Recent data has shown that mortgage rates have seen a steady increase over the past few weeks, reaching the highest level since November. This rise in mortgage rates has resulted in a 2.7% decrease in mortgage application demand as compared to the previous week. The average contract interest rate for 30-year fixed-rate mortgages with conforming
Real Estate
Floodplain buyouts have been a common strategy used by the government, particularly FEMA, to assist homeowners who have been affected by floods. The aim is to purchase damaged properties and convert them into public land, ultimately removing residents from harm’s way. This approach, while beneficial for the homeowners, has sparked controversy due to various concerns
Buying a newly constructed home can be an exciting yet financially daunting experience. The median sale price for new construction in the U.S. was $400,500 in February, according to the U.S. Census Bureau and the Department of Housing and Urban Development. However, the final cost of a newly built house is influenced by various factors,
Former chair of the U.S. Federal Deposit Insurance Corp, Sheila Bair, has raised red flags regarding the upcoming earnings reports of regional banks. She expressed her worries about the reliance on industry deposits, concentrated commercial real estate exposure, and the potential instability of uninsured deposits among regional banks. Bair, who led the FDIC during the
The recent sentencing of Vietnamese property tycoon Truong My Lan to death for her involvement in a major financial fraud case has sent shockwaves through the country’s real estate sector. Lan, who is the chairwoman of Van Thinh Phat Holdings Group, was found guilty of embezzlement, bribery, and violating banking rules. Despite her defense arguing
China’s economy is facing challenges, especially in the housing market. Richard Koo, chief economist at Nomura Research Institute, expressed the need for China to instill confidence in the public regarding home prices in order for economic activity to rebound. The demand for new loans has been lackluster, and home prices have been on a downward
When it comes to purchasing a new home, there are bound to be some financial surprises along the way. Recent surveys have shown that nearly 75% of new homeowners have regrets about their purchase, with one of the most common gripes being property taxes. This can be particularly shocking for those who have bought newly
The real estate market in the United States has seen a significant increase in the number of “million-dollar” cities, with a record 550 such areas as of February. This marks an increase of 59 cities from the previous year, surpassing the previous record set in 2022. The rise in million-dollar cities can be attributed to
China’s real estate industry is facing significant challenges that are impeding the country’s overall GDP growth, as highlighted in a recent report by global investment firm KKR. The industry’s problems, according to the firm’s Head of Global and Macro Asset Allocation, Henry H. McVey, are far from over. This report follows McVey’s fourth visit to
In the recent weeks, mortgage rates have shown little movement, paralleled by stagnant mortgage demand. This lack of change comes as no surprise, as potential buyers are facing exorbitant costs and low supply in the housing market. Existing homeowners are also finding themselves with little motivation to refinance their mortgages at the current high rates.