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☆ New home sales dropped in June after May’s surge
▼ + stars: | 2023-07-26 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Homeowners with ultra-low mortgage rates are reluctant to sell and buy another home at a much higher mortgage rate. Sales of existing homes have been down for the past few months, while new home sales have been rising. This increase in mortgage rates cooled mortgage applications. New home sales boosted by low inventory of existing homesAlthough sales were down from May, the trajectory of new home sales is generally positive, said Kelly Mangold of RCLCO Real Estate Consulting. By comparison, the inventory of existing homes for sale at the end of June was only a little over 1 million homes.

Persons: Freddie Mac, Kelly Mangold, “ Buyers, ” Mangold, ”, George Ratiu, Charlotte , Organizations: DC CNN, US Department of Housing, Urban Development, Census, Real Estate Consulting, “, National Association of Realtors Locations: Washington, Houston, Dallas, Atlanta, Charlotte, Charlotte , North Carolina, Austin , Texas, Orlando , Florida, Southern

☆ Bonaire: Why so many visitors want to move to this secret island
▼ + stars: | 2023-07-25 | by ( Danielle Braff | ) edition.cnn.com time to read: +8 min

CNN —Sometimes it only takes one visit to convince visitors to pack up their belongings and move to Bonaire permanently. “I fell in love with Bonaire,” Davis, now in her mid-60s, says of her initial visit. Bonaire, pronounced “Bone-air,” is located just off the coast of Venezuela, and it’s one of the three ABC islands: Aruba, Bonaire and Curaçao. Bonaire is known for its scuba diving, but unless you’re Dutch or an avid diver, you probably haven’t given the island much thought. johnandersonphoto/iStockphoto/Getty ImagesThen, in 1999, the Bonaire government purchased Klein Bonaire (an uninhabited island a half mile offshore) from the private sector for $4.6 million with the agreement that it would remain a naturally preserved island.

Persons: Susan Davis, Davis, “, ” Davis, ” She’s, ”, Rolando Marin, that’s, Greg Balfour Evans, Boy ” Herrera, Annette Emerenciana, Harry Schoffelen, who’s, Kiki Multem Organizations: CNN, Bonaire, Statistics Netherlands, CBS, Tourism Corporation, ABC, Klein Bonaire, US State Department, “ Bonaire, “ Locations: Bonaire, Chicago, Dutch, Netherlands, Tourism Corporation Bonaire, Venezuela, Aruba, Curaçao, Kingdom of, Miami, Kralendijk, Blue Bonaire, Washington, johnandersonphoto, Development, “, United States, Europe

☆ Shopping for a home? There’s a lot working against you right now
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

In recent weeks, as mortgage rates closed in on 7%, affordability has worsened. Nationally, it takes about 36% of the median household income to make the average mortgage payment — more than the recommended 30% allowance for housing. The Mortgage Credit Availability Index fell by 3.1% to 96.5 in May, the lowest level since January 2013, and was essentially unchanged in June. The MBA index that tracks jumbo loans — loans that are larger than conforming loan limits — saw its second monthly contraction, as some financial institutions reduce their appetite for larger loans that aren’t backed by the government. Mortgage rates are expected to drop the second half of this year as inflation continues to cool, with economists and housing analysts forecasting rates to end the year around 6%.

Persons: Nick Gaylord, “ I’ve, ” Gaylord, it’s, “ I’m, ”, Gaylord, “, Black Knight, Knight, ” Joel Kan, Department of Veterans Affairs —, — Organizations: DC CNN, CNN, Mortgage Bankers Association, ICE Mortgage Technology, Federal Housing Administration, US Department of Agriculture, Department of Veterans Affairs, National Association of Realtors Locations: Washington, Minneapolis

☆ Here’s why home prices stayed high in May
▼ + stars: | 2023-07-25 | by ( Anna Bahney | ) edition.cnn.com time to read: +7 min

“The ongoing recovery in home prices is broadly based.”Before seasonal adjustment, prices rose in all 20 cities in May, as they had also done in March and April. Month over month, home prices rose in May for the fourth consecutive month. “Though home prices are likely to continue to cool slightly, limited inventory relative to buyer demand will likely keep prices somewhat afloat. By 1983, partly spurred by high inflation, the price rose to $75,500, and it continued rising to $126,100 by 1993. “It is worth noting that market data are coming up on last year’s record-high prices, notched during May and June,” he said.

