rates, says RE/MAX chairman
▼ + stars: | 2023-07-14 | by ( Matt Egan | ) edition.cnn.com time to read: +4 min

After all, he recalls the early 1980s when the Federal Reserve’s war on inflation briefly spiked mortgage rates above 18%. “Everyone has been spoiled by the past 15 years of low interest rates,” Liniger, now the chairman of RE/MAX, told CNN. Mortgage rates climbed to 6.96% during the week ending July 13, up from 6.81% the week before, Freddie Mac said Thursday. “We’re just going to have to learn to live with 6.5% or 7% mortgage rates for six to 18 months,” said Liniger. ‘This is the top’Lawrence Yun, chief economist at the National Association of Realtors, is more optimistic about the direction of mortgage rates.

Persons: Dave Liniger, ” Liniger, Freddie Mac, That’s, Liniger, “ We’re, ”, Lawrence Yun, ” Yun, ” Torsten Slok, it’s, Yun, there’s Organizations: New, New York CNN, Federal, CNN, National Association of Realtors, Apollo Group Locations: New York, America

☆ US home prices fall by most in 11 years but sales are down
▼ + stars: | 2023-05-18 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Sales had shown some life, rising in February after a full year of declines due to surging mortgage rates, but that momentum has since cooled. Annually, sales were down 23% from a year ago and the seasonally adjusted annualized sales pace dropped from 5.57 million units a year ago to 4.28 million in April. Mortgage rates were rising in February and pushing toward 7% in March when many of these April closings went into contract. But the current sales pace is down 33% from the cyclical peak of a 6.34 million unit pace in January 2022. In the South prices were down 0.6% to $357,900 and in the West prices have fallen 8% from a year ago to $578,200.

☆ This house just got 25 offers. But, yes, the market is still cooling
▼ + stars: | 2023-05-09 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

Within 48 hours the sellers were in contract with a buyer offering well over the asking price. Even though fewer people are buying homes now than a year ago, “we still have more buyers in the market than we have inventory. But it isn’t 2021, mortgage rates are now over 6%. In Rye, New York, she said, one property sold for $600,000 over the asking price. That home ultimately sold for $75,000 over the asking price.

☆ How much money do you need to buy a home in 2023?
▼ + stars: | 2023-05-04 | by ( Ana Connery | ) edition.cnn.com time to read: +9 min

Whether you’re looking to buy your first home or upgrade the one you already have, homebuyers often wonder how much money they really need to buy a home. And these days, the answer is ever more complicated thanks to the high interest rates and inflation. Refinance it with a balance transfer cardToday’s average homebuyerWe may see interest rates fall once rent comes down. The main culprits that everyone points to are inflation and interest rates, but many experts think interest rates have peaked. Home inventory is still low in some areasDespite high interest rates, you might still see multiple offers on one home.

☆ Home sales fell in March, reversing gains
▼ + stars: | 2023-04-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US home sales fell in March, after a turnaround in February that followed a full year of declining home sales due to surging mortgage rates, according to a National Association of Realtors report released Thursday. Sales of existing homes in March — which include single-family homes, townhomes, condominiums and co-ops — dropped 2.4% from February. Mortgage rates remain volatile — so far this year average rates have ranged from 6.09% to 6.73%. “Home sales are trying to recover and are highly sensitive to changes in mortgage rates,” said Lawrence Yun, NAR chief economist. Many potential sellers feel “locked in” by their ultra-low existing mortgage rates that they bought or refinanced into over the past few years.

☆ Home prices just broke a decade-long streak
▼ + stars: | 2023-03-21 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

The steep decline in sales activity is driven by the large increase of mortgage rates over the past year. Mortgage rates remain volatile — in February, rates rose half of percentage point — but prices in some areas are cooling, according to NAR. “Conscious of changing mortgage rates, home buyers are taking advantage of any rate declines,” said Lawrence Yun, NAR’s chief economist. The huge jump in sales was surprising, said Yun, showing just how sensitive homebuyers are to slight reductions in mortgage rates. This has pushed rates lower over the past week.

