Homebuyers shouldn’t expect market conditions to improve too much in the second half of 2024, with mortgage rates likely to remain elevated and supplies tight. Economists expect home prices will rise by about 4%, and mortgage rates to remain at about 6.5%, in the second half. Despite strong demand...

What to Expect in the Housing Market in the Second Half of the Year

June saw new single-family home sales sink to a seven-month low, dropping by 0.6% from May to a seasonally adjusted annual pace of 617,000 units, according to the U.S. Census Bureau and the Department of Housing and Urban Development. Sales also slid on a year-to-year basis, tumbling by 7.4% from...

New home sales plunge to seven-month low in June

TheStreet

Mortgage lenders see more homes bought and sold when — and if — the Federal Reserve starts cutting rates.

Mortgage rates just had a huge drop

Orlando, FL

June is generally a peak month for home sales, but you wouldn’t know it based on the record-high rate of contract cancellations last month. According to a recent report from real estate brokerage Redfin, 56,000 purchase agreements were canceled last month, or about 15% of all pending sales transactions. This is the highest cancellation rate for June since Redfin started tracking the metric in 2017. (The all-time high percentage of voided contacts occurred in March 2020, when pandemic quarantines went into effect and homebuyers canceled 17.6% of all sales contracts.)

Homebuyers Are Backing Out of Deals at a Record Pace

Is it darkest before the dawn? If we look at the housing market right now, sales are down, new listings are down and prices are decelerating. But if we look at the data right now, things look the most bullish they’ve been all year. Good inflation data came in...

What happens to the housing market when mortgage rates finally come down?

New York City, NY

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writer

Cheryl E Preston

Yesterday was the third time this year that an ad stating Chelsea Clinton lives in a beautiful Virginia home popped up on my laptop. My computer did not warn me this was a dangerous site, so this time, I clicked on the link.

Chelsea Clinton is rumored to be living in Virginia but probably still in NYC

Virginia State

Ronkonkoma, NY

The New York Post reveals that two men who died in a plane crash at MacArthur Airport were from Virginia. The men had been visiting friends in Long Island and were returning home when the tragedy occurred.

Life partners from Virginia have been identified as the victims of a New York plane crash

U.S. house price growth is likely to moderate after being stronger than expected in the second quarter, thanks to a mix of increasing supply and affordability-constrained demand, the mortgage finance provider Fannie Mae's Economic and Strategic Research Group said Tuesday. Home price growth is likely to moderate soon and end...

Fannie Mae Economists Expect US House Price Growth To Moderate

According to the National Association of Realtors, U.S. existing-home sales fell in June 2024 as the median sales price climbed to the highest price ever recorded for the second consecutive month. All four major U.S. regions posted sales declines. Year-over-year, sales waned in the Northeast, Midwest and South but were...

U.S. Home Sales Slipped Dipped 5.4 Percent in June

Existing home sales took another big hit in June, the National Association of Realtors has reported. Sales fell 5.4% from the previous month to a seasonally adjusted annual rate of 3.89 million homes sold. Compared to a year ago, existing home sales were also down 5.4%, the latest report indicated.

Home prices hit a new high even as sales fall

Kentucky State

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Northern Kentucky Tribune

Kentucky’s medical cannabis program has taken significant steps toward ensuring those with qualifying conditions have access to medical cannabis as soon as possible, said Gov. Andy Beshear this week.

State to open licensing applications for medical cannabis businesses beginning July 1

Slowly but surely, the average mortgage rate continues to lose altitude, giving a little more hope to people who have been waiting to purchase a home. Freddie Mac reports the average 30-year fixed-rate mortgage fell to its lowest level since mid-March, dropping 12 basis points from last week, to 6.77%.

Mortgage rates fell for another week

California State

The HD Post

CALIFORNIA – Plaintiffs, in a case against Wells Fargo alleging that the bank knowingly took part in a marketing scam, asked the court, July 8, not to grant a motion for summary judgment.

Class action lawsuit says Wells Fargo customers lost over $160 Million

Illinois State

Chicago, IL

Foodie in Chicago

MOD Pizza has over 500 locations across the country with 22 restaurants in Illinois. The Washington-based chain offers fast-casual fare known for its customized, artisan-style pizzas. Customers can choose from over 40 toppings and 8 sauces to create their own masterpiece.

Bankruptcy Looms for Major Pizza Chain With Chicago Suburban Locations

Mortgage rates continue to move lower this week even as higher borrowing costs have kept activity subdued across many areas of the housing market. According to data at HousingWire’s Mortgage Rates Center, the average rate for 30-year conforming loans was at 7.01% on Tuesday, down 5 basis points from one week ago and 10 basis points lower than two weeks ago. The rate for 15-year conforming loans averaged 6.66% on Tuesday, compared to 6.79% a week ago.

Mortgage rates continue their descent

Shortly before 3 AM, people in the Chicago area may have felt their houses shake as a 3.4-magnitude earthquake occurred about 60 miles west of the city. (CHICAGO) The United States Geological Survey (USGS) reported a 3.4-magnitude earthquake around Somonauk, IL. Somonauk is in DeKalb and LaSalle Counties, 64 miles west of Chicago.

Did You Feel the Earthquake?

Pennsylvania State

Bucks County Beacon

With an assassination attempt on Donald Trump at a rally in Pennsylvania on July 13, 2024, the U.S. experienced another violent episode in its increasingly polarized politics. Former President Trump, who’s about to formally become the GOP nominee for president in the 2024 election, survived the attempted assassination when, initial reports said, a bullet grazed his ear . But one rally attendee was killed , more spectators were injured and the suspected gunman is also dead. The Conversation’s politics editor, Naomi Schalit, spoke with University of Massachusetts, Lowell, scholar Arie Perliger after the event. Perliger offered insight from his study of political violence and assassinations. Given the stark political polarization in the U.S., Perliger said, “it’s not a surprise that eventually people engage in violence.”

‘One Inch from a Potential Civil War’? Trump Shooting a Close Call for American Democracy

Fannie Mae’s Economic and Strategic Research (ESR) Group has updated its housing market forecast, downgrading new home sales expectations while upgrading existing home sales projections. The ESR Group expects home price growth to moderate in the coming months, despite stronger-than-anticipated growth in the second quarter. Annual home price growth...

Fannie Mae adjusts home sales projections

Rates on 30-year new purchase mortgages dipped Tuesday, after slightly rising the two previous days. The flagship average is now 6.77%. Though still a bit above the three-month low registered last week, the current average is a notable improvement from the 7%-plus rates we saw early in July. Rate movement for most other mortgage types was also mildly down Tuesday.

Mortgage Rates Inch Down, Keeping Well Below 7%

CALIFORNIA – Starting July 1, landlords will only be allowed to collect one month’s rent for the security deposit on a rental property. Assembly Bill 12, signed into law last October, says regardless of whether the residential property is unfurnished or furnished, only one month’s rent can be charged in addition to any rent for the first month paid on or before initial occupancy.

Law limiting security deposits goes into effect July 1

NewsBreak

US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices

LOS ANGELES (AP) — The nation’s housing slump deepened in June as sales of previously occupied homes slowed to their slowest pace since December, hampered by...

US home sales fell in June to slowest pace since December amid rising mortgage rates, home prices

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