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The housing market is still surprisingly tight despite mortgage rates at 20-year highs. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyWhat the heck is going on in the housing market? "The housing market is weird right now," LendingTree's senior economist Jacob Channel told Insider. A surprise increase in new-home salesPerhaps the most surprising development in the housing market has come in the form of recent increases in new-home sales and housing starts. "But housing supply has decreased significantly, and that's also because it's become more costly to build and harder to get materials.

Persons: aren't, —, Jacob Channel, — they're, Nadia Evangelou, Evangelou, Ali Wolf, Wolf, that's, it's Organizations: Service, Federal Reserve, National Association of Realtors Locations: Zonda

☆ Middle-income buyers face the most severe housing shortage
▼ + stars: | 2023-06-08 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

These would-be buyers face the most severe housing shortage of any other income bracket, according to a new analysis from the National Association of Realtors and Realtor.com that found the market is short more than 300,000 affordable homes for these buyers. Given that income, these buyers can purchase homes valued up to $256,000 without being overburdened with housing costs. Middle-income buyers can afford to buy less than a quarter — only 23% — of listings that are currently on the market. In a balanced market, buyers earning $75,000 can afford to purchase 66% of the listings in the Youngstown metro area. However, these buyers would be able to afford to buy more than 50% of the listings in a balanced market.

Persons: ”, Nadia Evangelou, that’s, ” Evangelou, “ It’s, Toledo —, Danielle Hale, “ Organizations: DC CNN, National Association of Realtors, NAR, El, homeownership Locations: Washington, United States, homeownership, Ohio, — Youngstown , Akron, Toledo, Youngstown, El Paso , Texas, Boise , Idaho, Spokane , Washington, In Boise, Boise

Mortgage rates dropped again last week and remain low today. "With a 6% mortgage rate, more Americans can afford to purchase the median-priced home by putting down less than 20%." See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. 30-Year Fixed Mortgage RatesAverage 30-year fixed mortgage rates inched down to 6.35% last week, according to Freddie Mac. 15-Year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.75%, a very slight decrease from the prior week, according to Freddie Mac data.

☆ A 23-year realtor shares the key tip that has allowed him to negotiate home prices down by up to $129,000 in the current market, and additional tips to save on interest rates
▼ + stars: | 2023-04-20 | by ( Laila Maidan | ) www.businessinsider.com time to read: +6 min

Ryan Rogers says home buyers can take advantage of the current real estate market. Rogers recommends looking for properties that have been on the market for more than 30 days. The 30-year fixed rate averaged about 6.62% on Wednesday, down from peaks of above 7% during the last quarter of 2022. But nothing could be farther from the truth, according to Ryan Rogers, a 23-year residential real estate agent with Douglas Elliman in Austin, Texas. Since the start of the year, he has noticed an increase of properties that have been sitting on the market for 30 to 60 days.

☆ When Is The Best Time to Buy a House?
▼ + stars: | 2023-04-03 | by ( ) www.wsj.com time to read: +8 min

By Michele LernerAs with much else in real estate, the best time of year to buy a house depends on location, market conditions—and you. “But the best time of year to buy a house depends a lot on the type of buyer.”The spring housing marketTraditionally the housing market’s most active season, spring can be the “best” time of year to buy or the “worst” time of year to buy, depending on your perspective. Best time to buy for: Buyers who hope to move before the holidays or at least before the end of the year. Best time to buy for: Buyers and investors looking for a better deal. “Sometimes it’s the right time to buy a house when you’ve found ‘the one’ that feels right for your family and your circumstances,” Bloch says.

☆ Home prices will fall 15% over the next year as high interest rates squeeze the housing market, economist says
▼ + stars: | 2023-03-29 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Home prices are set to drop 15% over the next year, according to Pantheon Macroeconomics. That's because rates are likely to remain high, helping push down affordability and demand as a result. Some economists think a housing market recovery could be coming in 2024. US home prices have fallen amid higher mortgage rates over the last year, notching their seventh straight month of declines in January. Mortgage rates touched a 20-year-high in 2022 and have stayed elevated, crimping housing affordability and demand while putting downward pressure on prices.

