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New York’s $237 Billion Budget: Housing Initiatives
New York lawmakers recently approved a $237 billion state budget, which includes provisions to stimulate housing construction and address the proliferation of unlicensed marijuana stores. The budget also encompasses various initiatives such as expediting the closure of select state prisons, managing the recent surge in migrants, and extending the pandemic policy of permitting takeout cocktails. […]
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 […]
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