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U.S. Housing and Mortgage Market Outlook – July 2024

High mortgage rates have affected the housing market, which is still lethargic. With 4.7 million sold, the total number of homes (new and existing) decreased 2.3% from April and 4.9% from the same month last year. Both existing and new home sales decreased in May, in contrast to the previous two months when new home sales increased and existing home sales decreased. Seasonally adjusted annual rate for existing home sales in May was 4.11 million, a decrease of 2.8% year over year and 0.7% month over month. For More Details freddiemac

This is the reason why foreign investors are retreating significantly from the US real estate market.

In addition to the same challenges faced by domestic buyers of U.S. residential real estate—high prices and limited supply—international buyers additionally face the disadvantage of an appreciating U.S. currency, which drives up the cost of the homes. International buyers are leaving as a result.

According to a new National Association of Realtors study, between April of last year and March of this year, they bought 54,300 existing houses, a 36% decrease from the previous year. Since the NAR started monitoring foreign investment in 2009, this is the lowest amount. Full Article On cnbc

What the Second Half of the Year Will Bring for the Housing Market

Due to a shortage of available homes on the market and mortgage rates in the 7% level, which have made borrowing more challenging, homebuyers have been facing an increasingly expensive housing market. Most of the same is anticipated by economists for the second half of 2024. Full Story Link on investopedia

One of the largest banks in the United States has issued a warning about the Florida housing market.

Raymond James, a leading U.S. investment banking firm, has issued a cautionary statement in response to Citigroup's downgrade of Lennar and D.R. Horton, two homebuilders. The downgrade specifically highlighted concerns about Florida's slow real estate market.

In response to the downgrade, Raymond James revised its outlook for Lennar, shifting from an "outperform" rating to a "market perform" rating. The main reason cited for this change was Lennar's substantial exposure in Florida, as reported by Yahoo Finance. Raymond James also noted that Lennar's projected annual revenue has decreased by 13.95 percent to $30,164,000, compared to their previous expectations for the company.Full News on newsweek

New data reveals that an increasing portion of the United States is becoming too expensive for individuals seeking to purchase a home.

New data reveals that a large portion of the U.S. is becoming unaffordable for those in the market to purchase a home.

In the period from April to June, the inhabitants of 80% of 589 counties were using over 28% of their income to cover housing expenses, which include mortgage payments, property taxes, and homeowners insurance, according to a report from real estate analytics company ATTOM. This year, housing prices have reached unprecedented levels due to a scarcity of affordable properties and mortgage rates remaining at around 7%, which is more than double their 2021 levels. Full News on cbsnews

Housing Market Forecast 2024 : When Will Home Prices Be Reasonably Priced Again?

According to the most recent S&P CoreLogic Case-Shiller Home Price Index, U.S. home prices increased 6.4% annually in February, marking the eighth consecutive month of year-over-year rises and the quickest annual rate since November 2022. At or very close to all-time highs, home prices are. Full Article on Forbes

Will more homes be brought by the April showers?

Although research indicates that sellers are more active a few months later, from April to June, the real estate market officially considers the Super Bowl as the start of the selling season. We're noticing that sellers might be exiting the market even sooner this year: There is a noticeable 7% rise in sellers who intend to sell in Q1 from 2022 to 2023.Full Article on fortune

FinCEN Unveils Plan to Combat Money Laundering in U.S. Real Estate with Proposed Oversight Rule.

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has proposed a rule to combat money laundering in residential real estate. The plan aims to expose individuals using cash and secretive legal entities for property transactions, which have allowed criminals to evade anti-money laundering measures. The proposed rule seeks to enhance oversight and transparency in the real estate sector to curb illicit financial activities.Full Story on ICIJ

Existing Home Sales Level 1.0% in December.

In December, sales of existing homes fell 1.0% to a seasonally adjusted annual rate of 3.78 million. In comparison to the previous year, sales decreased by 6.2%. The median existing home sales price increased by 4.4% from December 2022 to $382,600, the sixth consecutive month of year over year price increases.Full Article on the National Association of Realtors.

