New Construction Falls in June as Higher Prices, Mortgage Rates Hit Housing Market | Economy

New Construction Falls in June as Higher Prices, Mortgage Rates Hit Housing Market | Economy

New home construction slumped in June as both housing permits and new home starts fell from May levels, the Census Bureau and the Department of Housing and Urban Development reported on Tuesday. Permits came in at 1.685 million, down 0.6% from the revised May reading of 1.695 million while starts fell 2% to 1.559 million,

Rising interest rates put buyers of unfinished homes in financial jeopardy. : NPR

Rising interest rates put buyers of unfinished homes in financial jeopardy. : NPR

Mortgage rates have been rising sharply as supply chain delays have slowed construction. That has many people in a costly bind – some can’t afford the house they agreed to buy 6 months ago. David J. Phillip/AP hide caption toggle caption David J. Phillip/AP Mortgage rates have been rising sharply as supply chain delays have

Real Estate Stocks Fall As US Housing Wavers Under Rates Pressure

Real Estate Stocks Fall As US Housing Wavers Under Rates Pressure

Real estate stocks Redfin and Compass have both dropped roughly 25% over the last five days.  Both companies announced layoffs this week as the US housing market stalls under pressure from rising rates.  Mortgage applications have plunged, and luxury home sales have dropped 18% year-over-year. Loading Something is loading. Stocks of real estate companies including

Mortgage rates, home prices expected to stabilize, forecast says

Mortgage rates, home prices expected to stabilize, forecast says

Placeholder while article actions load The rapid rise in mortgage rates and inflation since the beginning of 2022 is roiling the housing market and the stock market. Fears of a recession and general uncertainty about the economy mean that economists are adapting their forecasts for the year to take into account these changes. Some changes

As mortgage rates rise, will the real estate market cool off?

As mortgage rates rise, will the real estate market cool off?

Mortgage rates are no longer at record lows, but it’s still an excellent time to buy a home. Here are four reasons why. (iStock) The ongoing coronavirus pandemic has caused global challenges, and it continues to affect the personal finances of many Americans. According to a Pew Research Center survey, 44% of respondents believe it