Posted in home

US In Danger Of Becoming A ‘Renter Nation’ As Home Prices Hit Record High, Says Investor

KEY POINTS

  • Every $1,000 increase in home price pushes 150,000 buyers away: Report 
  • Rental prices have dropped by 0.1% since last month: Report
  • Homebuying is currently led by people with jobs and equity

Rising demand for homes, unprecedented levels of mortgage rates and low supply have pushed home prices out of reach for prospective homebuyers, which could make America a ‘renter nation,’ Grant Cardone, a real estate investor, told Yahoo.

“Homeownership is still dead in this country because the only people that are buying homes right now are people that have equity, great credit, and a job,” Cardone said.

For every $1,000 increase in home price, 150,000 buyers are priced out of a possible home purchase, according to a recent report by the National Association of Home Builders (NAHB).

The fall season is known to be good for real estate as home prices fall during this time. Realtor.com, however, suggests

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A’s, Astros set MLB Division Series record for most combined home runs

A’s, Astros set MLB Division Series record for most homers originally appeared on NBC Sports Bayarea

So. Many. Home. Runs.

Seriously, there have been 24 home runs in the A’s-Houston Astros AL Division Series between both teams through seven innings of Game 4. According to MLB.com’s Sarah Langs, that’s the most in a postseason series of five games or fewer:

Astros outfielder Michael Brantley’s second home run of the game was the record-setter … and also gave the Astros a 6-4 lead over the A’s in the bottom of the fifth

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Posted in home

Westchester Home Prices Pushed to Record High By Bidding Wars

(Bloomberg) — Home prices in Westchester County surged to a record in the third quarter as bidders from New York City battled for a chance to buy a suburban retreat.

The median price of single-family homes that changed hands in the quarter jumped 16% from a year earlier to $808,500, the highest in data going back to 1986, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.



chart, histogram: Sellers Winning in Westchester


© Bloomberg
Sellers Winning in Westchester

Open houses have drawn crowds, and multiple offers on the same day, largely from city-dwellers seeking space for a prolonged period of working from home throughout the Covid-19 pandemic. Their purchases nearly cleared the market of listings, which tumbled 30% from a year earlier.

“We’re all preparing for what could be a second wave of spiking cases,” Douglas Elliman President Scott Durkin said in an interview. “Everyone is positioning themselves

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Autumn of heartbreak for home shoppers as Seattle-area prices hit new record highs

In a normal year, September would be when housing prices begin to level off.

But what about 2020 is normal?

Pulled up by unrelenting demand and an inventory drought, King County home prices hit a new all-time high of $753,600 in September, a 14% bump over last year, according to new data from the Northwest Multiple Listing Service.

Potential sellers are hunkering down, choosing to refinance rather than list, reducing the number of homes on the market in all of Western Washington to half as many as last year.

The market for homes priced less than $800,000 is especially intense, brokers said, as first-time homebuyers and former condo-dwellers look for more space as the pandemic drags into its eighth month.

For buyers seeking to compete at that price point, bidding wars, fleeting listings and all-cash offers are the norm. Typical for this market: The two-bedroom Wedgwood rambler that sold in

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Mortgage rates set another record low, sparking refinances

An ‘Open House’ sign is displayed as potential home buyers arrive at a property for sale in Columbus, Ohio.

Ty Wright | Bloomberg | Getty Images

Mortgage rates moved even lower last week after setting multiple record lows in recent months, spurring more borrowers to call their lenders and apply for a refinance, but homebuyers were quite as motivated. 

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances of up to $510,400 slipped to 3.01% from 3.05%, while points decreased to 0.37 from 0.52 for loans with a 20% down payment. 

In response, refinance application volume, which is most sensitive to weekly rate moves, rose 8% for the week and was 50% higher than a year ago, according to the Mortgage Bankers Association’s seasonally adjusted index. That is the highest refinance volume since mid-August.

Applications for a mortgage to purchase a home fell 2% for the

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Posted in home improvement loans

August Home Sales Soar to a Record High: 5 Top Housing Picks

The U.S. housing sector is on a roll, with an increasing number of Americans leveraging on the record-low mortgage rates. The latest pending home sales data for August reached the highest level on record as more Americans signed contracts to buy homes in the month, suggesting that the hot U.S. housing market will maintain the strong spell well into fall.

