The third quarter of every year is historically the busiest for apartment rentals, but demand fell this year, according to RealPage. It’s the first time the rental technology platform has recorded a third-quarter drop in the 30 years it’s been tracking the metric. Demand fell by more than 82,000 units nationally, according to the report.
Real Estate
A sign points toward an Open House in Alhambra, California on May 4, 2022. Frederic J. Brown | AFP | Getty Images The highest mortgage rates in more than 20 years coincided with one of the deadliest hurricanes on record in the United States, both contributing to a steep drop in mortgage demand. Total mortgage
Daniel Acker | Bloomberg | Getty Images Home prices are softening in most markets across the nation. Yet home prices are still higher compared with a year ago, and it’s unlikely they will fall too steeply. The sharp rise in mortgage rates over the past several months has made housing more expensive for anyone needing
Hurricane Ian is shaping up to be the costliest Florida hurricane since Andrew in 1992. Wind and storm surge damage in the state are estimated between $28 billion and $47 billion dollars, according to a Sept. 29 estimate from CoreLogic. With that level of destruction, property owners are advised to make any claims to insurance
According to Homebuyer.com, Iowa is the cheapest state to buy a house in right now. The Good Brigade | Digitalvision | Getty Images With mortgage rates rising, more people may be asking themselves the age old question: rent or buy? These decisions are particularly pertinent amid bubble-like housing prices, making monthly mortgage payments more difficult
A man walks through the debris on a street in the aftermath of Hurricane Ian in Punta Gorda, Florida. Ricardo Arduengo | Afp | Getty Images If you’re far from the destruction caused by Hurricane Ian in Florida, you may be thanking your lucky stars that your home wasn’t in the storm’s path. Nevertheless, you
Street in Chelsea district, London Alexander Spatari | Moment | Getty Images American homebuyers are searching for bargains in the U.K., as a weaker pound contributes to double-digit price cuts. The fall in the British currency, which is off 17.5% against the U.S. dollar year to date, has made U.K. real estate cheaper for buyers
Newly built houses in the Denham Court suburb of Sydney, Australia. Mortgage rates have fallen to below 2% in recent years, but interest rates are rising rapidly in Australia. Bloomberg | Bloomberg | Getty Images SYDNEY — In a country where real estate ownership dominates barbecue conversations and dinner parties, Australian Lili Zhang is like
Beneath all the clamor over Russia’s invasion of Ukraine and the efforts to tamp down inflation, investors are largely passing over a huge story in China, famed short-seller Jim Chanos said Wednesday. Troubles in the Chinese real estate market are a distant third to the war and rate hikes targeted at containing inflation. But Chanos,
A ‘for sale’ sign is displayed outside a single family home on September 22, 2022 in Los Angeles, California. Allison Dinner | Getty Images U.S. home prices cooled in July at the fastest rate in the history of the S&P CoreLogic Case-Shiller Index, according to a report released Tuesday. Home prices in July were still
Steve Pfost | Newsday | Getty Images Amid higher interest rates and a softening housing market, home buyers are continuing to back out of purchase contracts at an elevated rate. About 64,000 home-purchase agreements were canceled in August, according to a new report from Redfin. That’s equal to 15.2% of home contracts initiated during the
Sales of previously owned homes fell 0.4% in August from July to a seasonally adjusted annualized rate of 4.80 million units, according to the National Association of Realtors. That is the slowest sales pace since May 2020, when activity stalled very briefly due to the start of the Covid pandemic. Outside of that, it is