News on the house

Here are some recent news stories related to the housing market:

1. Housing Market Trends:

• According to a recent report by Zillow, the US housing market is expected to slow down in 2023 due to rising interest rates and inflation. (Source: Zillow)
• The National Association of Realtors (NAR) reported that existing home sales in the US fell 1.5% in October, marking the third consecutive month of decline. (Source: NAR)

2. Mortgage Rates:

• The average 30-year fixed mortgage rate in the US rose to 3.75% in November, up from 3.66% in October, according to Freddie Mac. (Source: Freddie Mac)
• The Federal Reserve has raised interest rates several times this year to combat inflation, which has led to higher mortgage rates and slower housing market growth. (Source: Federal Reserve)

3. Home Prices:

• The median home price in the US rose 12.9% in October compared to the same period last year, according to the NAR. (Source: NAR)
• Home prices in some of the hottest markets, such as San Francisco and Seattle, have begun to slow down due to rising interest rates and affordability concerns. (Source: Redfin)

4. Affordability:

• A recent report by the Urban Institute found that the US housing market is becoming increasingly unaffordable, particularly for low- and moderate-income households. (Source: Urban Institute)
• The National Association of Home Builders (NAHB) reported that the US housing affordability index fell to its lowest level in over 10 years in the third quarter of 2022. (Source: NAHB)

5. Government Policies:

• The Biden administration has proposed a new housing plan aimed at increasing the supply of affordable housing and addressing the nation's housing affordability crisis. (Source: White House)
• The Federal Housing Administration (FHA) has announced new guidelines aimed at reducing the risk of mortgage defaults and improving the overall health of the housing market. (Source: FHA)

These are just a few of the latest news stories related to the housing market. If you have any specific questions or would like more information on a particular topic, feel free to ask!