Construction starts on new housing units dropped 5.5% to a seasonally adjusted annual rate of 1,277,000 — 19.3% lower than levels in May 2023, according to US Census data released ThursdayHousing starts dropped off in May as builders pulled back from new projects, according to new U.S. Census Bureau data released Thursday morning.Construction starts on new housing units dropped 5.5 percent between April and May to a seasonally adjusted
The University of Michigan released preliminary data on Friday unexpectedly showing a continued deterioration in U.S. consumer sentiment in the month of June.The report said the consumer sentiment index fell to 65.6 in June after tumbling to 69.1 in May. Economists had expected the index to rebound to 72.0.With the unexpected decrease, the consumer sentiment index dropped to its lowest level since hitting 61.3 in November 2023.The continued slump
Falling Property Prices, Interest Rates Improve Buying Conditions It may be slightly easier now to find attractive multifamily investment opportunities than it was at the end of last year, according to housing finance giant Freddie Mac.Freddie Mac’s Multifamily Apartment Investment Market Index rose by 8.7% in the first quarter as well as over the full year, with the annual index up 8.1%.The AIMI’s quarterly rise occurred nationwide and in al
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The latest inflation numbers show housing affordability remains a problem in the economic recovery.Mortgage rates cooled slightly once again this week, now averaging 6.95%, as they continued to dial back after last month’s surge and returned to averages typical of a year ago, Freddie Mac reports.“Mortgage rates continued to fall back this week as incoming data suggests the economy is cooling to a more sustainable level of growth,” says Sam
Amazon has refilled its multibillion-dollar Housing Equity Fund with an infusion of money that it projects will preserve and create an additional 14,000 affordable housing units.The e-commerce giant committed to adding another $1.4B to its affordable housing fund, bringing the total fund size to more than $3.6B, Amazon announced Tuesday.Amazon launched it as a $2B fund in January 2021 with the goal to preserve and create 20,000 housing units
NAR Practice Changes: Reviewed & Adopted Under practice changes that will take effect Aug. 17, real estate professionals will no longer be able to communicate offers of compensation in the MLS. However, offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with their real estate professionals. Per the requirements stipulated in the proposed Settlement Agreement, NAR has reviewe
Residential REITs own more than 1.3 million apartment units and more than 200,000 single family rental houses, as well as manufactured housing, RV parks, and marinas.The ongoing housing crunch has helped REITs maintain strong operating performance through the past few years. As more adults choose to live alone, demand for housing continues to rise even without population growth. The latest earnings report shows residential REIT FFO was down 2.3%
U.S. household wealth rose to a record of more than $160 trillion in the first three months of 2024 thanks to the stock market's record run and gains in real estate, Federal Reserve data showed on Friday.Household net worth rose 3.2%, or by $5.1 trillion, with the appreciation of equity holdings accounting for the lion's share of the gain at $3.8 trillion, the Fed said in its quarterly snapshot of the nation's private and public sector finances.T
Freddie Mac says rates could decline modestly throughout the remainder of the year.Borrowing costs are on the decline again, with mortgage rates falling slightly this week following last month’s surge, which was blamed for cooling the housing market. The 30-year fixed-rate mortgage averaged 6.99%, and further drops—although minor—could be on the way, Freddie Mac reports.“Mortgage rates retreated this week given incoming data showing
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