Homebuyers jumped at cooling borrowing costs at the beginning of the month, but long-term demand is looking bleak. A Redfin analysis of pending home sales and mortgage applications revealed marked improvements in homebuyer demand at the beginning of the month. But President Trump’s tariff policies, mortgage rates, and the increased odds of a recession have…
Donald Trump’s sweeping “Liberation Day” tariff decree sent shockwaves through Wall Street as analysts balked at the breadth and intensity of the move. Trump declared a national emergency and set a minimum of 10% tariffs on virtually all products from every country, with the “worst offenders” seeing even higher rates. China’s burden is now up…
Pending sales sank to their lowest level on record due to high rates and severe weather. NAR’s Pending Home Sales Index decreased 4.6% from December to a reading of 70.6. An index of 100 equals the level of contract activity in 2001 when NAR began tracking this data. The decrease is much larger than expected…
Existing home sales declined for the month but saw an annual spike in January. Sales fell 4.9% to a seasonally adjusted annual rate of 4.08 million, adding to December’s 2.2% decline, according to the National Association of Realtors. They were up 2% from the year prior, however, the fourth consecutive YOY gain. All major regions experienced declines…
American homes climbed in value to $49.7 trillion in 2024, gaining $2.5 trillion over the course of the year. This is a 5.2% annual increase but the slowest growth in a calendar year since 2019 and the second-slowest since 2011, according to a new Redfin analysis. “There are more homes for sale right now than…
The U.S. Department of Housing and Urban Development is launching a Department of Government Efficiency Task Force, ordered by new HUD Secretary Scott Turner. A press release said the intent is to “review how HUD is spending American taxpayer dollars” and ensure the agency’s budget and programs are maximized to “advance the purpose of the…
By ERIN FLYNN JAY Officials in Canada announced over the weekend that the boldest mortgage reforms in decades have gone into effect in their country. According to a press release from the Department of Finance Canada, the federal government is taking significant action to make the housing market fairer for every generation. “Canadians work hard…
Compass is acquiring @properties and Christie’s International Real Estate in a cash and stock deal totaling $444 million. The deal will include title and mortgage businesses Proper Title and Proper Rate, as well as a lead-generation business, Suburban Jungle. @properties is the 8th largest residential brokerage in the United States by sales volume, with operations…
By ERIN FLYNN JAY As fall approaches real estate professionals are taking a pragmatic approach as they wait for buyers and sellers to gain more confidence. Gary Mintz, a realtor with Berkshire Hathaway HomeServices Fox & Roach in Philadelphia, said business was at best okay for the first half of 2024. “I am ‘hopeful’ that I…
With housing a major issue on voters’ minds and November inching closer, Vice President Kamala Harris detailed her plan to make housing more affordable. In a speech in Raleigh, NC, on Friday, Harris outlined policies intended to incentivize building and buying homes. “There’s a serious housing shortage; in many places, it’s too difficult to build…
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