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“Mortgage rates fall for third straight week” The average long-term US mortgage rate ticked down for the third week in a row and have fallen more than a half-point since hitting a 20-year high less than a month ago. Mortgage buyer Freddie Mac reported Thursday that the average on the benchmark 30-year rate fell to…
“Home prices fall for third straight month in September” US single-family home prices slowed further in September as higher mortgage rates eroded demand, closely watched surveys showed on Tuesday. The S&P CoreLogic Case Shiller national home price index dropped 0.8% month-over-month in September. Monthly house prices fell in July for the first time since late 2018. House prices…
“‘Affordable housing’ wins will vanish if NY Legislature doesn’t replace 421a” All the cheers as the $2 billion Innovation QNS proposal clears hurdles in the City Council will fade if the plan falters because state lawmakers refuse to replace the expired 421a tax-exemption, which New York’s left all-out opposes. While the deal aims to create about…
“New home sales unexpectedly rise 7.5% in October” Sales of new US single-family homes unexpectedly jumped in October, shrugging off rising mortgage rates and house prices, which have drastically eroded affordability. New home sales rebounded 7.5% to a seasonally adjusted annual rate of 632,000 units last month, the Commerce Department said Wednesday. September’s sales pace was revised down to 588,000 units from…
“FTX, Sam Bankman-Fried and his parents bought Bahamas real estate worth $121M: report” Disgraced FTX ex-CEO Sam Bankman-Fried, his parents, and other executives at the bankrupt platform have snapped up a fortune in real estate properties across the Bahamas in the last two years, according to a report Tuesday. Bankman-Fried and his associates own at…
“Home sales plunge to lowest level in 10 years as prices stay high despite high mortgage rates” Sales of previously occupied US homes fell in October for the ninth month in a row to the slowest pre-pandemic sales pace in more than 10 years, as homebuyers grappled with sharply higher mortgage rates, rising home prices…
“Why the ‘floor is coming’ for US housing market: economist” The US housing market is likely close to hitting a bottom following months of plummeting buyer demand and falling home prices, a prominent economist said in a note to clients this week. Homebuilder confidence fell for the 11th straight month in November and plunged to…
“‘Ghost apartments’ are ghastly, needless bane on the city” New York City is in the midst of a housing crunch — and “ghost apartments,” empty rent-controlled units that are not in any rentable condition, are contributing to it. Almost 50,000 such units need expensive renovations and upgrades (often close to $100,000) before they’d be legal…
“Mayor Adams’ Willets Point development is a shot in the arm for Queens, the city” Mayor Eric Adams announced Wednesday a plan to build 2,500 new units of housing, a 250-bed hotel and a $780 million, 25,000-seat soccer stadium for the New York City FC near Citi Field in Willets Point, Queens. That’s a great deal for the…
“Rent hikes priced me out of my Toronto apartment. So I moved in with my 65-year-old aunt.” “I’m paying her some rent, but not a lot, and that’s given me the opportunity to save up for a down payment” About a decade ago, when I was 25, I moved out of my parents’ Toronto home…