Veros Real Estate Solutions is a top choice for real estate data and technology.
Mortgage interest rates have been more or less declining over the past four decades from a peak of 18.3% in October 1981 to a bottom of 2.7% in July 2021. This was mostly driven by a Federal Funds Effective Rate that dropped from 15.1% to 0.09% over the same timeframe.
The AI industry is flourishing, resulting in an expected real estate demand increase. However, Housing prices in San Francisco are still unaffordable. It remains unclear whether the housing market will improve in a big way, despite VeroFORECAST predicting a 3.6% drop in housing prices over the next 12 months in the city.
Curious where the Spring 2023 housing market is headed?
Listen to the latest episode of the National Mortgage Professionals podcast titled “What to Expect from the Spring Buying Season,” where Eric Fox, Veros’ Chief Economist, discusses the recent dramatic market volatility and how it may stabilize.
The housing market situation is fundamentally different from that during the great recession of 2008. One of the key reasons why house prices have not declined significantly is because of the very low inventory of homes available for sale. There were fewer than one million existing homes available for sale in January 2023 compared to over 3 million in any month during 2007-2008.
The housing market situation is fundamentally different from that during the great recession of 2008. One of the key reasons why house prices have not declined significantly is because of the very low inventory of homes available for sale. There were fewer than one million existing homes available for sale in January 2023 compared to over 3 million in any month during 2007-2008.
High home prices coupled with high interest rates made purchasing a house increasingly unaffordable. As a result, demand for home purchases fell. Pending sales across the United States decreased by over 40% from mid-June to the end of 2022.
In this short article, we look at three different consumer mortgage metrics when comparing the economic conditions today to the Great Recession over a decade ago.
So, we asked ChatGPT: Which metros witnessed the most iBuyers purchases in 2022? Here’s ChatGPT’s surprising response…
Housing market forecasts for 2023 have varied predictions, with some expecting gains of around 5% to others expecting a deterioration of over 5%. What is clear is that the era of low mortgage rates, buying frenzy, and double-digit price growths is over.
It was one of the fastest growing markets in 2021 and is now expected to be one of the worst performers in 2023.
Home prices in Boise, Idaho rose rapidly after the pandemic hit, climbing 38.6% y-o-y from Q2 2020 to Q2 2021.
