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The Fed has yet to start cutting rates, and projected only one rate cut for the remainder of this year. The average 30-year mortgage rate today is close to 7%, according to Fed data, up from less ...
Rental vacancy rates, for example, which are one marker of the balance of housing supply, have declined across the country. While, in a balanced market, rental vacancy rates should fall between 7 and 8 percent, only one U.S. census region, the South, achieved target levels on average in its metro areas as of 2021. [15]
In addition, homeowners have been reluctant to put their properties on the market and risk potentially forfeiting the ultra-low mortgage rates they locked in during the pandemic.
The rate at which home prices grow is slowing down.. U.S. home prices increased 0.6% from a month before in February, in line with the 0.6% average monthly gain in the roughly eight years leading ...
At the same time, the increase in housing demand — between 2020 and 2021, the median property value in the city increased by 11.5% — has exacerbated housing affordability issues.
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.
The Federal Reserve’s interest rate cut last week has given prospective homebuyers something to celebrate: lower borrowing costs. The half-percentage-point cut took rates off a 23-year high ...
Shortly after the Fed’s September rate cut, Bernstein spoke with Fortune to share what he sees as the necessary measures to solve the nation’s housing shortage. Some of the fixes, he said, are ...