Housing

The Federal Reserve likely triggered a recession in the housing market with its interest rate hike campaign as rising borrowing costs price out first-time buyers.

Mortgage buyer Freddie Mac said the average rate on the 30-year loan rose to the highest level in two months amid renewed fears of an aggressive Federal Reserve.

Bank of America announced this week that it is starting a mortgage option for first-time home buyers offering no down payments, closing costs or minimum credit scores.

WalletHub published a report on the best real estate markets of 2022, based on 17 metrics in two categories: “real estate market” and “affordability and economic environment.”

Home prices in June climbed 18.6% compared with the same month one year ago, a sign that steeper borrowing costs may be starting to cool the housing market.

Black Knight said in a new report on Wednesday that home prices dropped 0.77% in July, the first monthly decline in three years and the biggest drop since 2011.

The National Association of Realtors said on Wednesday that its pending home sales index dropped 19.9% in July compared with last year, the lowest level since early 2020.

Because Colorado ski resort Steamboat Springs is facing a housing crisis, the town passed a ban on new short-term rentals in most of the town, such as those booked on Airbnb.

Purchases of new homes in the U.S. fell even more than expected in July as record-high home prices and rising borrowing costs priced buyers out of the market.

The sharp decline shows the lagging effect of the increased mortgage rate on the housing market, with prices still higher than the same time last year despite declining.

Sales of previously owned homes plunged in July for the sixth consecutive month as rising borrowing costs and higher housing prices pushed prospective buyers out of the market.

The U.S. housing market is starting to cool off considerably as the Federal Reserve raises interest rates at the fastest pace in decades in order to cool inflation.

Homebuyers are backing out of purchase contracts at the fastest pace in more than two years as they confront rising interest rates and the possibility of an impending recession.

Redfin CEO Glenn Kelman discusses the role rate hikes have on the housing market amid high inflation and highlights the significance the housing sector has on the overall economy.

Rising interest rates are starting to cool the housing market, with new U.S. home construction plunging to the lowest level in close to two years in July.

Builder sentiment in the market for single-family homes plunged in August to the lowest level in two years, indicating the housing market is officially in a recession.

Airbnb noticed an uptick in new hosts during the second fiscal quarter as inflation continued to rise. Hosts are utilizing the extra income to offset the rise in everyday costs.

Active home listings climbed more than 30% in July, evidence that higher mortgage rates are starting to cool consumer demand for new houses, a new report showed.

Republican Sen. Mike Lee introduced a bill earlier this year that intends to address the housing crisis by allowing local and state governments to buy federal land at a discount.

Mortgage rates declined from last week to 5.3% as housing demand continues to fall, signaling recession fears are weighing on investors and buyers alike.