Instant Reaction Housing Starts, July 17, 2024
New apartment units completed reached a 50-year high in June. That is truly a wow. The rents have stopped rising in many cities due to the oversupply of rental units. Rents whether on apartments or on single-family rentals have fallen in Austin, Nashville, Charlotte, and Phoenix where the supply has
Annual Foreign Investment in U.S. Existing Homes Sales Decreased 21.2% to $42 Billion
Key Highlights International buyers purchased $42 billion worth of U.S. residential properties from April 2023 to March 2024, down 21.2% from the prior year. The 54,300 existing homes sold – the lowest since NAR began tracking in 2009 – slid 36% from the previous year. The average ($780,300) and med
Instant Reaction: Mortgage Rates, July 11, 2024
Facts: The 30-year fixed mortgage rate from Freddie Mac declined to 6.89% over the last week from 6.95%. At 6.89%, with 20% down, a monthly mortgage payment on a home of $400,000 is $2,105; with 10% down, it is $2,369. Positive: The CPI retreated today. Importantly, shelter, which is a lagging compo
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