“The housing market is in the early stages of a substantial downshift in activity, which will trigger a steep decline in the rate of increase of home prices,” wrote Ian Shepherdson, chief economist and founder of Pantheon Macroeconomics.
The popular spring home-buying season is just ramping up. But one analyst is warning that it could be a bust.
As evidence of this expected slowdown in home sales, Shepherdson pointed to mortgage demand. The most recent data on mortgage applications from the Mortgage Bankers Association shows that the number of applications for loans used to purchase homes is down more than 8% compared to a year ago. Comparatively, demand for refinancing has dropped nearly 50% versus last year.
“That’s a huge increase, even for households sitting on savings accumulated during the pandemic—a one-time increase in savings can’t finance an increase in mortgage payments for the next 30 years—and it will push demand down a good deal further,” he wrote.
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Driver takes out porch of N.J. home in early morning crash: ‘We felt the house move’No one was injured in the crash, said Milltown Mayor Trina Mehr.
Leer más »
Across Europe, Ukrainian exiles pray for peace back homeBERLIN (AP) — Alona Fartukhova has been coming to Berlin’s Ukrainian Orthodox Christian community every day since she arrived in Germany five days ago from war-torn Kyiv. The 20-year-old refugee has been attending daily prayers for peace and helped organize donations for her compatriots back home.
Leer más »
Growing Mushrooms At Home Is Easier Than You Think With Our Newbie GuideHere's what you need to know to grow mushrooms from the comfort of your home. 🍄
Leer más »
‘All bets are off’: The inside story of how the Dodgers lured Freddie Freeman homeAn inside look at how the Dodgers signed All-Star first baseman Freddie Freeman, including an impromptu call from Mookie Betts' wedding.
Leer más »