Topline Prospective home buyers are once again starting to shy away from buying a house as stubbornly high inflation readings push mortgage rates to the highest level since November—spurring a renewed slump in home-buying demand as experts caution the housing market’s recovery will be highly contingent on how quickly the economy can tame rising prices.
Real Estate
Topline The number of homes scooped up by investors fell at a record pace last quarter amid higher mortgage rates and forecasts calling for substantial declines in home prices—further clouding the outlook for real estate investing but a positive development for potential home buyers looking to reap the benefits of falling housing prices. Key Facts
Roughly one-third (31.2%) of home purchases were paid for with all cash in December, according to a new report from Redfin, a technology-powered real estate brokerage. That’s up from 28.8% a year earlier but down from the eight-year high of 31.9% hit in November. The share of homes bought with cash remains elevated above pre-pandemic
A ‘for sale’ sign hangs in front of a home on June 21, 2022 in Miami, Florida. Joe Raedle | Getty Images After falling for five straight weeks, mortgage rates jumped last week, triggering a decline in mortgage demand. Total mortgage application volume fell 7.7% last week, compared with the previous week, according to the