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December 2, 2020

Mortgages

October pending home sales fall unexpectedly, as high prices take their toll on buyers

CNBC Real Estate
People wait to visit a house for sale in Floral Park, Nassau County, New York. Wang Ying | Xinhua News Agency | Getty Images Strong, pandemic-induced demand for housing is still there, but buyers may now be hitting an affordability wall. Pending home sales fell 1.1% month-to-month in October but......

How to break the late rent, missed mortgage payment cycle

CNBC Real Estate
As many as 35 million Americans are facing the possibility of eviction due to an inability to make housing payments on time. In some states, such as Mississippi, Florida, and West Virginia, the proportion of renters facing the possibility of eviction exceeded 50% earlier this year. If you’re among the millions of......

Another record low mortgage rate just caused demand to jump for both refinances and home purchases

CNBC
CNBC – For more and to sign up click here In this Tuesday, July 17, 2012 photo, a single family home is offered for sale in the Hollywood area of Los Angeles. Average rates on fixed mortgages fell again this week to record lows, creating more incentive for buyers to......

A record 19.4 million homeowners can now save big on a mortgage refinance, as rates hit another new low

CNBC Real Estate
Jb Reed | Bloomberg | Getty Images The average interest rate on the popular 30-year fixed mortgage has set a record low 13 times so far this year. It did it again last week. That has given current homeowners unprecedented potential to save on their monthly payments through a refinance.......

Home prices see biggest spike in 6 years in September, according to S&P Case Shiller

CNBC Real Estate
People walk into a house for sale in Floral Park, Nassau County, New York, on Sept. 6, 2020. Wang Ying | Xinhua News Agency | Getty Images Strong, Covid-induced demand from homebuyers over the summer caused an exceptionally strong spike in home prices. Values jumped 7% annually, in September, up......

October existing home sales see ‘spectacular’ 26.6% annual gain even with short supply and surging prices

CNBC Real Estate
Sales of existing homes in October soared well past expectations, rising 4.3% compared with September and 26.6% annually to a seasonally adjusted annualized rate of 6.85 million units, according to the National Association of Realtors. The NAR’s chief economist, Lawrence Yun, called the annual increase “a spectacular gain.” The annualized......

Mortgage demand from homebuyers surges after election pause

CNBC Real Estate
A potential home buyer reviews paperwork during an open house in Columbus, Ohio. Ty Wright | Bloomberg | Getty Images November is not historically a strong season for homebuying, but this one, like the rest of 2020, isn’t following any rules. Homebuyer demand is surging again, after taking a slight......

Homebuilder confidence in November shatters record high, as buyers keep fleeing for the suburbs

CNBC Real Estate
A contractor carries wood studs while building a home in Park City, Utah, U.S., on Friday, Aug. 14, 2020. George Frey | Bloomberg | Getty Images The nation’s homebuilders have never been this happy. In November, builder confidence in the construction market for single-family homes soared to its third record......

Op-ed: Don’t let inflation destroy those retirement plans

CNBC Real Estate
XiFotos | E+ | Getty Images You’ve been working for a long time, and now you have started looking forward to retirement. It takes a lot of planning, and you may or may not feel you’ve done enough to enjoy a comfortable, worry-free life after work. As you consider the......

Housing stocks look sound, but trader warns of weaknesses starting to form

CNBC Real Estate
Housing stocks are standing on shaky ground. That’s according to Matt Maley, equity strategist at Miller Tabak, who says that while the group looks great fundamentally, some weaknesses are beginning to form. “I’ve been bullish on this group for two years now,” Maley told CNBC’s “Trading Nation” on Wednesday. “But......

Mortgage demand from homebuyers drops to lowest level in 6 months

CNBC Real Estate
An “Open House” sign is displayed in the front yard of a home for sale in Columbus, Ohio. Ty Wright | Bloomberg via Getty Images Another record low interest rate on the 30-year fixed mortgage last week did not help drag homebuyers out of their recent slump. Declining demand from......

Rental fraud warnings jump 30% due to coronavirus pandemic

CNBC Real Estate
Sign advertising apartments for rent in the Upper East Side in New York City. Adam Jeffery | CNBC A sharp increase in the use of online rental applications since the start of the coronavirus pandemic has caused a consequent jump in red flags for fraud. The percentage of so-called fraud......

Housing stocks see split reaction on coronavirus vaccine news, as mortgage rates jump

CNBC Real Estate
Rick Nazarro of Colonial Manor Realty talks with a pair of interested buyers in the driveway as a couple waits to enter a property he is trying to sell during a “controlled” open house on May 2, 2020 in Revere, MA. Blake Nissen | Boston Globe | Getty Images Homebuilder......

Fed holds rates near zero — here’s how that benefits Americans and their wallets

CNBC Real Estate
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Homeowners and buyers are the real winners in this election

CNBC
CNBC – For more and to sign up click here People wait to visit a house for sale in Garden City, Nassau County, New York, on Sept. 6, 2020. Xinhua News Agency | Getty Images Volatility surrounding the 2020 presidential election has helped push mortgage rates to their 12th record......

Swing states with the highest and lowest coronavirus mortgage bailouts

CNBC Real Estate
People line up to vote at Desert Breeze Community Center on November 3, 2020 in Las Vegas, Nevada. Ethan Miller | Getty Images Just over 3 million homeowners as of last week were delaying their monthly mortgage payments under forbearance plans launched at the start of the coronavirus pandemic. The......

Jumbo and FHA mortgage rates set record lows, juicing refinance demand

CNBC Real Estate
People wait to visit a house for sale in Floral Park, Nassau County, New York. Wang Ying | Xinhua News Agency | Getty Images Record low rates for both larger loans and low down-payment loans drove an increase in mortgage demand last week. Total mortgage application volume rose 3.8% compared......

Smaller American cities see big interest from urban flight

CNBC Real Estate
Joe Raedle | Getty Images Now that more Americans can work and attend school from anywhere, they are increasingly looking to leave large urban centers for smaller, less dense cities with cheaper housing. As different real estate entities try to measure the migration, certain cities are standout destinations. Santa Barbara,......

Earnings for apartment owners show the pain of urban flight

CNBC Real Estate
Pedestrians walk past commercial real estate in Manhattan. Michael Nagle | Bloomberg | Getty Images Decidedly weak quarterly earnings reports from major apartment real estate investment trusts this week paint a bleak picture for some of the largest urban rental markets. The coronavirus pandemic has caused thousands of apartment dwellers......

There was a surprise drop in September home sales as buyers were priced out

CNBC Real Estate
A Sale Pending sign is seen in front of a home in Miami, Florida. Joe Raedle | Getty Images Potential homebuyers may be hitting the limit of what they can afford. Pending home sales, a measure of signed contracts on existing homes, fell 2.2% in September compared with August, according......

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