☆ Home prices are in their longest slump since 2012. Here's what experts think happens next.
▼ + stars: | 2023-03-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

US home prices just fell for the seventh consecutive month, Case-Shiller data showed Tuesday. Here's what economists are saying about the housing market outlook. Over the last year, the Federal Reserve's aggressive interest rate hiking campaign has helped lift mortgage rates sharply, weighing on affordability and demand. Here's what experts have said could come next for the housing market. "Long-term [the housing shortage] puts a floor under demand in this country for newly built homes," he told CNBC on Thursday.

☆ The premium Americans are paying for a mortgage versus rent hasn't been this big since the housing bubble peaked 17 years ago
▼ + stars: | 2023-03-24 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

The monthly payment for a newly purchased home at the end of 2022 was $1,176 more than apartment rent. That premium is the widest it has been since 2006, near the peak of the housing bubble. Expensive real estate prices and high interest rates are driving the gap been mortgages and rent. Limited housing inventory in the US has kept prices elevated, and the Fed's aggressive interest rate hiking campaign over the last year has made mortgage payments more costly. On Thursday, mortgage giant Freddie Mac reported that mortgage rates fell for a second consecutive week, offering some relief in affordability.

☆ Home prices are plummeting everywhere but the US. Blame America's favorite mortgage.
▼ + stars: | 2023-03-23 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

The US' reliance on the 30-year, fixed-rate mortgage is among the biggest reasons why. Per the report, Sweden and New Zealand housing prices both fell roughly 14% from their peaks, while Germany, South Korea, Canada, and Australia saw declines between 5 and 10%. But rising mortgage rates don't impact every country's housing market the same way. For fixed-rate borrowers, many of whom locked in their mortgages when interest rates were low, rising interest rates have no impact on their monthly mortgage payments. And if plummeting housing prices are a signal a country's economy is on the brink, then perhaps it isn't such great news for aspiring homebuyers after all.

☆ Everything you need to know to catch up on Silicon Valley Bank, Credit Suisse, and the trouble rattling the financial world
▼ + stars: | 2023-03-18 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Silicon Valley Bank and Credit Suisse have stolen most of the headlines, but between others like First Republic Bank, Signature Bank, and Silvergate Bank, there's plenty to digest. People walk by the New York headquarters of Credit Suisse on March 15, 2023 in New York City. The scandal-hit lender has been feeling the pain since Silicon Valley Bank sparked the bank crisis. Venture capitalists have never been more divided, with accusations flying over who killed their beloved Silicon Valley Bank. Bank of America strategists laid out 23 names that still offer upside despite the drag of SVB and Credit Suisse.

☆ Home prices fell annually for the first time since 2012, but the collapse of Silicon Valley Bank is bringing more buyers to the housing market
▼ + stars: | 2023-03-17 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

But March has seen a shift in the market with the implosion of Silicon Valley Bank. More homebuyers came into the market as mortgage rates dropped. "It's worth noting that the housing market shifted in March following the collapse of Silicon Valley Bank," Redfin said in its report. That caused mortgage rates to drop, which brought more homebuyers back to the market." The National Association of Realtors has also come to a similar conclusion on mortgage rates and the banking crisis.

☆ Silicon Valley Bank's failure might just spark a faster housing rebound
▼ + stars: | 2023-03-16 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now let's see how the fast-moving banking turbulence impacts the highly sensitive US housing market. "It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market," she said. While her long-term outlook on a housing rebound hasn't changed, mortgage rates look set to fall faster than previously expected, which could allow more Americans to enter the housing market. And looking ahead to the Fed's meeting next week, Evangelou expects policymakers to moderate their aggressive policy. In other news:The logo of Swiss bank Credit Suisse is seen at a branch office in Bern, Switzerland October 28, 2020.