Persons: “, ”, Craig Lazzara, “ It’s, Hannah Jones, Jones, George Ratiu, May’s, Ratiu, ” Ratiu Organizations: DC CNN, City Composites, Realtor.com, ”, National Association of Realtors, Federal Reserve Locations: Washington, Chicago, Cleveland, New York, Seattle, Las Vegas, Phoenix, Miami, Tampa , Florida, “, ’

☆ Mortgage rates drop, backing off 7%
▼ + stars: | 2023-07-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates dipped this week, backing off 7% as inflation slows ahead of the Federal Reserve’s rate decision meeting next week. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. “As inflation slows, mortgage rates decreased this week,” 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. But as a result, Jones said, mortgage rates are likely to remain elevated for the time being.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, “, Hannah Jones, Jones, ‘ Organizations: DC CNN, ”, Treasury Locations: Washington, today’s, ’

☆ US home prices stay near record high, even as sales drop in June
▼ + stars: | 2023-07-20 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Even after falling, June’s median price hit the second-highest monthly median price on record going back to 1999, according to a National Association of Realtors report released Thursday. The median existing home price was $410,200 last month, just 0.9% less than the all-time high from one year ago of $413,800. It marked the fifth month of year-over-year drops in median home sale prices. “Relatively high mortgage rates near 7% and historically low inventory of existing homes on market is hindering sales activity,” said Yun. The pent-up demand will surely be realized soon, especially if mortgage rates and inventory move favorably.”Home prices remain highOne of the reasons home prices remain high is because It’s summer.

Persons: ”, Lawrence Yun, —, Yun, “, “ It’s Organizations: DC CNN, National Association of Realtors, NAR, “, downer Locations: Washington

☆ Housing demand remains low but inventory is even lower, says Redfin CEO
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHousing demand remains low but inventory is even lower, says Redfin CEOGlenn Kelman, Redfin CEO, joins 'Squawk on the Street' to discuss what's happening in the real estate market, how long homeowners will try to keep the mortgage rates they already have, and how home buyers are paying for their homes.

Persons: Glenn Kelman, Redfin

☆ US single-family starts drop; building permits hit 12-month high
▼ + stars: | 2023-07-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

Summary Single-family housing starts drop 7.0% in JuneSingle-family building permits increase 2.2%Multi-family starts fall 11.6%; permits drop 5.6%WASHINGTON, July 19 (Reuters) - U.S. single-family homebuilding fell in June, but permits for future construction rose to a 12-month high as a severe shortage of previously owned houses for sale supports new construction. The decline in housing starts reported by the Commerce Department on Wednesday partially retraced an abnormally large 18.7% surge in May, which had pushed groundbreaking on single-family housing projects to an 11-month high. Single-family housing starts, which account for the bulk of homebuilding, dropped 7.0% to a seasonally adjusted annual rate of 935,000 units last month. In June, single-family homebuilding fell in the Northeast, Midwest as well as the densely populated South, but jumped 4.6% in the West. Housing starts and building permitsHOUSING STABILIZING"Today's report continues to suggest stabilization," said Murat Tasci, an economist at JPMorgan in New York.

Persons: homebuilding, Mark Palim, Fannie, Freddie Mac, Murat Tasci, Nancy Vanden, Lucia Mutikani, Chizu Nomiyama, Andrea Ricci Organizations: Commerce Department, Builders, Reuters, Federal, National Association of Home Builders, Treasury, Housing, JPMorgan, Oxford Economics, Thomson Locations: WASHINGTON, Fannie Mae, Washington, homebuilding, Northeast, Midwest, Wells Fargo, New York, West, Nancy Vanden Houten, U.S

☆ Just 1% of all US homes changed hands so far this year
▼ + stars: | 2023-07-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Just 1% of all US homes changed hands in the first half of this year, the lowest share in at least a decade, according to data from Redfin. Just 11 of every 1,000 two-and three-bedroom urban homes have changed hands in 2023. Only 6 of every 1,000 homes in San Jose have sold so far in 2023, similar to the low turnover rates in Oakland and San Diego. The turnover rate shrank most from the pre-pandemic years in the suburbs, with 16 of every 1,000 four-bedroom or more suburban houses changing hands so far this year, two-thirds as many as 2019. That’s not happening, because so many of those homeowners have low mortgage rates.”

