Note & Real Estate News

Published: Fri, 07/29/22

Hi ,

The following is an excerpt from a recent Forbes.com article that is featured as the top story in our Note & Real Estate News section below.

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More and more, home sellers are giving in to the mounting pressure on affordability posed by June’s rapid mortgage rate hike, according to a new report from Redfin.

The median asking price of newly-listed homes for sale is down 1.5% from the all-time high it reached in the spring, and a record-high share of sellers dropped their asking price during the four-week period ending June 26. Pending sales continued to fall, posting their largest decline since May 2020, but there are signs that early-stage home buyer demand is starting to level off.

All told, the prospect of returning to an office, a faster pace of interest rate hikes due to inflation, getting laid off, and waiting for the housing market to cool off have a lot of potential buyers worried, and understandably so.

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Note & Real Estate News

Sky-High Listing Prices Are Finally Starting To Come Back Down To Earth

The Fed’s historic mortgage rate hike has put a damper on home buyer activity.

Foreclosure Activity in First 6 Months of 2022 Approach Pre-Covid Levels

ATTOM released its Midyear 2022 U.S. Foreclosure Market Report, which shows there were a total of 164,581 U.S. properties with foreclosure filings—default notices, scheduled auctions or bank repossessions—in the first six months of 2022.

U.S. Housing Market’s Underproduction Crisis Getting Worse, New Analysis Finds

According to a study released on July 14 by Up For Growth, a non-profit committed to solving the United States’ housing shortage, the U.S. homes deficit more than doubled between 2012 and 2019 from 1.65 million to 3.8 million.

Mortgage Demand Drops to a 22-year Low as Higher Interest Rates and Inflation Crush Homebuyers

The pain in the mortgage market is only getting worse as higher interest rates and inflation hammer American consumers.

Home Purchase Activity Nears Pandemic Levels

The Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey found mortgage applications fell 1.8% for the week ending July 22, 2022, from the previous week. The decrease was the fourth week in a row as home purchase activity nears pandemic levels.

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