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October 18, 2021

Housing

Foreclosures are surging now that Covid mortgage bailouts are ending, but they’re still at low levels

CNBC
CNBC – For more and to sign up click here A foreclosure sign in front of a house in 2007. Getty Images Foreclosures are starting to surge as government and private sector programs designed to help homeowners deal with the economic fallout of the Covid-19 pandemic have begun to expire.......

Weekly mortgage demand stalls, as rates jump to highest level since June

CNBC Real Estate
Prospective homebuyers view a kitchen while touring a house for sale in Helotes, Texas. Matthew Busch | Bloomberg | Getty Images Mortgage rates continued their trudge higher last week, leaving most homeowners with little to no incentive to refinance. Homebuyers, already battling a pricey market, lost more purchasing power due......

Morgan Stanley upgrades China property to ‘attractive’ despite default fears

CNBC
CNBC – For more and to sign up click here A pedestrian crosses a road in front of residential buildings in Beijing, China. Qilai Shen | Bloomberg | Getty Images Morgan Stanley has upgraded China’s property sector to “attractive,” even as worried investors are watching closely to see if debt-saddled......

Today’s tight housing market is already overbuilt, one analyst says

CNBC
CNBC – For more and to sign up click here Residential single family homes construction by KB Home are shown under construction in the community of Valley Center, California, June 3, 2021. Mike Blake | Reuters Anyone out house hunting right now knows the pickings are slim, the competition is......

Maxine Waters ready to battle over potential cuts to housing aid

Politico
Politico.com – For more and to sign up click here “It’s going to be rough,” Waters said. The emerging fight over how to trim housing aid is likely just one of several brewing conflicts between Democrats as they consider ways to appease moderates insisting on a smaller spending plan. It......

Spain wants young people to leave home – and is offering them $300 a month to do so

CNBC
CNBC – For more and to sign up click here Maskot | Maskot | Getty Images Spain is planning to offer young people 250 euros ($289) a month to incentivize them to move out of their parents’ house and rent.  Spanish President Pedro Sanchez announced the proposal on Tuesday, as......

How much house can you afford? Here’s what first-time homebuyers need to know

CNBC Real Estate
Alexandra Lashner of Bensalem, Pennsylvania, became frustrated after attempting to buy a house this year and decided to postpone homeownership. Source: Alexandra Lashner Alexandra Lashner and her husband were excited to buy their first home earlier this year. They saved up enough for a 20% down payment and had no......

As mortgage rates shoot even higher, refinance demand plummets 10%

CNBC Real Estate
A sharp jump in mortgage interest rates over the past few weeks is taking its toll on mortgage demand. Total application volume fell nearly 7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.  The average contract interest rate for 30-year fixed-rate mortgages......

How one southern college is helping students with nowhere to go during campus shutdown

CBS News
CBS News – For more and to sign up click here How one southern college is helping students with nowhere to go during campus shutdown – CBS News Watch CBSN Live As the number of coronavirus cases soar at colleges and universities, there is another major problem many students face......

Even with low interest rates, mortgage payments are increasingly unaffordable

CNBC Real Estate
Even in the current low interest rate environment, mortgage payments are becoming increasingly unaffordable for the median American family, according to a report from the Federal Reserve Bank of Atlanta. A median-income household would need to spend 32.6% of its yearly income on a median-priced home, the Atlanta Fed reported.......

Inside U.S. Army base housing Afghan refugees

CBS News
CBS News – For more and to sign up click here Inside U.S. Army base housing Afghan refugees – CBS News Watch CBSN Live Fort McCoy officials said Afghan refugees now have ample access to clothing, English classes and health care at the base after reports that there was not......

Mortgage demand falls as rates rise to highest level since July

CNBC Real Estate
Prospective home buyers arrive with a realtor to a house for sale in Dunlap, Illinois. Daniel Acker | Bloomberg | Getty Images Higher interest rates took some recent wind out of the sails in the mortgage market. After gains the previous week, total mortgage application volume fell 1.1% last week......

Mortgage rates rose sharply this week – and there could be more increases on the way

CNBC Real Estate
Prospective buyers visit an open house for sale in Alexandria, Virginia. Jonathan Ernst | Reuters Mortgage rates jumped higher this week. It could be just the beginning of an upward trend. The average rate on the popular 30-year fixed mortgage just crossed back over 3% early this week and then......

Mortgage market is unprepared for climate risk, says industry report

CNBC Real Estate
Jenna Fountain carries a bucket down Regency Drive to try to recover items from their flooded home in Port Arthur, Texas, September 1, 2017. Emily Kask | AFP | Getty Images Record-setting rain, floods and wildfires are examples of the rising risks to the U.S. housing market from climate change.......

Why renters are struggling so much now

CNBC Real Estate
People protest for a moratorium on evictions on Aug. 4, 2021 in New York. Stephanie Keith | Getty Images Millions of renters are at risk of financial hardship as federal and state relief measures wind down. That’s a new warning from the Consumer Financial Protection Bureau, which found that the......

Existing home sales fall 2% as first-time buyers are priced out

CNBC Real Estate
Sales of previously owned homes declined 2% in August from July to a seasonally adjusted annualized rate of 5.88 million units, according to the National Association of Realtors. Sales were 1.5% lower than August 2020 for the first annual decline. Sales however are still above pre-pandemic levels. These numbers are......

Stronger mortgage demand points to September surge in home sales

CNBC Real Estate
A sales center sign in front of a new residential community in Lithonia, Georgia, April 26, 2021. Elijah Nouvelage | Bloomberg | Getty Images After a Labor Day week lull, demand for mortgages rose sharply last week from homeowners and homebuyers. Total mortgage application volume was up nearly 5% for......

Rep. Bush, Sen. Warren introduce bill to reinstate federal eviction moratorium

CNBC Real Estate
Sen. Elizabeth Warren, D-Mass., left, hugs Rep. Cori Bush, D-Mo., outside of the Capitol on Tuesday, August 3, 2021. Rep. Bush was preparing to do a tv interview while waiting for official word from the Biden administration on an eviction moratorium renewal. Bill Clark | CQ-Roll Call, Inc. | Getty......

Labor, building material shortages depress U.S. single-family housing starts

Reuters
A carpenter works on building new townhomes that are still under construction while building material supplies are in high demand in Tampa, Florida, U.S., May 5, 2021. REUTERS/Octavio Jones Housing starts increase 3.9% in August; July revised up Single-family starts fall 2.8%; multi-family jump 21.6% Building permits jump 6.0%; single-family......

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