Another weekly jump in borrowing costs appears to be making prospective home buyers jittery.Home sales have been on the rise, but the recent uptick in mortgage rates could threaten that trend. The 30-year fixed-rate mortgage rose to a 6.93% average this week as mortgage applications—a gauge of future home buying—dropped to their slowest weekly pace in nearly a year.“In the first full week of the new year, the 30-year fixed-rate mortgag
Federal Reserve Bank of Kansas City President Jeff Schmid said he favors slowing the pace of interest-rate cuts, though only after a persistent change in incoming economic data.“I am in favor of adjusting policy gradually going forward and only in response to a sustained change in the tone of the data,” Schmid said Thursday in prepared remarks for an event in Kansas City. “The strength of the economy allows us to be patient.”Schmid also e
The deadly wildfires come amid an ongoing insurance crisis in the state. For some residents, rebuilding will be a challenge.Deadly wildfires continue to engulf the Los Angeles area—already called the city’s most destructive series of fires ever and likely the costliest. Neighborhoods have been turned to ash, with an estimated 2,000 homes and businesses reportedly destroyed since the fires first broke out on Tuesday. Officials warned on Thursd
AI-powered smart homes and new waves of technology-packed cars will be among the big draws for attendees at the CES tech show in Las Vegas.The annual convention, which is expected to draw more than 100,000 visitors over four days starting on Tuesday, will see thousands of firms showcasing their latest devices.The biggest themes will include new technology to make homes smarter, with hundreds of firms bringing out products and services to make res
Ken Jenkins, who on Jan. 6 took over as Westchester County Executive pending a special election Feb. 11 to fill the unexpired term of George Latimer, on Jan. 7 signed into law the first piece of legislation during his tenure. The Land Acquisition Act had been passed by the Board of Legislators and authorizes $10 million in county funding to fund the purchase of property in downtown White Plains that will be used by WBP Development LLC to create 1
National year-over-year asking rent growth eased to 1.0% in December 2024 compared to 1.1% at the end of September 2024, Apartments.com said Monday. Since mid-2023, Y-O-Y apartment rent growth has hovered around 1% after its rapid deceleration in 2021 and 2022.The national rent per unit closed the year at $1,729, compared to $1,712 recorded at the end of 2023. Quarter-over-quarter rents fell by 0.4%, the second consecutive quarter of falling rent
“No American should face homelessness,” reads the U.S. Department of Housing and Urban Development’s news release accompanying the January 2024 Point-In-Time Count Report.Yes, the data is a year old, but each year’s snapshot gives us a better understanding of how many in our communities are facing just that.During the look at the number of individuals in shelters, temporary housing and unsheltered settings, researchers found more than 77
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Real estate professionals are drafting more purchase contracts as pending home sales surge to a 21-month high. Read more from NAR’s latest housing report.After home sales hit a 15-month low in summer, the housing market has been shifting toward the rosy real estate outlook economists are predicting for 2025.In the latest sign of improvement, pending home sales—a gauge of future home sales based on contract signings—rose 2.2% month over m
