Real Estate

“Following the recent mortgage rate surge above 7%, real estate activity and consumer sentiment regarding the housing market took a nosedive,” said Selma Hepp, Interim Lead of the Office of the Chief Economist at CoreLogic.

Two studies claim artificial intelligence and machine learning are a step in the right direction but not the absolute answer to cutting costs in home construction.

Are rising mortgage rates still holding back prospective buyers? Click through to find out more on the latest in the buyer’s market.

A majority of Americans fear rising mortgage rates and a lack of affordable housing could spark a market crash that could equal the 2008 downturn.

“There have been a handful of pieces of relatively good news for the housing market lately, but we’re far from out of the woods,” said Taylor Marr, Redfin’s Deputy Chief Economist.

A recent House Financial Services Committee hearing featured testimony from a number of housing experts who weighed in on the topic housing supply shortfalls and offered possible solutions.

"Affordability is going to be the biggest factor in housing for 2023, but there's room for optimism on that front if mortgage rates recede," said Zillow Chief Economist Skylar Olsen.

“House prices were flat for the third quarter but continued to remain above levels from a year ago,” said William Doerner, Ph.D., Supervisory Economist in FHFA’s Division of Research and Statistics.

Riding the hopes that the Federal Reserve will slow its pace of rate hikes, Freddie Mac reported that the 30-year, fixed-rate mortgage fell yet again, as house prices soften with 2022 coming to a close.

“It is the sacred duty of community leaders, policy makers, and financial industry specialists to lift communities so that all children can thrive and grow up with opportunities for good health, wealth, and happiness in their lives,” said NAREB President Lydia Pope.