☆ A top real estate economist breaks down how the Silicon Valley Bank failure can push more homebuyers into the housing market as mortgage rates fall faster than expected
▼ + stars: | 2023-03-15 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

A senior economist at NAR said the SVB crisis could lead to higher activity in the housing market. Mortgage rates could fall faster than expected, and the Fed looks less hawkish, she said. "The housing sector reacts immediately to changes in mortgage rates. "The housing sector reacts immediately to changes in mortgage rates. If mortgage rates dip to around 6%, then more Americans would be comfortable purchasing a home compared to when it's around 6.7% or higher, Evangelou said.

☆ A top real estate economist explains why a housing rebound is coming as rising sales and lack of supply look poised to lift home prices
▼ + stars: | 2023-03-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Easing inflation will bring mortgage rates down, and tight supplies will send prices higher. "It seems that home sales activity has bottomed out, and 2023 will be the turning point for the housing market," Evangelou told Insider. That will lead to mortgage rates falling back toward 6% after they topped 7% in October. While higher interest rate expectations are weighing on homebuying activity, Evangelou anticipates the trend to ease in the latter half of this year. Dallas Fed economists said in a recent paper that for the housing market to return to its fundamentals, a 19.5% correction would be necessary.

☆ Here's why you should expect a housing rebound, according to a top economist at the National Association of Realtors
▼ + stars: | 2023-03-11 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

On tap today we've got a great interview with a top real estate economist and this week's best markets stories, including updates on the Silicon Valley Bank meltdown. Nadia Evangelou: What we see in the data is that the housing market will likely pick up in the coming months, in the spring season. NE: It seems that homesales activity has bottomed out, and 2023 will be the turning point for the housing market. Due to low inventory, even though there are relatively few buyers on the market, housing demand continues to outpace housing supply. We expect 4.5 million homes to be sold in 2023, and about 5.3 million homes to be sold in 2024.

☆ In this volatile housing market, here's how to know when the bottom is in
▼ + stars: | 2023-02-18 | by ( Tim Mullaney | ) www.cnbc.com time to read: +13 min

"People for the most part have come to terms with interest rates." No return of 2008, or 3% mortgage rate The biggest reason why housing prices aren't plunging like they did after 2008? At current levels, the Housing Affordability Index says the median buyer can afford the median U.S. home — but barely. Having seen 6 percent interest rates when she bought her first place in 2007, she's not daunted by today's rates, she said. "People have wrapped their heads around where interest rates are, and they have adapted," Fisher said.

☆ 3 reasons why the housing market won't crash in 2023, according to the real estate research director at the National Association of Realtors
▼ + stars: | 2023-02-13 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

But the director of real estate research at the National Association of Realtors doesn't believe it. Here are three reasons why there won't be a housing market crisis this year. Renters hoping to buy a home after the US housing market collapses may be waiting a while. "Usually, the pending home sales is the indicator for the existing home sales," Evangelou said. Another near-term driver for the housing market is the seasonal trend of demand picking up in warmer months, Evangelou said.

☆ These are the 10 easiest cities to find a home in this year as housing inventory improves and mortgage rates continue to fall
▼ + stars: | 2023-02-05 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

But the housing market remains tight nationwide, with supply down 42% from early 2020. Freddie MacThere's also mounting evidence that the once-scorching housing market has begun to cool off. By year's end, Knock expects there to be 34 buyer's markets and 34 seller's markets in the nation's 100 largest metro areas, with the remaining markets neutral. 10 markets that are easiest to buy a home inHowever, with supply stubbornly tight in many markets, buyers still face stubbornly high home prices. KnockBelow are the 10 US real estate markets that will see the fastest home inventory growth in 2023, according to Knock.

☆ Here's why the housing market could see more action this year - and what it means for affordability
▼ + stars: | 2023-01-30 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

Now — into the housing market we go. Nadia Evangelou, senior economist for the NAR, told me recently the housing market could turn around in 2023, but unaffordability would remain a prevailing theme. In other news:People sit outside the New York Stock Exchange (NYSE) in New York City, U.S., September 15, 2016. Elon Musk said he's worried about the Fed "crushing" the value of the entire stock market. The current uncertainty in the housing market can be paralyzing for investors, but there's still opportunities to make money, he explained.

