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In July, the housing market had a 4.0-month supply of housing inventory, a 19.8 percent improvement over last year but still below the 5 to 6 months needed for a healthy, balanced market — one ...
Average mortgage rates increase higher as of Tuesday, January 14, 2025, pushing the 30-year fixed benchmark to its highest levels since May following last week's stronger-than-expected jobs report.
Economists polled by Reuters had forecast housing starts would increase to a rate of 1.343 million units. ... Permits for future construction of single-family housing rose 0.1% to a rate of ...
The U.S. Census Bureau found that if housing costs were taken out, inflation at the end of 2023 would have been 1.8% instead of 3.2%. [51] Reuters noted how shelter costs or 'shelter inflation' surged during the pandemic. [52] Artificial scarcity in the supply of housing, due to NIMBYism, has been a significant factor in making housing more ...
See today's average mortgage rates for a 30-year fixed mortgage, 15-year fixed, jumbo loans, refinance rates and more — including up-to-date rate news.
An estimated $27 billion of the increase was due to the $600/week increase in unemployment benefits due to the CARES Act. [ 20 ] On May 20, 2021, the Labor Department reported that there had been only 444,000 unemployment claims during the previous week, the lowest number since the beginning of the pandemic.
In December 2020, the New York State Legislature passed a state moratorium on evictions. [11] In May 2021, the legislature extended the moratorium until August 31. [12]The Supreme Court struck down a provision of the state moratorium that protected people who filed a form declaring economic hardship, rather than providing evidence in court.
In the housing market, weak inventory was a problem that existed prior to the pandemic due to over a decade of underbuilding. When interest rates fell to record lows, buyers who swarmed the market ...