Single-family median price up 2% ($415K) YOY, condo median price up 6.2% ($324K). Chief Economist O’Connor: Mortgage interest rates continue to be “dominant factor.”
“Homebuyers waiting for mortgage rates to come down should expect no major relief until next year,” says Lisa Sturtevant, chief economist for Bright MLS.
Rather than drop property insurance altogether, some owners are choosing high deductibles to save money – a risky move that covers only catastrophic problems.
Sales fell 15.3% year-to-year, but prices rose 3.9% as demand continued to outpace supply. Listings were also down, with 0.9% fewer in Aug. month-to-month.
The package of regulatory and administrative waivers in seven HUD programs will give Hurricane Idalia-hit counties extra help during recovery efforts.
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It’s the second no-interest-rate-change decision over the past three meetings. Inflation is still above 2%, however, and the Fed says a future increase is still likely.
About 300K Fla. homeowners with Citizens – Fla.’s “insurer of last resort” – will receive a letter that automatically transfers them to a private insurer if they don’t respond.
New-construction attitudes are bipartisan. Most Americans say the nation needs to build more apartments but less than 20% think it’s okay in their neighborhood.
A 70K-square-foot robot factory opening in Oregon may be the first entry for a niche that will one day rival the automobile industry.
FTC: Financial scams, including cryptocurrency schemes, cost consumers $3.8B last year just in the U.S. – twice as much as in 2021.
A report finds that insurers and lawmakers underestimated the impact of climate change, and 1 in 4 homeowners is now dealing with rapidly increasing insurance costs.
No two shutdowns are the same, but the feds would be less responsive. Some RE products – FHA, VA and Rural Housing loans, flood insurance – may see an immediate impact.
Multifamily starts took the hardest hit, falling 26.3%. Single-family starts fell 4.3% month-to-month, though they were up year-to-year by 2.4%.
