Mortgage Rates Rise on Budget, Fed Chair Expectations
Mortgage rates jumped about 8 basis points at the end of last week on a double-whammy of budget policy and Fed leadership news, rising to their highest level since mid-July and largely staying there through the middle part of this week.
September New Home Sales: After a Disappointing Summer, Finally Some Strength
After a disappointing summer, new home sales roared back in September to record their best month in almost a decade.
Rapid Reaction: September New Home Sales
September new home sales jumped 18.9 percent from August to 667,000 sales (SAAR), according to the U.S. Census Bureau, the most since October 2007.
Asking Rents in Wine Country Jump in Wildfires’ Immediate Wake
An early look at mid-October advertised rents on Zillow in California’s Napa and Sonoma Counties, which have both lost thousands of homes to a series of devastating wildfires, suggests an increase in rents from September, but also an increase in rental listings.
September Existing Home Sales: Largest Inventory Increase Since 2010
Existing home sales increased in September, rising 0.7 percent from August to 5.39 million units at a seasonally adjusted annual rate (SAAR), the first monthly increase since May.
Rapid Reaction: September Existing Home Sales
It’s tempting to blame September’s sales weakness on the lingering impacts of Hurricanes Harvey and Irma. But those storms' effects, while severe, are largely localized to the Southeast and don’t explain the full, national sales slowdown we’re experiencing. Focusing on those short-term, localized disruptions only distracts from the bigger picture.
September Home Sales Forecast: Sales Will Rebound, But Inventory and Hurricane Headwinds Linger
Despite low interest rates, which might otherwise help boost sales, tight inventory is clearly weighing on transactions. Additionally, Hurricane Harvey posed an additional, if modest, headwind to sales nationwide in August. But in September, home sales should rebound, if only modestly.
Mortgage Rates Down on Weak Inflation Data and Fed Speculation
The prime 30-year fixed mortgage rate quoted on Zillow fell last Friday by about 5 basis points to 3.66 percent, erasing much of the increase in rates reported the previous week and took rates to their lowest levels of the month.
Climate Change and Homes: Who Would Lose the Most to a Rising Tide?
Nationally, 1.9 million homes are projected to be literally underwater by the year 2100 if the oceans rise six feet. Thirty-nine percent are valued in the top third of homes in their metros, representing the potential loss of $597 billion in high-end real estate. A third (32 percent) are in the bottom tier of home values in their metros, amounting to a potential $123 billion loss for low-income homeowners.
Are Coastal Areas Ready for Rising Seas?
With 1.9 million homes projected to be underwater if seas rise 6 feet, not all communities are prepared.
