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A shock is headed for the housing market

[Fortune, Getty Images] The Biden-Harris administration has made it clear it has no plans for another extension of the mortgage forbearance program, which is set to lapse on Sept. 30. At the height of the pandemic, more than 7.2 million homeowners were in the mortgage forbearance program, which allows some borrowers to pause their payments. […]

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Home prices rise at record pace for third straight month — with 6 cities leading the hot housing market

[MarketWatch] Home prices are rising in every state across the U.S. The numbers: Home prices continued to grow at a record pace in June, according to a leading barometer. The latest edition of the S&P CoreLogic Case-Shiller Home Price Index showed that home prices increased 18.6% from a year ago in June, marking the third consecutive […]

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Nearly half of Americans selling their homes don’t plan to buy another: Here’s what they’re doing instead

[Acorns, Twenty/20] It is not surprising sellers are opting to rent, due to the all-time high housing prices. The housing market is red-hot and showing few signs of slowing down. Home prices were at a median $386,888 in June, according to Redfin, up 24% since last June. And demand is high: The average house lasted just 14 days […]

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The wealthy and Wall Street ruined the housing market for everyone else. Millennials aren’t helping, either.

[Business Insider, Getty] Rich Americans, millennials, and Wall Street are keeping US home prices permanently higher.Demand is strong as the wealthy and investors scoop up homes at historically high prices.A wave of millennial demand can boost prices even higher, and builders aren’t rushing to step in.The housing market is stuck between a rock and a […]

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The U.S. Averted One Housing Crisis, but Another Is in the Wings

[The New York Times] A moratorium on evictions did little to address the bigger problem: The country is running out of affordable places for people to live. The United States averted the most dire predictions about what the pandemic would do to the housing market. An eviction wave never materialized. The share of people behind […]

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Black Homeowners Pay $13,464 More on Their Mortgages, Study Says

[Bloomberg] The ‘Black tax’ persists because of risk-based loan pricingPolicy makers can reverse the negative impact, co-author saysBlack borrowers pay $13,464 more over the life of a home loan, with interest, mortgage-insurance and tax expenses higher than for their White counterparts, further hurting African Americans’ ability to save for retirement, according to a new study. The […]

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Mortgage rates hit 10th record low of 2020, further fueling the US housing market’s boom

The average US 30-year fixed mortgage rate fell to 2.81% from 2.87%, its lowest in Freddie Mac data going back nearly 50 years.The reading also marks the 10th record low this year, reflecting the tumbling borrowing costs that fueled the housing market’s rebound.Sales of new and existing homes have thrived through the pandemic, but steadily rising prices […]

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Homeowners seem unaware of near-record mortgage rates, looming fee

[MSN] Homeowners overlook low rates, looming fee Applications for refinance mortgages are down for a third straight week, a lenders group says, and that suggests homeowners haven’t woken up yet to a couple of urgent reasons to refi. First of all, mortgage rates are spiraling downward again and are back in the neighborhood of their […]

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