All-Time High Pending Home Sales

The National Association of Realtors or NAR’s Pending Home Sales Index — a forward looking indicator of home sales based on contact signing — soared 8.8% from July to 132.8 in August, hitting a record high, according to the NAR survey since January 2001. Contract signings are 24.2% higher from the year-ago period as well.

It is worth mentioning that August marks the fourth consecutive month of gains as well as the third year-over-year rise since the pandemic hit the housing market hard. All four

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A Record 3 Trillion Euros Is Looking for a Home

(Bloomberg) — The European Central Bank’s emergency stimulus has propelled excess cash sloshing around the euro area’s economy past 3 trillion euros ($3.5 trillion) for the first time.

Financial institutions have increased the amount of money parked with the ECB by 1 trillion euros in under six months, according to the central bank’s latest liquidity update. It comes after policy makers issued cheap loans to banks and snapped up bonds to offset the economic damage from the coronavirus pandemic.



chart: Awash With Cash


© Bloomberg
Awash With Cash

Liquidity conditions became exceptionally loose when the ECB started charging interest rates as low as minus 1% for targeted longer-term refinancing operations, known as TLTROs, to aid the economic recovery from the pandemic. That means the central bank is effectively paying for the money to be lent out.

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Whether banks hoard the cash for a rainy day or lend it out to stimulate the

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Posted in home

Pending home sales hit record in August

The number of homes under sales contract hit a record high in the National Association of Realtors’ 19-year history of monthly surveys.



a sign on the side of a building: Pending home sales hit record in August


© Getty Images
Pending home sales hit record in August

The number of pending homes increased 8.8 percent since July and were up nearly a quarter since last August. The pending home sales index reached a high-water mark of 132.8, meaning sales were 32.8 percent higher than the index’s 2001 starting level of 100.

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“While I did very much expect the housing sector to be stable during the pandemic-induced economic shutdowns, I am pleasantly surprised to see the industry bounce back so strongly and so quickly,” said Lawrence Yun, the association’s chief economist.

Near-zero interest rates from the Federal Reserve have helped push mortgage rates to record lows, which has helped fuel the buying spree.

“Tremendously low mortgage rates below 3 percent have again

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Posted in home

US pending home sales leap to record as housing-market surge continues

A ‘sale pending’ sign is displayed in front of a home for sale May 24, 2010 in San Rafael, California. Government incentives and low mortgage rates helped April home sales surge 7.6 percent in April, the biggest gain in five months.


  • The National Association of Realtors’ Pending Home Sales Index surged 8.8% last month to an all-time high of 132.8, signaling the US housing market’s rally continued into the fall.
  • Economists surveyed by Bloomberg expected an increase of 3.1%.
  • The reading is the fourth-straight climb for the index. All four major US regions notched growth in August, with the West seeing the biggest improvement.
  • The pace of home sales rocketed through the summer as Americans leveraged record-low mortgage rates. The sector has served as a rare bright spot in the pandemic-rattled economy.
  • Visit the Business Insider homepage for more stories.

Record-low mortgage rates drove home sales

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Posted in home

Home Sales Contracts Hit Record With Low Rates Fueling Rally

(Bloomberg) — U.S. pending home sales rose more than expected in August, reaching the highest level on record as low mortgage rates fuel a housing rally.

The National Association of Realtors’ index of contract signings to buy previously owned homes surged 8.8% from a month earlier, according to data released Wednesday. Analysts had estimated 3.1%. Compared with 2019, pending sales jumped 24%.

“Tremendously low mortgage rates have again helped pending home sales climb,” said Lawrence Yun, NAR’s chief economist.



chart: Pending home sales reach a record in data going back to 2001


© Bloomberg
Pending home sales reach a record in data going back to 2001

It was the fourth straight monthly gain for the index, which is now at the highest level in records dating back to 2001. The index has surged since taking a hit when the pandemic froze the housing market in March.

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Read more: U.S. Existing-Home Sales Increase to Fastest Pace Since 2006

Record-low mortgage rates have

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