The latest developments in the U.S. mortgage market, where we'll delve into the significant one-week drop in mortgage rates, the largest since last November. We will cover the implications of the Federal Reserve's recent decision to hold interest rates steady, and how this impacts both the housing market and prospective homebuyers. We'll also explore current market challenges, including the high cost of living, increasing household debt, and the least affordable housing market since 1984. This session is crucial for understanding the dynamics of mortgage rates, the influence of Treasury yields, and the broader economic indicators shaping the housing market. Whether you're a homebuyer navigating these changes or an enthusiast keen on economic trends, this live stream will provide valuable perspectives and forecasts for what lies ahead in the mortgage landscape.

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Article from the stream:https://www.cnn.com/2023/11/09/homes/...

In a historic ruling, the federal courts have delivered a staggering $1.78 billion verdict against prevailing commission practices in the housing market. This groundbreaking decision is set to reverberate across the real estate industry, potentially reshaping how agents are compensated and challenging the status quo of home buying and selling. The verdict comes after mounting criticisms and concerns over transparency and fairness in real estate commission structures. Homebuyers, sellers, and industry professionals alike are eagerly awaiting the ripple effects of this landmark decision, as it promises to redefine the landscape of residential real estate transactions in the country.

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Goldman Sachs' recent outlook predicts no respite for potential buyers but believes the steepest drops in housing activity and prices are now behind. In 2024, high mortgage rates are expected to influence housing turnover significantly, leading to fewer homeowners moving and thereby reducing supply. While Goldman Sachs projects a minor decrease in the Case-Shiller home price index by year's end, it anticipates an overall 3.4% year-over-year increase in home prices. However, 2024 might witness a modest 1.3% rise in home prices, reflecting the tension between limited supply and the impact of high mortgage rates on affordability. The culmination of these factors could result in the lowest homebuying activity and sales figures since the early 1990s.

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Article from the stream:https://finance.yahoo.com/news/goldma...

Two big lawsuits might change how houses are sold, making it harder for services that list homes and real estate agents to make money the way they do now. These lawsuits say the current system forces sellers to pay fixed fees, even if the sale is simple, and doesn’t let them save money. If the people suing win, many online home sites like Redfin and Zillow could be affected. The outcomes might cause a huge shake-up in how homes are bought and sold. Some experts think these changes could be so big that many listing services and real estate groups might go out of business. Most folks aren’t talking about this, but it could be a big deal for the home-selling world.

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Redfin CEO Glenn Kelman believes that the housing market has reached a critical low point, and the ongoing sales slump is expected to persist for an extended period. The market's dire state can be attributed to soaring mortgage rates and elevated home prices, which have severely hampered affordability for potential buyers. . With the median sales price nearing its all-time high and mortgage rates stubbornly above 7%, Redfin characterized the situation as a "slow-building disaster." Existing home sales have significantly dropped, and the few homes entering the market are mainly due to homeowners' necessities, such as life events like marriage or job changes, rather than foreclosure risks. Kelman anticipates a prolonged sales slowdown, cautioning that improvement in affordability is contingent on mortgage rates decreasing, a scenario unlikely to unfold in the near future due to inflation concerns and the Federal Reserve's interest rate policies. Fed officials have aggressively raised interest rates in response to rising prices, pushing mortgage rates to two-decade highs. While markets estimate a 44% chance of interest rates remaining above 5% by the end of 2024, Redfin anticipates a slight easing to around 6% for the 30-year mortgage rate by the close of 2023.

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While interest rates may stabilize soon, there's no indication of rate cuts, so borrowing costs, including for buying homes, are expected to remain relatively high. The decision to pause reflects a data-driven approach, with the Fed monitoring the long-term effects of previous rate hikes. Some experts believe further rate hikes might be needed to combat inflation, while others think they may wait to assess the situation. The Fed aims to balance inflation control without causing a recession. A downturn could eventually lead to rate cuts, benefiting homebuyers but potentially affecting the housing market with increased inventory and lower prices. However, many homeowners may hold onto low-interest loans, reducing their willingness to sell or refinance.

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Article from the stream: https://www.scotsmanguide.com/news/fed-to-leave-anchor-interest-rate-untouched-in-september/

A real estate developer Sean Terry is warning that there might be a big problem in the housing market in the next year. He's calling it a "Black Swan" event, meaning it's something unexpected and really bad. He thinks this could happen because the prices of houses are very high right now, and interest rates are also going up. He believes that the government might try to make houses more affordable by raising interest rates, which could cause the prices of houses to come down. He's comparing this situation to what happened in 2008 when there was a big financial crisis. Terry thinks that something similar might happen again soon. He also points out that there is a shortage of houses, which is making it hard for people to buy homes. So, there are some worries about the housing market in the coming months.

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Article from the stream: https://www.newsweek.com/when-will-ho...

The U.S. Department of Housing and Urban Development (HUD) offers $256 million to help improve neighborhoods and homes. This money will go to places that need it, like public housing areas and nearby neighborhoods. Groups like public housing offices and local governments can ask for up to $50 million each to make their communities better. They'll use the money to fix up old buildings, help people with things like health and education, and make the area nicer. This way, they hope to create a mix of different kinds of homes and make the neighborhood a better place for everyone. This program has already made a difference in many cities, and now more places can join in. The FED Isn't Happy With The Housing Market: https://youtube.com/live/0er1aX5KJMM

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Article from the stream:https://www.hud.gov/press/press_relea...

The FED Isn't Happy! Despite 30-year fixed mortgage rates surpassing 7% and causing a dent in housing affordability, there's a contrasting trend at play. Mortgage rates are high, making it harder for people to afford homes. After prices dropped in 2022, they're going up again in 2023. Some homeowners hold onto their homes because they have lower mortgage rates. Even though more expensive loans are making fewer people want to buy homes, the fact that there aren't as many homes for sale is making up for it. But despite these worries, home prices are bouncing back in 2023 because there aren't as many homes available. Even though the time of year can affect prices, the surprising thing is that 2023's home prices are strong all year. There's a concern that the people who control money might decide to make borrowing more expensive, which could be a problem.

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Article from the stream: https://www.forbes.com/sites/simonmoore/2023/08/29/rebounding-home-prices-in-2023-arent-following-the-feds-script-heres-why/?sh=2ace7ec32ec6

In the last year, people from other countries bought fewer homes in the U.S., spending $53.3 billion, less than before. This comes from a report by the National Association of Realtors (NAR). The number of homes bought by foreign buyers went down 14.2%, the lowest since 2009. One reason is there aren't as many homes available, and borrowing money for homes got more expensive worldwide. The report talked to NAR members who helped people from other countries buy and sell homes from April 2022 to March 2023. These buyers made up 2.3% of home sales. Their home prices were higher, with Chinese buyers spending the most. Many paid in cash and liked single-family homes for vacation or renting. The NAR is a group with over 1.5 million real estate workers.

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