Home prices rose 8.6% in November, according to new CoreLogic data, the smallest gain in two years as high mortgage rates exclude prospective homebuyers.
Real Talk Capital CEO Ron Luna and Capitalist Pig hedge fund manager Jonathan Hoenig discuss what's propelling the stock market sell-off on the first trading day of 2023 on 'Cavuto: Coast to Coast.'continued to sap demand from the housing market.
Prices in November increased 8.6% from the year-ago period, the smallest gain in two years, according to new data published on Tuesday by CoreLogic. Prices are now about 2.5% below their spring 2022 peak and are expected to continue falling this year, eventually tumbling into negative territory before rebounding to around 2% or 3% in the spring.
hovered around 6.42% last week, according to the latest data from mortgage lender Freddie Mac. While that is down from a peak of 7% in September, it's still more than double just one year ago, when rates stood at 3.10%.Combined with high home prices, the rapid rise in borrowing costs has pushed many entry-level homebuyers out of the market.
A separate report released last month by the National Association of Realtors showed that U.S. existing home sales slowed for the 10th straight month in November, tumbling 7.7% from the prior month to an annual rate of 4.09 million units. On an annual basis, home sales plunged 35.4% in November.
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