Experts are revising their forecasts about mortgage rates and home prices for the rest of the year.
At the beginning of the year, housing experts and homebuyers looked forward to better buying conditions — interest rates were poised to drop, a shift expected to free up inventory and cool surging home prices .Nearly halfway through 2024, the highly anticipated interest rate cuts have yet to happen, home prices are still growing, and affordability remains a challenge.
"There's more people in the rental market because they can't afford to save for a down payment, and they can't afford to save for a down payment because rent is high," Lautz said, adding that this resembles a “feedback” loop — one where inflationary pressure keeps rates high, which elevates home costs, which in turn squeezes renters.
Doug Duncan, Fannie Mae's chief economist, agreed. Even with high mortgage rates, the inventory shortage is “causing the problem in price,” he said.. By comparison, the average inventory between 1982 and 2024 was 2.23 million units. March's home-for-sale listings equaled only 3.2 months’ supply. A balanced housing market has around 6 months of supply.that homebuyers are keenly experiencing a price crunch — nearly 30% of homes sold above the listing price in March.
The TFSA is the perfect place to compound wealth. Here are 3 top Canadian stocks to hold for a lifetime. The post TFSA: 3 Canadian Stocks to Hold for a Lifetime appeared first on The Motley Fool Canada.Does it ever feel like the rich have some secret knowledge about money that eludes the rest of us? After over a decade working as a bank teller, Rachael P. has an inside look at the habits and...
National Association Of Realtors Fannie Mae Jessica Lautz Interest Rates NAR Housing Market Forecasts Home Prices Chief Economist
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Edmunds: 2024 Kia Niro versus 2024 Toyota Corolla CrossMany car shoppers simply want a vehicle that’s practical, easy to drive and relatively inexpensive. High fuel economy is increasingly a popular desire as...
Read more »
Housing, infrastructure among hot-button issues at 2024 NOMA conferenceWendy Landry is mayor of Shuniah, and president of the Northern Ontario Municipal Assocation.
Read more »
BC Housing Granted Foreclosure Of Affordable Housing ProjectHoward is based in Burnaby and covers real estate, housing policy, and the development industry.
Read more »
BC Housing Minister re-announces affordable housing projects in BurnabyB.C. Housing Minister Ravi Kahlon was at 6488 Byrnepark Dr. Friday, where construction is underway on a six-storey building with 130 non-market rental units for Indigenous families and individuals.
Read more »
Ottawa hikes fees housing experts hate, despite warning from fedsVivi Chi is interim general manager of the planning, development and building services department at the City of Ottawa, seen on May 15, 2024.
Read more »
Ottawa hikes fees housing experts hate, despite warning from fedsVivi Chi is interim general manager of the planning, development and building services department at the City of Ottawa, seen on May 15, 2024.
Read more »