The U.S. Housing Market Begins on a Positive Note in 2024

More prospective homeowners are being drawn in by the fact that mortgage rates have dropped from their October peak of 8% and are now stable in the mid-6% range. With this week's average rate, the average monthly payment for US house buyers is $2,456, which is lower than the record-high of more than $2,700 back in October but up 9.8% from this time last year.Read More on Mansion Global

These are the top 20 cities where property values could increase the most and decrease in 2024.

For those who wanted to buy a home in 2023, the real estate market was extremely difficult because mortgage rates rose beyond 8% and June saw record-high home prices. A new prediction suggests that in 2024, purchasers in certain markets would once more not get much of a break. Read more on cbsnews

Forecasts for the 2024 Housing Market: When Will Prices of Homes Again Be Reasonable?

Prospective homeowners are crossing their fingers that 2024 would bring back some regularity to housing pricing. One encouraging omen for the new year is the steady fall in mortgage rates over the past few months, after remaining stubbornly high throughout 2023.
Read more on Forbes

Zillow's most desirable real estate markets for 2024: Discover which places made the top 10.

Zillow called affordability the "most powerful force driving real estate," bringing lower-cost markets in the Great Lakes, Midwest and South regions to the top of the company's 2024 rankings Read more on USATODAY

2024 Housing Market Forecast: When Will Home Prices Be Reasonably Priced Again?

In 2024 might be a better year—for some, anyway—to buy a house. Industry analysts predict that prices in some regions of the nation will soften, even though home prices will probably stay high and possibly even rise in some markets.Full Report on forbes

Single-family home construction in the U.S. hit a peak not seen in over 18 month.

12-20-2023, Wednesday
Single-family home construction in the U.S. hit a peak not seen in over 18 months in November, and this trend might continue to pick up steam. Lower mortgage rates and enticing offers from builders are expected to entice potential buyers, revitalizing the housing market.Full Report on

Central Maine Power expects power restoration effort to take multiple days after powerful storm.

12-19-2023, Tuesday
The reported number of customers without power from Monday's storm is around 350,000, constituting more than half of the total customer base.Full Article by

Volcano erupts south of Reykjavik confirmed Iceland Meteorological Office.

12-19-2023, Tuesday
An eruption has occurred at an Icelandic volcano following weeks of seismic activity in the area. This volcanic event took place on the Reykjanes peninsula, near the fishing town of Grindavik.Read More on The Weather Central

Clarence Thomas' Private Concerns About Finances Raised Worries of Potential Resignation.

12-19-2023, Tuesday
According to ProPublica's recent report, Clarence Thomas conveyed to a Republican congressman that if US Supreme Court justices didn't receive a salary increase, "one or more" might resign. This sparked considerable concern among right-wing circles due to his significant role as a conservative, highlighting ongoing ethical concerns within the high court. Read More on Propublica

Google's Nest Renew Forces with OhmConnect to Forge Renew Home in a Landmark Energy Transition

In a groundbreaking move set to redefine the landscape of sustainable energy management, Google's Nest Renew service is leaving google and embarking on a new journey, merging with the esteemed OhmConnect energy management platform to birth Renew Home.Read the Full Story

Economists forecasting a housing market turnaround in 2024
With the mortgage rates outlook finally improving, the forecast for housing is looking better in the new year.
Economists at predict mortgage rates, which have declined over the past five weeks, will fall into the 6% area in 2024.For more details refer to News portal foxbusiness

New bills introduce to ban hedge funds from single-family housing market

New legislation introduced by Democrats in both chambers of Congress seeks to prevent hedge funds from purchasing single-family homes. The Bill was presented in the House by Rep. Adam Smith (D-WA) and in the Senate by Sen. Jeff Merkley (D-OR). The lawmakers cited a 2022 Urban Institute study that found that large hedge funds and other institutional investors owned roughly 574,000 single-family homes, exacerbating the shortage of available and affordable homeownership opportunities.

If the bill is signed into law it would End Hedge Fund Control of American Homes Act of 2023. For more details refer to News portal

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