“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
American consumers are feeling less confident in December, a business research group says.The Conference Board said Monday that its consumer confidence index fell back in December to 104.7 from 112.8 in November. Analysts forecast a rise to a reading of 113.8. Consumers had been feeling increasingly confident in recent months, spending more in the run-up to the all-important holiday shopping season.The consumer confidence index measures both Amer
The average rate on a 30-year mortgage in the U.S. rose this week to its highest level since late November, reflecting a recent uptick in the bond yields that lenders use as a guide to price home loans.The rate rose to 6.72% from 6.6% last week, mortgage buyer Freddie Mac said Thursday. The rate is now higher than it was a year ago, when it averaged 6.67%.Borrowing costs on 15-year fixed-rate mortgages, popular with homeowners seeking to refinanc
The Federal Reserve cut its key interest rate Wednesday by a quarter-point — its third cut this year — but also signaled that it expects to reduce rates more slowly next year than it previously envisioned, mostly because of still-elevated inflation.The Fed’s 19 policymakers projected that they will cut their benchmark rate by a quarter-point just twice in 2025, down from their estimate in September of four rate cuts. Their new projections
The industry has long postponed recognition of falling property values. The bill is coming due. Plus: a Seussian glossary.In the dark days of 2022, when rising interest rates turned commercial real estate into a credit desert, the industry’s perpetual optimists found a rallying cry. Just survive until ’25, they told themselves. By then, inflation would be whipped, money would be cheaper, and demand would again tilt in their favor. But the wi
New safety guidelines for condominiums in Florida are causing significant disruptions in the real estate market.These changes, implemented in response to the 2021 Surfside condominium collapse that claimed 98 lives, have led to steep assessments for some communities and an increase in the number of condos listed for sale as owners seek to avoid costly maintenance fees.In 2022, Florida lawmakers unanimously passed legislation aimed at enhancing sa
A recent Nareit commentary examined occupancy rate momentum across the four traditional property types and found that property fundamentals have generally been soft or softening across these sectors. Rent growth rates also highlight property market fundamentals. A review of these metrics and their respective momentum measures reveals similar outcomes to the occupancy rate analysis: year-over-year rent growth rates have broadly been modest or mo
Buying a home is one of the largest personal and financial decisions you can make. For many buyers, the process includes finding a loan that will help you pay for your new home over time. An iPro agent can help you learn about your options. Here’s what else you need to know:What is a mortgage, and how do I get one? A mortgage is a loan offered by a bank or lender that lets you borrow money to purchase a home and repay over time with inte
Once you sign a purchase agreement on your new home, there are still several steps to complete before you can finalize—or “close”—the transaction. While the process differs in each state, here are the basics of what you can expect during the period between signing and closing:What happens after I sign a purchase agreement? Once you have signed a purchase agreement, you will enter “escrow,” an arrangement that protects both buyer
Employers added 227,000 workers to their payrolls in November, but with 7.1 million Americans out of work, the unemployment rate is back up to 4.2%, the Bureau of Labor Statistics reportsA rebound in job growth in November after disruption caused by October strikes and hurricanes was not enough to keep unemployment from rising, bolstering the case for a Dec. 18 Fed rate cut and more easing next year.Employers added 227,000 workers to their payrol
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