Persons: ”, Taylor Marr, “, Marr, Heather Mahmood, Corley Organizations: DC CNN, Redfin, “, . Workers Locations: Washington, “, California, San Jose, Oakland, San Diego, Nashville, Austin, Newark , New Jersey, Phoenix

☆ Construction on new homes snaps uptrend, hitting key source of new supply
▼ + stars: | 2023-07-19 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Construction on new single-family homes fell 7% to a seasonally adjusted annual rate of 935,000 units. Multifamily housing starts fell 11.6% to 482,000 units, the lowest since December. Meanwhile, multifamily housing starts dropped to 11.6% to 482,000 units, hitting the lowest rate since December. In fact, new construction made up almost a third of active listings in May, while pending sales of existing homes fell 2.7% month to month. But a drop in US bond yields should offer some relief for mortgage rates and the housing market.

Persons: Danushka Organizations: Service, National Association of Home Builders Locations: Wall, Silicon, Federal

☆ Construction of new homes fell 8% in the US last month
▼ + stars: | 2023-07-19 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Builders are benefiting from the lack of existing homes for sale as owners hunker down, but higher mortgage rates pose a threat, said Odeta Kushi, deputy chief economist at First American Financial Corporation. Holding household income constant, the increase in mortgage rates reduced home-buying power by approximately $10,000, Kushi said. “There remains pent-up demand in the housing market, but higher rates put a strain on affordability,” said Kushi. Builders remain ‘cautiously optimistic’Builder confidence remains high despite concerns about rising rates. The National Association of Home Builders/Wells Fargo Housing Market Index gauges market conditions and looks at current sales, buyer traffic and the outlook for sales of new construction homes over the next six months.

Persons: ”, Robert Frick, “, it’s, Odeta Kushi, Freddie Mac, Kushi, Alicia Huey, Robert Dietz, Dietz Organizations: DC CNN, Housing, Census, Navy Federal Credit Union, First American Financial Corporation, National Association of Home Builders, NAHB, Federal Reserve, Builders Locations: Washington, Wells Fargo

☆ US single-family housing starts to drop; building permits hit 12-month high
▼ + stars: | 2023-07-19 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

☆ The mortgage market isn't sending the signal homebuyers need on affordability
▼ + stars: | 2023-07-17 | by ( Tim Mullaney | ) www.cnbc.com time to read: +6 min

Usually around 1.75 percentage points, and as low as 1.3 in 2021, the so-called mortgage spread is hovering at more than 3 percentage points now. And that is propping up mortgage rates, keeping home owners from selling their homes and buying nicer ones, and hurting first-time buyers, Yun said. Why mortgage spreads should move lowerLogically, mortgage spreads should move down sharply from here, thanks to the recent spate of good economic news, and bring relief to home buyers who have seen affordability deteriorate sharply since 2020. But as the Fed began raising interest rates in March 2022, mortgage rates rose even faster than bond yields. Mortgage rates also dropped, to 6.89% last Friday from a recent peak of 7.22%, according to Mortgage News Daily.

Persons: Lawrence Yun, Yun, Logan Mohtashami, Fannie Mae, Freddie Mac, Rob Haworth, Banks, refinance, Haworth, Neel Kashkari Organizations: National Association of Realtors, Federal Reserve, Fed, Bank, Atlanta Federal Reserve, Mortgage News, HousingWire, Treasury, U.S . Bank, Minneapolis Federal Reserve Bank Locations: Stockton , California, treasuries, Silicon, U.S, Irvine , Calif, Seattle

☆ As Climate Shocks Multiply, Designers Seek Holy Grail: Disaster-Proof Homes
▼ + stars: | 2023-07-16 | by ( Christopher Flavelle | More About Christopher Flavelle | ) www.nytimes.com time to read: +1 min

John duSaint, a retired software engineer, recently bought property near Bishop, Calif., in a rugged valley east of the Sierra Nevada. The area is at risk for wildfires, severe daytime heat and high winds — and also heavy winter snowfall. But Mr. duSaint isn’t worried. And it can withstand high winds and heavy snowpack. “The dome shell itself is basically impervious,” Mr. duSaint said.

Persons: John duSaint, duSaint isn’t, Mr, duSaint Organizations: Calif Locations: Bishop, Sierra Nevada

Prices were also unchanged from a year earlier, retreating from a 0.1% increase in May. The property sector, accounting for one-fourth of activity in the world's second-biggest economy, slumped sharply last year as developers defaulted on debts and suspended construction of presold housing projects. Markets widely expect more stimulus around a meeting of the ruling Communist Party's Politburo late this month, setting the tone for economic policies in the second half of the year. Thirty-one of the 70 cities monitored by NBS recorded month-on-month rises in new home prices, down from 46 in May. Prices were flat after rising in May in tier-one cities including Beijing and tier-two cities.

