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The Latest Breaking News from Housing Market

The cracks in the housing market are growing larger. But beware the all-cash buyer

Mortgage rates are down slightly, the number of homes for sale is up, and sellers are dropping their asking price, according to a new Redfin report.

Fortune

The ‘silver tsunami’ is about to hit the housing market—but millennials and Gen Zers may not come out any better in the wash

Just over half of people aged 50-plus are set to downsize in the next two years.

Fortune

Five Housing Markets On the Rise

Study shows homes in five markets are going under contract in less than two weeks, despite a broader national housing market slowdown. Which cities are bucking the trend and why?

Kiplinger

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UK housing market is past its ‘peak pain’, declares Savills

Upmarket estate agent says prices will start to bottom out in 2024 as interest rates fall and will return to growth in 2025

The Guardian - UK

UK interest rate cuts expected in 2024; German recession risks rise as factories struggle; oil price drops – as it happened

The yield on UK government bonds drops as the City expects interest rates cuts next summer, as German factory output falls again

The Guardian - UK

The housing market is starting to crack—Sellers are cutting prices at record levels as 'You can no longer price based off of where sales were'

Nearly 7% of sellers posted price drops in October, Redfin says—well above the 3.6% average.

Fortune

Gazunder alert! How the UK’s house buyers are forcing sellers to slash prices

As the housing market stagnates, buyers are making the most of their new power. One in three vendors has been asked to accept less money after a deal has supposedly been struck

The Guardian - UK

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Mortgage rates are dropping fast after a shock jobs report set off a series of dominoes on Wall Street—The housing market can thank Detroit's striking auto workers

To all the homebuyers dreading the toxic mix of low inventory and 8% mortgage rates, how does a cooling economy and a 7.4% rate sound?

Fortune

The average long-term US mortgage rate slips to 7.76% in first drop after climbing 7 weeks in a row

The average rate on the benchmark 30-year home loan fell slightly this week, ending a seven-week climb —- modest relief for prospective homebuyers grappling with an increasingly unaffordable housing market

The Independent UK

Home prices in 7 cities just reached all-time highs on the back of a blistering 7-month run for the housing market—and the Midwest is the big winner

It's good to own in Detroit and Chicago right now, but not so much in San Francisco and Seattle.

Fortune

Bargain hunters put a floor under house prices

It is hard to reconcile the somnolent levels of activity in the housing market with today’s surprise uptick in house prices in October.

Evening Standard

UK house prices up almost 1% since last month but mortgage approvals plunge

Just 43,300 mortgages were approved in September, 30 per cent less than the monthly average in 2019

Evening Standard

Housing market affordability is so bad that Zillow says it will take you 13.5 years to break even on a purchase from July onward

This ‘crucial milestone’ that signifies financial stability will be lost on new homeowners for more than a decade.

Fortune

UK house prices increased by 0.9% month-on-month in October, says Nationwide

The uptick in house prices in October most likely reflects the fact that the supply of properties on the market is constrained, Nationwide said.

The Independent UK

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Evening Standard

House prices surprise with 0.9% increase in October says Nationwide

Housing market more resilient than feared despite the impact of 14 interest rate hikes

The Conversation

Why it's so hard to be young in Britain right now

If you’re taking the first steps in your career right now, you’re doing so in the face of a high cost of living and an increasingly inaccessible housing market. You may well be facing the reality that you will be worse off than your parents’ generation.

Kiplinger

Rental Market Will Slow Through 2023: The Kiplinger Letter

Expected growth in the rental market is likely to remain slow for the rest of the year amid a slow housing market and cooling economy.

Fortune

The housing market is headed back to a 1980s-style recession, Wells Fargo says—and it's all because of 'higher for longer' mortgage rates

“The residential sector now appears to be contracting alongside the recent move higher in mortgage rates,” the bank’s economists wrote.

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The Independent UK

Mortgage approvals slump as ‘autumn housing market pick-up fails to materialise’

Some 43,300 mortgages were approved for house purchase in September, marking the lowest monthly total since January 2023.

The Hindu

Luxury housing units in Chennai find more takers in 2023, shows data

Chennai luxury housing sales up 143% in 9M 2023: 3,330 units sold, 16,310 units sold across all budget categories. Prices range from ₹15K-40K/sq.ft. Emerging luxury housing market compared to Mumbai, Bengaluru & Delhi. National luxury housing sales up 84,400 units in 9M 2023.

AAP

Fresh insights into retail sector, housing market

Consumers have been reining in their spending in response to high interest rates and new data may signal a continuation of this trend.

Fortune

Extreme weather is a $23 billion problem for the housing market—and growing, but this analytics chief says 'really encouraging' investments are coming to market

CoreLogic's John Rogers says there's movement from "talking about climate change to real action across the supply chain of building homes."

Fortune

While some homebuyers pay 8% mortgage rates, others are wrangling steep discounts—and it's creating a surprising surge in new home sales

Incentives offered by homebuilders amid what are otherwise 8% mortgage rates get "at the heart of the affordability issue," housing market expert says.

Fortune

Boomers won the housing market and millennials got screwed, BofA says. ‘Everyone locked in 3% mortgage rates, except Millennials’

"Most Boomers locked in low mortgage rates,” the bank said. “The only group that took out mortgage debt meaningfully since 2021 is Millennials, seeing a 20% jump.”

Fortune

It's 52% more expensive to buy than rent in this housing market and shoppers are pulling out of contracted offers left and right

An estimated 53,000 home purchase agreements were canceled in September, Redfin says. The housing market winter is chilly indeed.

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