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Commercial Real Estate Foreclosures Rise in March
The commercial real estate sector faces mounting challenges, evident in a notable uptick in foreclosures recorded in March, reflecting a 6% increase from February and a staggering 117% surge compared to the same period last year. California led the pack with 187 foreclosures, marking a significant 405% jump from the previous year, while other states […]
Mortgage Rates Surge: Implications for Homebuyers
The average long-term U.S. mortgage rate surged above 7% this week, reaching its highest level in nearly five months, posing challenges for prospective homebuyers. Amidst a limited housing inventory and rising home prices, the average rate on a 30-year mortgage climbed to 7.1%, up from 6.88% the previous week, according to Freddie Mac. This increase […]
US Mortgage Rates Hit Four-Month High, Signaling Potential Challenges for Housing Market Recovery
US mortgage rates reached a four-month high last week, with the 30-year fixed mortgage rate climbing to 7.13% and the effective rate, including fees and compound interest, rising to 7.32%, according to Mortgage Bankers Association data. Despite the increase in rates, purchase activity stabilized, with the index of mortgage applications for home purchases rising 5%, […]
2024 Mortgage Rate Forecast: Market Trends
At the close of 2023, housing experts projected a modest improvement in 2024 compared to the previous year, anticipating a decline in mortgage rates in the latter half of the year. Initial enthusiasm for rate cuts was fueled by the Federal Open Market Committee’s prediction of three rate reductions in 2024, with some experts even […]
Analysis: Cities with Decreasing Home Prices and Great Value
The affordability of homeownership remains a significant challenge for many Americans, with only 1% of the country deemed affordable for the average family, according to a recent report by ATTOM. While the median list price for homes in New York City stands at $727,695, the staggering cost of living in San Francisco sets the bar […]
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