Persons: Chen Xiao, Hunter, Chen, Zou Lan, Goldman Sachs, dampening, Qiaoyi Li, Liangping Gao, Ryan Woo, Kim Coghill, William Mallard Organizations: National Bureau of Statistics, Communist Party's Politburo, Zhuge, NBS, People's Bank of China, Thomson Locations: BEIJING, Beijing

☆ 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

Unlike the U.S., where home buyers can snag a 30-year mortgage, Canadian borrowers must renew their mortgages every five years at the prevailing interest rates. MORTGAGE DELINQUENCIES LOWLatest data released during the quarterly earnings showed mortgage delinquencies for all banks were low. Of the big six banks in Canada, Bank of Nova Scotia (BNS.TO) and National Bank of Canada (NA.TO) do not offer mortgage extensions, meaning the payment owed by the consumer goes up for each hike the BoC announces. Bank of Montreal (BMO.TO), CIBC (CM.TO) and TD Bank (TD.TO) each allow for negative amortization as rates rise. So it is working counter to what the Bank of Canada is trying to accomplish," Briggs added.

Persons: Greg Taylor, Desjardins, Mike Rizvanovic, Rizvanovic, Darcy Briggs, Briggs, Nivedita Balu, Josie Kao, David Gregorio Our Organizations: TORONTO, Bank, Purpose Investments, Bank of Nova, National Bank of Canada, BoC, RBC, Scotiabank, National Bank, Bank of Montreal, CIBC, TD Bank, Desjardins . Royal Bank of Canada, BMO, Franklin Templeton, Bank of Canada, Thomson Locations: U.S, Canada, Bank of Nova Scotia, Franklin Templeton Canada, Toronto

☆ Mortgage rates jump higher, closing in on 7%
▼ + stars: | 2023-07-13 | by ( Anna Bahney | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —US mortgage rates climbed higher this week, inching closer to 7% and reaching their highest level since November. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. Mortgage rates have remained over 5% for all but one week during the past year and even went as high as 7.08%, last reached in November. “The strong job market will continue to drive demand in the economy, fuel price increases and contribute to higher inflation,” Xu said. Strong labor market encourages some buyersEven as the average mortgage rate pushed toward 7%, reaching its highest level this year last week, mortgage applications still ticked up a bit, according to the Mortgage Bankers Association.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Jiayi Xu, ” Xu, Bob Broeksmit, Xu, “ Organizations: DC CNN, Mortgage, Association Locations: Washington

☆ Australian bank ANZ breaks from rivals by backing loan buffer
▼ + stars: | 2023-07-12 | by ( Byron Kaye | ) www.reuters.com time to read: +2 min

ANZ's three larger rivals have started considering lending without applying the 3% buffer, saying it is disadvantaging some borrowers. "Of course we should build in buffers," ANZ CEO Shayne Elliott told parliament in a regular hearing the country's main bank bosses are required to attend. Even first home buyers who bought soon before the rate hikes, the category most exposed to higher repayments, "are performing remarkably well", Elliott said. People coming off low fixed-rate mortgages, facing far higher variable rates, were "less stressed than the average customer," he added. ($1 = 1.4939 Australian dollars)Reporting by Byron Kaye; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Shayne Elliott, Elliott, They're, it's, Byron Kaye, Stephen Coates Organizations: SYDNEY, ANZ Group, Prudential Regulation Authority, APRA, ANZ, Thomson

☆ China property shares rise on financial support policy
▼ + stars: | 2023-07-11 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 11 (Reuters) - Shares of Chinese property developers rose on Tuesday after regulators extended some policies in a rescue package introduced in November to shore up liquidity in the embattled sector. Analysts said while the extended policy could ease the short-term financial pressure on property developers and ensure their home project completions, new measures would be needed to tackle the cash crunch in the sector. The sector has been hit by many company defaults amid a debt crisis since mid-2021, triggered by non-repayments of China Evergrande Group (3333.HK), the world's most indebted property developer. Sunac China (1918.HK), Logan Group (3380.HK) and KWG Group (1813.HK) listed in Hong Kong were among the top gainers, rising 4%-5%. Nomura said the "band-aid-style" policy support on Monday is unlikely to revive property sales, which have been weak for months, as it does little to restore home buyers' confidence.

