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Housing market

Mortgage rates are declining, but buyers still need some coaxing to get back into the market. Signs in the market have analysts suggesting the worst of the current mortgage cycle may be behind us in 2024.

Billionaire Tom Steyer Strikes New Jersey Real Estate Deal

(Bloomberg) -- The real estate division of Tom Steyer’s Galvanize Climate Solutions LLC has made its third acquisition in just over six months, purchasing a New Jersey property as it builds a portfolio of assets targeted for decarbonization.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyNYC's Underground Steam System May Be Key to a Greener FutureTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Pol

Bloomberg 5 hours ago

Rental home investors poised to benefit as mortgage rates, high home prices sideline buyers in 2025

Rental homes will remain an attractive option next year to would-be homebuyers sidelined by high mortgage rates and rising home prices, analysts say. American Homes 4 Rent and Invitation Homes are two big real estate investment trusts poised to benefit from the trend, say analysts at Mizuho Securities USA and Raymond James & Associates. It starts with mortgage rates.

NYC Mayor Nears Deal With Lawmakers for Historic Housing Push

(Bloomberg) -- New York Mayor Eric Adams and the City Council are nearing a deal on a landmark rezoning plan that would spur construction of tens of thousands of new homes amid the worst housing shortage in five decades, according to people with knowledge of the talks.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingParis to Replace Parking Spaces With TreesNYC Mayor Adams Names Jessica Tisch to

US 30-year fixed-rate mortgage approaches 7%

U.S. mortgage rates increased to a four-month high this week, which together with higher home prices could sideline potential buyers from the housing market in the near term. The average rate on the popular 30-year fixed-rate mortgage increased to 6.84%, the highest level since July, from 6.785% last week, mortgage finance agency Freddie Mac said on Thursday. It averaged 7.29% during the same period a year ago.

Average rate on a 30-year mortgage in the US rises to highest level since July

The rate rose to 6.84% from 6.78% last week, mortgage buyer Freddie Mac said Thursday. A year ago, it averaged 6.67%, Freddie Mac said. When mortgage rates increase they can add hundreds of dollars a month in costs for borrowers, reducing homebuyers’ purchasing power at a time when home prices remain near all-time highs, even though U.S. home sales are on track for their worst year since 1995.

Mortgage rates resume climb toward 7%

Mortgage rates ticked up last week, nearing 7% as the housing market enters its seasonal slowdown.

US Existing-Home Sales Rose in October After Mortgage-Rate Drop

(Bloomberg) -- Sales of previously owned US homes rose in October by the most since earlier this year, as buyers took advantage of a dip in mortgage rates in the previous month.Most Read from BloombergTrump Promises Could Have Seismic Impact on Washington EconomyParis to Replace Parking Spaces With TreesTokyo’s Scorching Summers Focus Public Anger Against Tree CuttingNYC Mayor Adams Names Jessica Tisch to Lead Police Head Amid ProbesNew York’s Transit Agency Approves $9 Congestion TollContract c

Owning a home has rarely been this much more expensive than renting

The premium for homeownership has grown in recent years as home insurance, upkeep, and high mortgage rates skew the buying vs. renting math.

Fintech New Silver Inks Deal With Fortress for Real Estate Loans

(Bloomberg) -- Fortress Investment Group LLC has clinched a deal to buy real estate loans originated by financial technology platform New Silver, according to a statement seen by Bloomberg, as private credit firms grow their footprint in asset based debt.Most Read from BloombergParis to Replace Parking Spaces With TreesTrump Promises Could Have Seismic Impact on Washington EconomyNew York’s Transit Agency Approves $9 Congestion TollTokyo’s Scorching Summers Focus Public Anger Against Tree Cuttin

US Housing Starts Slide 3.1% as Hurricanes Impact South Region

(Bloomberg) -- US housing starts declined in October to the slowest pace in three months as hurricanes exacerbated an easing in construction activity more generally.Most Read from BloombergParis to Replace Parking Spaces With TreesNew York’s Transit Agency Approves $9 Congestion TollIn Cleveland, a Forgotten Streetcar Bridge Gets a Long-Awaited LiftTrump Promises Could Have Seismic Impact on Washington EconomyA Bug’s Eye View of Mexico City’s Modernist ArchitectureHousing starts decreased 3.1% l

US single-family housing starts slump; high mortgage rates remain a challenge

WASHINGTON (Reuters) -U.S. single-family homebuilding tumbled in October likely as Hurricanes Helene and Milton depressed activity in the South while permits rose slightly, indicating that an anticipated rebound probably would be muted by higher mortgage rates. The report from the Commerce Department on Tuesday suggested that residential investment, which includes homebuilding, remained subdued at the start of the fourth quarter after contracting in the last two quarters. The housing market has been battered by higher borrowing costs as the Federal Reserve tightened monetary policy to combat inflation.