Our monthly real estate market report includes information about housing prices, inventory, mortgage rates, home sales and market predictions. We summarize news headlines and share important market updates.
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Here are some quotes from this month’s report:
- Over the past five recessions, mortgage rates have fallen an average of 1.8 percentage points from the peak seen during the recession to the trough. And in many cases, they continued to fall after the fact as it takes some time to turn things around even when the recession is technically over.
- Foreclosure activity across the United States continued its slow, steady climb back to pre-pandemic levels in the first half of 2022. . . . While overall foreclosure activity is still running significantly below historic averages, the dramatic increase in foreclosure starts suggests that we may be back to normal levels by sometime in early 2023.
- There could be “a potential silver lining” for the market, he added, as stabilizing mortgage rates and rising inventory “may bring some buyers back to the market during the second half of the year.”
- I don’t think national housing prices will decline in a meaningful way, . . . but there will be some price declines across the country