☆ After this week’s Fed rate hike, where are mortgage rates headed?
▼ + stars: | 2022-12-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Mortgage rates have run up so far and so fast this year that many would-be homebuyers can no longer afford to buy a home. By fall, mortgage rates had more than doubled, eventually topping 7% in October. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “We have to remember mortgage rates come down much slower than they go up,” said Cohn. “Volatility increases the level of mortgage rates, compared to Treasury rates, because of the prepayment option,” said Chester Spatt, professor of finance at Carnegie Mellon University’s Tepper School of Business.

☆ Buying a home is now unaffordable for 26 million households – and things won't get better anytime soon
▼ + stars: | 2022-12-11 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +4 min

Up to 26 millions households were priced out of buying a home in the past year, per new research. Rising mortgage rates combined with higher rents is locking out millions of first-time buyers. Prospective first-time buyers are also facing rising rents, Evangelou said, reducing the amount they are able to save for a deposit. Evangelou said that had contributed to first-time buyers making up 26% of total buyers now, down from 34% a year ago. But she points out that it's already a slightly better time to buy due to the dip in mortgage rates, with the median mortgage payment $140 lower than last month.

☆ It's a historically bad time to buy a home, and a leading economist says it might not get any better until 2024 at the earliest
▼ + stars: | 2022-11-16 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

One economist expects conditions to improve in 2024 as inflation eases. Evangelou, says the homebuying market will see a sizable drop in activity in 2023 as inventory levels and demand continue to decline. Because of this, Evangelou says first-time homebuyers should plan to compete again in 2024 at the earliest. About 80% of homebuyers described the real estate market as "bad," according to the November consumer sentiment survey from the University of Michigan. "The next couple of years are going to be volatile as households have to deal with elevated inflation," Evangelou told Insider.

☆ Housing isn't getting any cheaper. But an expensive mortgage is not the only thing making homes so unaffordable.
▼ + stars: | 2022-11-04 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Everyone's talking about how the Fed's rate hikes have sent mortgage rates skyrocketing. But even as mortgage rates have climbed above 7%, my colleague Alcynna Lloyd and I report that there's more to the story. The general gist is that the surge in home prices — fueled by the low rates of the pandemic era — hasn't come down as fast as mortgage rates have come up. There's a saying, "all real estate is local." This self-made millionaire who made his money investing in real estate isn't interested in taking out a mortgage right now.

☆ Housing Outlook: Low Supply Is Making Home Prices Unaffordable
▼ + stars: | 2022-11-03 | by ( Alcynna Lloyd | Phil Rosen | ) www.businessinsider.com time to read: +5 min

Mortgage rates have climbed above 7% for the first time since 2001, but that's only half the story of the affordability crisis. The deeper issue is that there aren't enough homes to fulfill every would-be buyer's dream, which means people are competing with their wallets and driving prices higher and higher. Mortgage rates are above 7% for the first time in over two decades for the most popular type of mortgage, and are only expected to keep rising. So far in 2022, US housing construction has fallen in four out of nine months. It's a decision that Dietz said could result in housing supply dwindling further.

The average U.S. 30-year mortgage rate surpassed 7% for the first time in two decades, mortgage giant Freddie Mac said Thursday. Meanwhile, the national median mortgage payment was $1,941 in September, up from $1,839 in August and an increase from $1,844 in July, according to the Mortgage Bankers Association. “Homebuyer affordability took an enormous hit in September, with the 75-basis-point jump in mortgage rates leading to the typical homebuyer’s monthly payment rising $102 from August,” Edward Seiler, associate vice president of housing economics at the Mortgage Bankers Association, said in a statement. “With mortgage rates continuing to rise, the purchasing power of borrowers is shrinking. "With 7% mortgage rates, only 15% of Black households can currently afford to buy the typical home compared to 30% of White households," Nadia Evangelou, National Association of Realtors senior economist and director of forecasting, said in a statement.

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