Last week’s approval ended the threat of a government shutdown until after the holidays and pushed a fight over the federal budget into January 2024. WASHINGTON (AP) – Ending the threat of a government shutdown until after the holidays, Congress gave final approval last week to a temporary government funding package that pushes a confrontation over the federal budget into the new year. The Senate met into Wednesday night to pass the bill with an 87-11 tally and send it to President Joe Biden for his signature one day after it passed the House on an overwhelming bipartisan vote. It
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The BOD supports a tax policy proposal for a temporary tax credit for long-time owners of single-family homes to encourage them to sell their home to an owner-occupant. ANAHEIM, Calif. – The National Association of Realtors® Board of Directors approved a series of tax policy proposals Friday and strengthened NAR’s policy on climate change risk and property sustainability, reinforcing NAR’s commitment to sustainability, “the benefits of which will help preserve our environment and address ongoing climate change risks, while supporting our nation as a vibrant, healthy and prosperous place to live and work.” Tax policy The Board of Directors approved four tax policy
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Jung Getty / Getty Images Zonda’s New Home Lot Supply index showed the U.S. lot supply loosened year-over-year in the 3Q. But Miami was in the top 3 for tightest lot supply among major markets. WASHINGTON, D.C. – Zonda has released the New Home Lot Supply Index (LSI) for third quarter 2023. The New Home LSI, backed by data from Zonda, shows lot supply loosened year-over-year across the United States. The index is a residential real estate indicator based on the number of single-family vacant developed lots and the rate at which those lots are absorbed. The New Home LSI came in at 63.7
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Freddie Mac Chief Economist: “New data indicate inflationary pressures are receding” – which, along with lower mortgage rates, may lure more homebuyers into the market. JONESBORO, Ga. – Mortgage rates have fallen for three straight weeks, with the 30-year fixed rate averaging 7.44% Thursday, down from 7.5% a week earlier, according to Freddie Mac. But the rate remains well above last year’s level – 6.61%. Why did the rate go down this week? “New data indicate that inflationary pressures are receding,” said Sam Khater, Freddie Mac’s chief economist. The government reported Nov. 14 that consumer prices climbed 3.2% in the 12 months ended in October, decelerating
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Overall housing starts rose 1.9% to a seasonally adjusted rate of 1.37M units. NAHB Chair: A lack of for-sale existing homes supported new construction demand. WASHINGTON – Single-family construction held steady in October as high mortgage rates depressed demand, but more buyers turned to new homes because of a lack of existing inventory. Overall housing starts increased 1.9% in October to a seasonally adjusted annual rate of 1.37 million units, according to a report from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau. The October reading of 1.37 million starts is the number of housing
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By Christopher Rugaber Answer: More goods, workers and housing. Overall inflation didn’t rise from Sept. to Oct., the 1st time consumer prices haven’t changed month to month in over a year. WASHINGTON (AP) – Long past its painful peak, inflation in the United States may be heading steadily back toward its pre-pandemic levels, without the need for further interest rate hikes by the Federal Reserve. Such a scenario became more likely, if hardly guaranteed, after Tuesday’s surprisingly tame report on consumer prices for October. The Labor Department’s data showed a broad-based easing of inflation across most goods and services. The
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Last week, it was 7.5%. It’s the third weekly drop in a row, good news for buyers facing persistently high prices and a near-historic low number of for-sale homes. LOS ANGELES (AP) – The average rate on the benchmark 30-year home loan fell for the third week in a row, welcome news for house hunters facing a market held back by persistently high prices and a near-historic low number of homes for sale. The latest decline brought the average rate on a 30-year mortgage down to 7.44% from 7.5% last week, mortgage buyer Freddie Mac said Thursday. A year ago, the rate averaged 6.61%. As mortgage rates rise,
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By Graham Wood NAR attorneys: Real estate professionals should maintain clear communication with clients about the services they provide and how they get paid. Anaheim, Calif. – The Sitzer/Burnett verdict does not prohibit the practice of making offers of cooperating compensation, NAR attorneys said this week at NAR NXT, The Realtor® Experience. Listing brokers decide how much compensation to offer to serve in their seller’s best interest. This is solely a matter that’s negotiated between brokers and their clients. Following the verdict, real estate professionals should continue having transparent conversations with clients about the services they provide and how they
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NAR Chief Economist Yun: Except for office space, commercial property rates are expected to stabilize, though higher interest rates are impacting commercial loans. ANAHEIM, Calif. – Commercial property rates are expected to stabilize – aside from office space – and commercial real estate will revitalize, according to NAR Chief Economist Lawrence Yun. Yun presented yesterday at the Commercial Economic Issues and Trends Forum at the 2023 NAR NXT, The Realtor® Experience, in Anaheim, California, to discuss economic trends and issues affecting the commercial real estate industry. “There’s tremendous difficulty in the commercial real estate market with higher interest rates,” Yun
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By Jennifer Warner Florida Realtors economist: Understanding the financial impact of current mortgage rates can help Realtors relate to their clients’ all-important number: their monthly payment. ORLANDO, Fla. – Interest rate volatility on the 30-year fixed-rate mortgage has dramatically reshaped the housing industry since the onset of the Covid pandemic. Prior to this, interest rates hovered in the 3-5% range in the years coming out of the Great Recession – rates much lower than what was typical in the 1990’s and early 2000’s. Low, consistent rates helped stabilize an industry that was rocked in 2008-2010 and bring back American confidence
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