After five months of upswing, sales of existing homes were lower in November.
They lowered 2.5% month-to-month to a seasonally adjusted yearly rate; 6.69 million units. Sales were 25.8% higher YoY.
We watched the pandemic throw the world into chaos during 2020, which resulted in us vowing lay the word “unprecedented” to rest forever. Beyond that, we’re seeing changes go across the world like tides, and the real estate industry was another shell in the tow.
Black “Scarlett Johansson” Widow is selling her Upper East Side pied-a-terre; suit sold separately. You have the choice of renting the Manhattan condo for $6.5k, or buying it for $2.3M.
The Federal Housing Administration has announced that Fannie Mae and Freddie Mac are extending the moratoriums on single-family foreclosures and real estate owned evictions until at least Jan. 31, 2021.
Freddie Mac the record low of 2.72%, which is 0.96% better than last years benchmark of 3.68%. 15yr fixed-rate loans were at 2.28%, coming in almost a whole point better than last year.
Potential secondary homeowners are preparing for soaring infection rates.
We see, of first-time homebuyers in 2019, 32% depended on inner circle for loans or gifts, according to the 2019 Profile of Home Buyers and Sellers, an annual report from the National Association of Realtors.
Single-families, condos, co-ops, and townhomes had a median price of $274,500, which reflects a +7.8% YOY. The median price for single-family sales was $276,900, while condos pulled $255,400.
The U.S. long-term mortgage rates increased over the week ending Nov, 12.
Foreclosures increased 20 percent during the month of October when compared to September.
Although the new administration has a lot on their hands, housing has already been pinpointed as a top priority for the president elect. The campaign’s housing proposal identified the lack of housing supply as the main factor behind the affordability crisis.
According to Realtor, the housing boom is not slowing down yet.