Persons: Nomura, Clare Jim, Himani Sarkar, Sonali Paul Organizations: Analysts, China Evergrande, HK, Mainland Properties, CSI, Logan Group, KWG, People's Bank of China, CIMB Securities, Thomson Locations: HONG KONG, China, Hang, Hong Kong

☆ Australian home prices climb for fourth month in June
▼ + stars: | 2023-07-02 | by ( ) www.reuters.com time to read: +2 min

REUTERS/David Gray/File PhotoSYDNEY, July 3 (Reuters) - Australian home prices rose for a fourth consecutive month in June as a sustained squeeze on housing supply helped lift values nationwide, data showed on Monday. Property consultant CoreLogic figures showed national home prices were up 1.1% in June from the previous month, after bottoming in February and starting a sustained rise. Every state and territory capital except Tasmania's Hobart recorded higher prices for dwellings, according to CoreLogic. "A slowdown in the pace of capital gains could be a reflection of a change in sentiment as interest rate expectations revise higher," Lawless said. "Higher interest rates and lower sentiment will likely weigh on the number of active home buyers, helping to rebalance the disconnect between demand and supply."

Persons: David Gray, Tasmania's Hobart, CoreLogic's Tim Lawless, Lawless, Sam McKeith, William Mallard Organizations: REUTERS, ., Reserve Bank of Australia, Thomson Locations: Sydney, Clovelly, Australia, Tasmania's, CoreLogic, New South Wales, Brisbane, Queensland

☆ China new home prices edge down in June for second consecutive month
▼ + stars: | 2023-07-01 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 1 (Reuters) - New home prices in China edged down in June from the previous month, marking a second straight month of declines, and housing sales are likely to remain weak over the summer when demand is usually at a low ebb, according to a private survey. "In the first quarter, market confidence, driven by a concentrated release of pent-up demand, gradually returned and prices appeared to be recovering," the real estate research firm said. "In the second quarter, the pace of market recovery slowed and there was not enough momentum for prices to rise," it added. "If policy support is limited, it will be difficult for home buyer confidence to improve," China Index Academy said. The property sector accounts for a roughly a quarter of China's economy.

Persons: Sophie Yu, Brenda Goh, Edwina Gibbs Organizations: China Index, China Index Academy, Thomson Locations: BEIJING, China

☆ Take Five: Summer strife
▼ + stars: | 2023-06-30 | by ( ) www.reuters.com time to read: +5 min

1/ TIME FOR SOME NON-FARMInvestors betting on resiliency of the U.S. economy have found solace in the solid labor market. Economists polled by Reuters expect 200,000 new jobs were created in June, a slowdown from recent monthly growth. The jobs report comes after the Federal Reserve skipped raising rates in June after lifting them at 10 straight meetings. No doubt central banks have had some success in quelling inflation with rate rises. Still with the inflation fight far from over, expect companies to now face greater scrutiny from policymakers and consumers alike.

Persons: Lewis Krauskopf, Kevin Buckland, Naomi Rovnick, Amanda Cooper, Karin Strohecker, Jerome Powell, Tuesday's, Wagner, Vladimir Putin's, Dhara Organizations: Reuters, Federal Reserve, CHINA BLUES, Societe Generale, The Reserve Bank of Australia, Aussie, Reuters Graphics Reuters, IMF, Thomson Locations: United States, China, Japan, Lewis, New York, Tokyo, London, U.S, Beijing, Ukraine, Russia

☆ Housing affordability isn't improving soon as the market faces a decade of undersupply, Realtor.com economy says
▼ + stars: | 2023-06-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Housing affordability isn't improving anytime soon, Realtor.com economist Danielle Hale said. The tightness in the market can be chalked up to a decade of housing undersupply. In an interview with CNBC on Friday, the chief economist pointed to the precarious state of the housing market, with demand far outstripping supply. "Affordability just isn't there for buyers, especially with mortgage rates remaining as high as they have been," Hale said. Mortgage rates are likely only to ease to 6.1% by the end of the year, per Realtor.com's latest forecast.

Persons: Danielle Hale, Hale, —, Realtor.com's Danielle Hale, millennials, Realtor.com, you've, Freddie Mac Organizations: Service, CNBC Locations: underbuilding

☆ Home Buyers With Short Memories Are Driving Up Prices in Hurricane-Hit Town
▼ + stars: | 2023-06-28 | by ( David Christopher Kaufman | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

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