☆ Pending home sales blew past expectations last month as buyers pounced on lower rates
▼ + stars: | 2023-02-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Pending home sales crushed expectations in January, when mortgage rates dropped from recent highs of more than 7% and home buyers jumped at the opportunity. According to data released Monday from the National Association of Realtors, it was the largest monthly sales increase since June 2020. The pending sales index, based on signed contracts to buy a home rather than the final sales that are accounted for in existing home sales, rose by 8.1% from December to January, beating economists’ predictions for a rise of 1%. “Buyers responded to better affordability from falling mortgage rates in December and January,” said Lawrence Yun, chief economist at NAR. But since then, mortgage rates have risen again, climbing almost half a percentage point since the beginning of February, according to Freddie Mac.

☆ Pending home sales increased last month for the first time since May
▼ + stars: | 2023-01-27 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Pending home sales increased in December for the first time since May, a sign that lower mortgage rates are bringing some buyers back into the housing market. The pending sales index, based on signed contracts to buy a home rather than the final sales that are accounted for in existing home sales, improved by 2.5% from November to December, according to data released Friday from the National Association of Realtors. Pending sales dropped in the Northeast, where the index was down 6.5% in December from November; and in the Midwest, where the index was down 0.3%. Pending sales were up 6.1% in the South in December from November and rose 6.4% in the West. “Mortgage applications have been trending higher alongside lower rates, pending home sales are up, and builder confidence increased in January,” Kushi said.

☆ Inflation struggles, China's Covid: What to watch for in the economy in 2023
▼ + stars: | 2022-12-31 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +8 min

But economists and CEOs warn the economy will remain on shaky ground in 2023, which could mean another turbulent year for consumers. After months of strict lockdowns that caused rolling disruptions to supply chains and greatly stifled demand from Chinese consumers, China began lifting its Covid restrictions in recent weeks. “The most important thing for 2023 is by far China’s Covid policy,” Dan Klein, the head of energy pathways at S&P Global Commodity Insights. Covid infections have continued to shut down factories around the world, aggravated by China’s loosening of Covid restrictions. In the meantime, with demand outstripping supply, car prices are up by nearly 24% over the past two years.

Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors. Sales were down 35.4% year over year, marking the tenth straight month of declines. These counts are based on closings, so the contracts were likely signed in September and October, when mortgage rates last peaked before coming down slightly last month. Sales fell across all price categories, but took the steepest dive in the luxury million-dollar-plus category, dropping 41% year-over-year. “The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added.

☆ Home sales continued to drop in November
▼ + stars: | 2022-12-21 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

That continues a slowing trend that began in February and marks the longest streak of declining sales on record, going back to 1999. If not for that anomalous month, sales last month would have been at the lowest level since November 2010. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Even as home sales dropped, home prices continued to climb last month. “The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added.

☆ Home prices were rising almost everywhere in the US this summer
▼ + stars: | 2022-11-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

In case you needed more evidence of how much home prices have skyrocketed: Even as the housing market was cooling over the summer, prices still rose in 98% of US markets, according to a new report. From July through September, home prices increased in 181 out of 185 cities tracked by the National Association of Realtors. But the gains had slowed substantially as mortgage rates rose during that time. “Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” said Lawrence Yun, NAR’s chief economist. Yun said that because of strong price growth and rising mortgage rates, the median income needed to buy a typical home rose to $88,300 in the third quarter.

☆ U.S. home sales fell in September for eighth straight month
▼ + stars: | 2022-10-20 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

Sales of previously occupied U.S. homes fell in September for the eighth month in a row, matching the pre-pandemic sales pace from 10 years ago, as house hunters grappled with sharply higher mortgage rates, rising home prices and a still tight supply of properties on the market. The National Association of Realtors said Thursday that existing home sales fell 1.5% last month from August to a seasonally adjusted annual rate of 4.71 million. The housing market has been slowing this year because of rising mortgage rates. Higher mortgage rates reduce homebuyers’ purchasing power, resulting in fewer people being able to afford to buy a home. “Higher mortgage rates always impact these expensive markets more heavily than other markets,” Yun said.

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