Columbus, OH

24/7 Wall St.

Home prices are at an all-time high in the United States. After rising year-over-year for 11 consecutive months, the median sale price of existing homes hit a record-breaking $419,300 in May 2024, according to a new report from the National Association of Realtors. High prices are largely attributable to a lack of inventory, as high […]
The post Cities Where Home Prices Are Actually Falling appeared first on 24/7 Wall St..

Cities Where Home Prices Are Actually Falling

Mortgage rates fell this week to their lowest level since early April, taking some pressure off America’s unaffordable housing market.

Mortgage rates fall to their lowest level in almost three months

GOBankingRates

The housing market remains difficult for many Americans, both the buyers and the sellers. Inflation soaring rates, low inventory and home prices that continue to rise all are making the dream of...

3 Housing Markets That Will Rise in Value Before the End of 2024

ARMs can offer temporary relief for homebuyers who want to avoid paying higher mortgage rates — however, they also come with risk.

Thousands of homeowners are about to get slammed with higher monthly payments

Fox Business

Expensive mortgages are the "No. 1 killer of the marketplace right now," says National Association of Home Builders CEO Jim Tobin, who signals home builders, buyers and sellers are "pulling back."

Homebuilder warns real estate market is becoming victim to its 'No. 1 killer'

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NewSantaAna

The FBI has seen a rise in scams targeting timeshare owners. In this kind of scam, criminals con these part-time property owners into shelling out hefty sums of cash, all under false pretenses related to their timeshare properties.

FBI warns that Mexican cartels are targeting Americans with timeshare scams

Unexpectedly high inflation readings during the first three months of this year threw a wrench into the Federal Reserve’s plans to ease monetary policy. The data from April and May have been much more favorable. They have provided reassurance that inflation is indeed on a downward trajectory. This means that the Federal Reserve Open Market Committee (FOMC) will be in a position when it meets later in July to signal that it will soon start to ease policy.

Economics Watch: The Fed Gets the Inflation News It Has Been Waiting For

At least 10 fire engines are tackling the blaze that has spread to a single story warehouse.

Residents told to shut windows as huge fire rages

Pending home sales in May slid 2.1%, according to the National Association of Realtors (NAR). The Midwest and South posted monthly losses in transactions, while the Northeast and West noted increases. Compared with one year ago, pending home sales declined in all U.S. regions. The Pending Home Sales Index (PHSI)—a...

Pending Home Sales Slip 2.1% in May

Fortune

Warren Rotax, 67, stacks a freshly milled board of tongue and groove pine June 19, 2024 at Clifford Lumber in Hinesburg, Vermont. Clifford Lumber was established in 1929 by Harold Clifford and is now run by his grandson, Lynn Gardner, and his son, Peter Gardner. (Photo by Robert Nickelsberg/Getty Images)

Lumber prices are plunging. Blame the record drop in U.S. housing affordability and a post-pandemic double bubble ‘hangover’

Construction spending was lower than in the previous month for the first time in a year and a half. The Federal Reserve has pushed its key interest rate up to a 23-year high and has kept it there for the past 12 months. High interest rates designed to slow spending...

The Fed's High Interest Rates Are Hampering Construction

Markets Insider

Real estate is teetering at the edge of a correction as conditions weaken amid higher interest rates and souring investor sentiment, Chris Vermeulen said.

The US real-estate market is headed for a correction, strategist says

Birmingham Hospice is looking to cut staff and inpatient beds due to rising costs.

Hospice cuts will be 'agonising for families'

Newark, NJ

Morristown Minute

NEWARK, N.J. – Eight individuals associated with the "793 Bloods" street gang, a subset of the national Bloods gang, have been charged for their roles in a Newark-based drug trafficking organization, U.S. Attorney Philip R. Sellinger announced.

Eight '793 Bloods' Gang Members Charged in Newark Drug Network

A police dog that went missing near Loch Ness on Sunday morning has been found safe and well. Police Scotland said Fergie was being walked off-lead in a remote area west of Drumnadrochit when she ran off after a deer. Police said the German Shepherd was "kind and friendly", but...

Police dog found after going missing while chasing deer

Lumber prices are down 24% from their mid-March peak amid subdued home-building activity. US housing starts and new building permits are on the decline this year, each falling 4% and 6% in May. The combination of oversupply and falling demand for lumber are driving prices down, say industry experts. Lumber...

Lumber prices have plunged 24% as this year's home builder season fails to meet expectations

Figures show this is up from 4% of admissions in 2019.

Quarter of mental health cases linked to cannabis

Daily Mail

Home prices are falling in four former hotspots, as near-record housing costs push homebuyers away.

Home prices are falling in these 4 former boomtowns - it's a bad omen for the rest of America

The Associated Press

WASHINGTON (AP) — Inflation in the United States is slowing again after higher readings earlier this year, Federal Reserve Chair Jerome Powell said Tuesday, while adding that more such evidence would be needed before the Fed would cut interest rates. After some persistently high inflation reports at the start...

Fed Chair Jerome Powell: US inflation is cooling again, though it isn’t yet time to cut rates

Home prices have increased by more than 10% when adjusted for inflation. It's no secret that home prices have soared during the past few years, so much so that, according to the April 2024 Case-Shiller house price index released on June 25, the seasonally adjusted National Index (SA) was reported as being 73% above the housing-bubble peak we saw in 2006. However, insight from the Calculated Risk blog points out the importance of looking at house prices in "real terms," that is, their relative price over time. Do that, and you'll find that home prices, adjusted for inflation, are just over 10% above 2006 prices. This means, adjusted for inflation, home prices are 2.3% below the recent peak in 2022.

High mortgage rates pricing out buyers, says Nationwide

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