Last week witnessed a significant uptick in mortgage rates, leading to a noticeable decline in overall mortgage demand. According to the Mortgage Bankers Association’s seasonally adjusted index, total application volume dropped by 0.7% compared to the previous week—a noteworthy decline after a steady climb over the prior four weeks. The average contract interest rate for
Real Estate
As the dynamics of the housing market continue to evolve, renters in the United States are finding themselves in a more advantageous position. According to data from Realtor.com, the median asking rent across the U.S. was recorded at $1,695 in December, marking a notable decrease of 0.5% (or $8) from the previous month. This decline
After facing unprecedented disruptions due to the COVID-19 pandemic, New York City’s office space market is witnessing a remarkable revival. The renewed interest in office properties has surged back to levels reminiscent of pre-pandemic conditions, particularly buoyed by the steady return of employees and a compelling call from employers for workers to head back to
Recently, the Federal Reserve has decided to maintain the current interest rates, a move that underscores its cautious approach towards inflation, which continues to exceed the 2% target. This decision comes on the heels of a significant rate cut last year, where the Fed reduced its benchmark interest rate by a whole percentage point in
The real estate market exhibited troubling signs at the close of 2023, as the number of signed contracts for existing homes plummeted by 5.5% in December compared to November, and down 5% compared to the same time last year. This decline marked a notable turnaround after a brief period of four months of sustained sales
In the current landscape of the real estate market, mortgage rates have shown remarkable stability; however, this has not translated into a robust demand for new home loans. Both prospective homebuyers and existing homeowners are at a crossroads, grappling with the implications of higher interest rates that are affecting their decisions. According to the Mortgage
The ongoing housing crisis in Spain has reached a critical juncture, prompting the government to propose significant reforms. Prime Minister Pedro Sanchez has announced a controversial plan to impose a 100% tax on homes purchased by non-EU residents. This move is part of a broader strategy to alleviate the pressures on the Spanish housing market,
Finding a new place to call home can evoke a sense of excitement, whether you’re settling into a familiar neighborhood or venturing into uncharted territory. However, this thrill can quickly dissolve if one falls prey to the wily tactics of rental listing scams. Scammers often exploit prospective renters by fabricating listings or promoting non-existent properties
In recent weeks, the disaster of California’s wildfires has painted a grim picture of loss and resilience. Families, homes, and entire neighborhoods have been ravaged by flames, leaving behind only charred remnants of what once stood proudly. Dr. Damon Raskin’s family represents many who have faced the full brunt of these natural disasters. Residents of
In the face of looming economic challenges, the Federal Reserve (Fed) is anticipated to maintain its current interest rates during their upcoming two-day meeting. Despite this expected decision, former President Donald Trump recently declared a strong demand for immediate rate reductions, emphasizing his belief that elevated interest rates are contributing to the country’s economic distress.