Category: Real Estate News
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Mortgage Demand Hits Lowest Levels in 28 Years
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According to the Mortgage Bankers Association (MBA), total demand for new mortgages dropped by 4.2% in the third week of August, reaching a 28-year low. This occurs at the same time that mortgage interest rates reach a 23-year high, making it harder for many prospective home buyers to purchase homes.…
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Fed Raises Interest Rate by Quarter Point to Combat Inflation
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Jerome Powell, Chairman of the Federal Reserve, announced that it would be raising the target federal funds rate by a quarter point, much to the chagrin of many. This increase in the Fed’s interest rates will reverberate throughout the rest of the economy, and is likely to result in further…
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Refinancing Demand Increases, But Still Down Year Over Year
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Demand for refinancing increased substantially in the second week of July, with applications to refinance a mortgage increasing by 7% compared to the previous week. However, this is still substantially lower than it was at the same time last year, indicating that people are still reluctant to commit to refinancing.…
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Cities Explore Office to Apartment Conversions to Address Real Estate Issues
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Cities across the East Coast of the United States are examining the potential of converting vacated office buildings into apartments for people to live in. This is meant to address both the lack of availability of housing, as well as dealing with the large number of office buildings that now…
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Housing Shortage Leads to High Real Estate Prices
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The residential real estate market has been suffering extensively from a housing shortage that has driven prices up dramatically. According to the National Association of Realtors, the amount of homes available for purchase is only half of what it was in 2019. This housing shortage has especially affected lower income…
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Mortgage Applications Down Despite Falling Interest Rates
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Demand for mortgages has fallen for a month straight, despite mortgage interest rates retreating from their previous highs. This drop in mortgage applications is attributed to a number of factors, including interest rates still being significantly higher than they were in previous years, as well as a continuing lack of…