Monthly Archives: October 2023

Which breaks first, rates or inventory?

Posted on October 13, 2023 by grim

From MarketWatch: Mortgage rates hit 23-year high and home prices show few signs of cooling. But Redfin says ‘all hope is not lost.’ Why? The U.S. housing market has become unaffordable for many aspiring homeowners, priced out by either high … Continue reading →

Posted in Economics | 115 Comments

Please don’t raise rates

Posted on October 12, 2023 by grim

From CNBC: Housing industry urges Powell to stop raising interest rates or risk an economic hard landing Top real estate and banking officials are calling on the Federal Reserve to stop raising interest rates as the industry suffers through surging … Continue reading →

Posted in Economics, Mortgages, Politics | 114 Comments

No cheaper over there

Posted on October 11, 2023 by grim

From the Long Island Business News: LI home prices hit new highs amid scant supply  Long Island home prices hit record highs again last month as limited inventory and higher mortgage rates slowed sales.  The median price of closed home … Continue reading →

Posted in General | 81 Comments

Who wants mortgages?

Posted on October 9, 2023 by grim

From HousingWire: Fannie Mae’s chief economist: ‘We don’t expect spreads to come down anytime soon’ When mortgage rates blew past the 7% level earlier this year, the securitization market “froze up temporarily,” according to Doug Duncan, senior vice president and chief economist at … Continue reading →

Posted in Economics, Mortgages, National Real Estate | 100 Comments

Welcome to Eight

Posted on October 7, 2023 by grim

From Mortgage News Daily: Rates Surge Toward 8% After Jobs Data; Can “Spreads” Help? Rates were already high coming into this week. As of last Friday, that meant an average 30yr fixed rate just under 7.5%. As of this Friday, … Continue reading →

Posted in General | 86 Comments

What breaks first?

Posted on October 6, 2023 by grim

From the NYT: Rates Are Jumping on Wall Street. What Will It Do to Housing and the Economy? Heather Mahmood-Corley, a real estate agent, was seeing decent demand for houses in the Phoenix area just a few weeks ago, with … Continue reading →

Posted in Economics, Housing Bubble, Mortgages, National Real Estate | 122 Comments

Still comfortable at the top

Posted on October 4, 2023 by grim

From Mansion Global: Manhattan’s Median Home Price Rose 2% Despite Market Turbulence Manhattan’s home prices held steady in the third quarter, despite a gamut of challenges hitting the real estate market across the nation, according to a variety of market … Continue reading →

Posted in Demographics, Economics, Housing Bubble, Mortgages, NYC | 155 Comments

Nothing to see here

Posted on October 3, 2023 by grim

From the NY Post: US office real estate prices headed for ‘severe crash,’ investors say The commercial real estate market is headed for a severe collapse due in large part to sky-high interest rates and declining property values, according to a survey of … Continue reading →

Posted in Crisis, Demographics, Economics, National Real Estate, New Development | 104 Comments

Do mortgage rates even matter anymore?

Posted on October 2, 2023 by grim

From the APP: Mortgage rates double. Here is why that hasn’t killed Jersey Shore home bidding wars With mortgage rates rising to 22-year highs, the prospects for the sale of the house at 321 14th Ave. in Belmar could have … Continue reading →

Posted in Demographics, Economics, Housing Bubble, Mortgages, New Jersey Real Estate, Shore Real Estate | 44 Comments