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The Latest Breaking News from Housing Market

The average long-term US mortgage rate slips to 7.76% in first drop after climbing 7 weeks in a row

The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb —- modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market

The Independent UK

Home prices in 7 cities just reached all-time highs on the back of a blistering 7-month run for the housing market—and the Midwest is the big winner

It's good to own in Detroit and Chicago right now, but not so much in San Francisco and Seattle.

Fortune

Bargain hunters put a floor under house prices

It is hard to reconcile the somnolent levels of activity in the housing market with today’s surprise uptick in house prices in October.

Evening Standard

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UK house prices up almost 1% since last month but mortgage approvals plunge

Just 43,300 mortgages were approved in September, 30 per cent less than the monthly average in 2019

Evening Standard

Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward

This ‘crucial milestone’ that signifies financial stability will be lost on new homeowners for more than a decade.

Fortune

UK house prices increased by 0.9% month-on-month in October, says Nationwide

The uptick in house prices in October most likely reflects the fact that the supply of properties on the market is constrained, Nationwide said.

The Independent UK

House prices surprise with 0.9% increase in October says Nationwide

Housing market more resilient than feared despite the impact of 14 interest rate hikes

Evening Standard

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Why it's so hard to be young in Britain right now

If you’re taking the first steps in your career right now, you’re doing so in the face of a high cost of living and an increasingly inaccessible housing market. You may well be facing the reality that you will be worse off than your parents’ generation.

The Conversation

Rental Market Will Slow Through 2023: The Kiplinger Letter

Expected growth in the rental market is likely to remain slow for the rest of the year amid a slow housing market and cooling economy.

Kiplinger

The housing market is headed back to a 1980s-style recession, Wells Fargo says—and it's all because of 'higher for longer' mortgage rates

“The residential sector now appears to be contracting alongside the recent move higher in mortgage rates,” the bank’s economists wrote.

Fortune

Mortgage approvals slump as ‘autumn housing market pick-up fails to materialise’

Some 43,300 mortgages were approved for house purchase in September, marking the lowest monthly total since January 2023.

The Independent UK

Luxury housing units in Chennai find more takers in 2023, shows data

Chennai luxury housing sales up 143% in 9M 2023: 3,330 units sold, 16,310 units sold across all budget categories. Prices range from ₹15K-40K/sq.ft. Emerging luxury housing market compared to Mumbai, Bengaluru & Delhi. National luxury housing sales up 84,400 units in 9M 2023.

The Hindu

Fresh insights into retail sector, housing market

Consumers have been reining in their spending in response to high interest rates and new data may signal a continuation of this trend.

AAP

Extreme weather is a $23 billion problem for the housing market—and growing, but this analytics chief says 'really encouraging' investments are coming to market

CoreLogic's John Rogers says there's movement from "talking about climate change to real action across the supply chain of building homes."

Fortune

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Fortune

While some homebuyers pay 8% mortgage rates, others are wrangling steep discounts—and it's creating a surprising surge in new home sales

Incentives offered by homebuilders amid what are otherwise 8% mortgage rates get "at the heart of the affordability issue," housing market expert says.

Fortune

Boomers won the housing market and millennials got screwed, BofA says. ‘Everyone locked in 3% mortgage rates, except Millennials’

"Most Boomers locked in low mortgage rates,” the bank said. “The only group that took out mortgage debt meaningfully since 2021 is Millennials, seeing a 20% jump.”

Fortune

It's 52% more expensive to buy than rent in this housing market and shoppers are pulling out of contracted offers left and right

An estimated 53,000 home purchase agreements were canceled in September, Redfin says. The housing market winter is chilly indeed.

Fortune

Goldman just dropped a housing market forecast for 2024 and sees high home prices, high mortgage rates—and the lowest number of existing home sales since the early ’90s

The bank expects supply to remain tight but high rates to weigh on affordability, it predicted in its updated 2024 housing outlook.

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Fortune

Exclusive: With the dream of homeownership ‘threatened’ by the frozen housing market, the $15m-funded Visible platform wants to give power back to 'the little guy'

Former Square exec Andrew Borovksy wants to help all the "accidental landlords" out there. He sees a "giant, untapped space."

Fortune

The housing winter arrives early as existing-home sales crash to Great Recession levels and the long-feared ‘deep freeze’ sets in

Zillow warned in May that housing would enter a “deep freeze” if mortgage rates hit 8%. They came anyway—and existing home sales hit a 13-year low.

Fortune

Morgan Stanley reverses course on the housing market, seeing a lot more pain ahead for homebuyers

Morgan Stanley analysts previously expected national home prices to fall 4% in 2023. Not anymore.

Fortune

It’s official: The housing market is turning millennials into their parents. A Fortune 500 economist says it’s a deja vu market that is replaying the 1980s

When the boomers came of homebuying age, they had to contend with high rates, high inflation, and a crowded market. Sound familiar?

Evening Standard

One in five London homes sells for £1m-plus as prime property outperforms slumping market

Data reveals the higher proportion of residential properties in the capital selling for seven-figure sums since the pandemic hammered the economy and shook up the housing market

Fortune

The best way to help your kids buy a home in a ‘nepo’ market

3 financial strategies for helping young would-be homeowners in a historically unaffordable housing market.

Fortune

One Wall Street Bank says ‘Blame the Boomers’ for the broken housing market—but it’s overlooking these 4 factors

There are five culprits for the current housing crisis—and yes, boomers share the blame.

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