Markets Insider

Homes in some pandemic boom towns are as much as 30% overvalued, one real estate analyst estimates.

The housing market is close to a rare buying opportunity with prices set to drop in pandemic boom towns, analyst says

"When it comes to the housing market, the laws of supply and demand don't seem to apply any longer," the economist David Rosenberg said.

The US housing market has entered bizarro world

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

Fox Business

A new report published by Redfin shows that a growing number of buyers are backing out of deals to buy a house due to high mortgage rates and steep prices.

Homebuyers are getting cold feet

New York City, NY

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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

GOBankingRates

Housing prices have been increasing for the past decade, with median home values soaring to record highs in 2021. While the market has cooled slightly, high mortgage rates and low inventory have kept...

Will Home Prices Crash in 2026?

Lancaster County, PA

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NewsByJoshua

Fans of Frisco's Chicken were left reeling as the beloved Peruvian-style eatery announced the closure of all its locations in Lancaster County, Pennsylvania. The chain, known for its delicious food and strong community values, posted a heartfelt note on its doors, informing customers of the devastating news.

Favorite Chicken Chain Suddenly Closes All Stores, Heartfelt Message Found on Doors

Maryland State

Fairfax County, VA

Washington, DC

The Bunny Man is an ever-evolving urban legend. The story originated from two documented incidents in 1970 in Fairfax County, Virginia, where a man in a rabbit suit attacked people in different locations. In both situations, he yelled that his victims were trespassing.

The Bunny Man legend was based on real events and continues to evolve over the decades

New York Post

There may be trouble looming on the horizon for the U.S. stock market, according to BCA Research.

In a note to clients last week, BCA Research chief global strategist Peter Berezin warned that, contrary to popular belief, the economy will fall into a recession either this year or in early 2025. 

Should that happen, the S&P 500 could tumble to 3,750, which marks a 30% drop from current levels.

Stock market could drop 5% or more before end of 2024: Wall Street analyst warns

Berezin’s prediction hinges on the belief that the labor market will slow notably in coming months, which will weigh heavily on consumer spending...

US headed for a deep recession in near future as stocks could fall 30%, analyst warns

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’

Mark Spitznagel told The Wall Street Journal the government's $34 trillion debt would make the stock-market bubble's impact more extreme.

The 'greatest bubble in human history' is close to bursting, black-swan investor Mark Spitznagel says

Rite Aid is making headlines again, but unfortunately, not for the best reasons. The essential pharmacy chain is closing a staggering 400 stores, a major uptick from the 143 closures initially planned when it filed for Chapter 11 bankruptcy last October.

A large retail chain is shutting down hundreds stores after going through Chapter 11 bankruptcy

Virginia State

In Virginia, Drinking in public or offering another person alcohol in a public space is prohibited. This is a class 4 Misdemeanor punishable by a fine of up to $250.00. Under a new law that goes into effect on July 1, this will change to a degree.WDBJ7 reports that the prohibition on drinking or offering an alcoholic beverage to someone else in public will no longer apply under the following conditions.

Drinking in public will no longer be prohibited on private Campgrounds in Virginia beginning July 1

During the pandemic, cash offers dominated the housing market, but this trend is slowing down. According to real estate marketing platform Realtor.com, 64% of investors used cash to purchase a home in 2024, down from 69.7% in 2021 and at the lowest percentage since 2008. There are many reasons why this is occurring, such as the rise in home costs. However, Realtor.com suggests the main reason for the shift is the decrease in big investors with strong financial backing. From January to March 2024, 62.6% of investor purchases was by small investors with 10 or fewer homes; that’s the highest small-investor share recorded since 2001.

All-Cash Offers From Big Investors Are Declining

The housing market is turning more balanced as home sellers are forced to reduce prices amid cooling competition, Zillow says.

The US housing is turning more buyer-friendly as sellers step up price cuts

California State

In a concerning trend for California, numerous large companies are gearing up for significant layoffs, affecting thousands of workers across various industries. According to the WARN Tracker, California has seen a staggering 37,086 WARN layoffs this year alone, impacting 713 businesses statewide.

Concerns Rise as Massive Layoffs Hit California

Potential buyers fed up with high prices sat out of the housing market in June, but the tide could soon be turning in their favor. Existing home sales were down 5.4% from both the prior month and the same time last year, according to data from the National Association of Realtors (NAR) released Tuesday. Sales were lower than economists expected as prices hit record highs for the second month.

Is the Housing Market Shifting in Favor of Buyers?

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

Foreign homebuyers are purchasing fewer properties in the U.S. because of high home prices and mortgage rates. Photo illustration by Fortune; original photo by Getty Images. The U.S. housing market just keeps getting more unaffordable—and more difficult to break into. Home prices continue to rise along with elevated mortgage rates, a deadly combination for many hopeful homebuyers. And international buyers have caught on.

U.S. real estate is so expensive it’s even keeping out wealthy foreign homebuyers

Florida State

Mr Mortgage Radio - Mortgage & Housing News

The 2008 housing market crash, a precursor to the Great Recession, was driven by a cascade of distressed sales and foreclosures. This financial turmoil was primarily triggered by the sudden increase in mortgage payments for many homeowners, particularly those with interest-only loans or adjustable-rate mortgages. As the initial low-interest rates adjusted upwards, borrowers faced significantly higher monthly payments, often beyond their financial capacity.

The Anatomy of a Housing Crash: Why 2024's Housing Market is Holding Steady

NewsBreak

Defining a buyer's market ‘is always a bit tricky,' real estate expert says: 4 signs to monitor

It's too soon to call the housing market an affordable one as prices and borrowing costs are still high. Yet some signs are pointing toward a...

Defining a buyer's market ‘is always a bit tricky,' real estate expert says: 4 signs to monitor

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