News – Page 8 – Habitat Abstract

Hamptons See Rental Prices Fall Due to Oversupply of Units

Across most of New York, real estate prices are substantially higher than they were at the same time last year, with rental prices being especially high. However, there is one place where rental prices have begun to fall: the Hamptons. This odd trend is the result of the aftereffects of the COVID-19 pandemic, as well as significant market volatility and layoffs affecting the wealthy clientele who normally stay in the Hamptons during the summer.

Fourth Major Bank Failure Since March Creates Market Uncertainty

The housing market has seen additional turmoil as the First Republic Bank shut down, leading some to worry about the stability of financial institutions. This is the fourth major bank to fail since March, joining Silicon Valley Bank, Signature Bank, and Silvergate Bank among the ranks of failed banks. These failures have left some worried that the financial industry is in turmoil, which has had a cooling effect on the real estate market.

Existing Home Sales Down 2.4% in March, Down 22% Since Last Year

April 27, 2023
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Sales of existing homes declined by 2.4% during March, the largest monthly decline for existing home sales since 2012. This brings the overall number of existing home sales down by 22% compared to the same time last year. This is potentially a…

Mortgage Rates Fall, Says MND. Freddie, MBA See It Differently

April 26, 2023
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What is the 30-year mortgage rate? Did it go up or down? By how much? Well, it depends who you ask. Mortgage News Daily (MND), which releases data daily, announced that, as of April 25, the 30-year fixed-rate mortgage (FRM)…

Changes in Mortgage Fees for Prospective Homebuyers Will Go into Effect on May 1

April 26, 2023
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Effective May 1, 2023, a new rule will go into effect in which prospective homebuyers with very good or near-perfect credit will see an increase in mortgage fees, while those whose credit scores need work will see their fees go…

April 2023 Real Estate Market Overview

April 26, 2023
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This past month has seen a substantial amount of uncertainty in both the residential and commercial real estate markets. On the whole, the market has continued to suffer from high interest rates and limited inventory, which has kept sales substantially…