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US New Home Starts Trend Lower And Permits Enter Correction Territory

Better Dwelling

The US housing boom is experiencing a few hiccups but it’s not due to a lack of demand. The US Census Bureau released October housing starts and new building permit data. The post US New Home Starts Trend Lower And Permits Enter Correction Territory appeared first on Better Dwelling.

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HUD aims to help protect communities from extreme heat

Housing Wire

Extreme heat affects all of us. Similar trends are being observed in areas prone to wildfires and excessive heat as home prices have remained generally elevated well after the pandemic-driven homebuyer boom. HUD will also hold a specialized stakeholder briefing about extreme heat on May 23.

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Why home prices haven’t crashed even with high mortgage rates

Housing Wire

The most underreported housing story I’ve seen this year is that even with mortgage rates rising to 8%, the number of homes that took price cuts before they sold was 4% below 2022 levels. This happened even with higher home prices and higher mortgage rates in 2023. We have a big week ahead of us.

Mortgages 519
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Prices for luxury homes soared in the first quarter 

Housing Wire

Luxury home prices in the U.S. In comparison, prices for non-luxury homes rose by 4.6% Redfin defined luxury homes as those estimated to be in the top 5% of their metro area based on market value, while non-luxury homes are those with estimated values in the 35th to 65th percentile. New listings of luxury homes soared 18.5%

Equity 412
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The Federal Reserve delivers lower rates for Christmas

Housing Wire

The 10-year yield and mortgage rates fell together after the Fed meetings, which gave us mortgage rates under 7% last week. That means we’ve had a positive trend for the last five weeks. to have existing home sales trends below 4 million with any duration post-1996. 9, 2022, and for many years: It’s rare the U.S.

Mortgages 534
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Housing inventory fell last week, but it won’t derail the spring bump

Housing Wire

Weekly housing inventory data — both active inventory and new listings — are prone to one-week moves that deviate from a trend, especially if people are going Easter egg hunting. Also, spreads between the 10-year yield and the 30-year mortgage got better last week, which is a big plus for the future if this trend continues.

Mortgages 427
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Don’t get too excited about the jump in existing home sales

Housing Wire

We got a great existing home sales report on Thursday, but is this data already too old? Existing home sales showed a jump in sales, which was anticipated by most as we had positive, forward-looking housing data due to mortgage rates falling from 8.03% to 6.63%. However, the last four weeks have had negative trending data.

Sales 429