The real estate market in the United States has seen a significant increase in the number of “million-dollar” cities, where the typical home value exceeds $1 million. This surge, reaching a record number of 550 cities in February, is attributed to the mortgage lock-in effect. According to Skylar Olsen, the chief economist at Zillow, homeowners
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China’s real estate sector continues to face significant challenges, as highlighted in a recent report by global investment firm KKR. The report, authored by Henry H. McVey, emphasizes the need to address the overbuilt nature of the industry quickly to stimulate overall GDP growth. With real estate and related sectors previously accounting for a substantial
Last week, mortgage rates remained relatively stable, mirroring the trend of the previous week where mortgage demand also saw no significant change. The high costs and limited supply in the housing market have left potential buyers hesitant, while existing homeowners see little reason to refinance their homes at the current high rates. Despite minor fluctuations,
The affordability crisis in the housing market in the U.S. is reaching new heights, with housing costs significantly outpacing median household incomes. According to a recent analysis by Redfin, a national real estate brokerage site, potential homebuyers now need to earn an annual income of $113,520 to afford the typical house in the U.S. This
Rent prices for both one- and two-bedroom apartments experienced a growth spurt in March, marking the first increase in six months. The monthly cost for a one-bedroom apartment in the U.S. rose to $1,487, a 0.3% uptick from February. Similarly, the price of a typical two-bedroom apartment saw a 0.5% increase to $1,847, as per
The spring housing market is usually a bustling time for the mortgage industry, but current trends are painting a different picture. Mortgage demand has remained stagnant, with application volume dropping by 0.7% compared to the previous week, according to the Mortgage Bankers Association’s latest report. Applications to refinance a home loan saw a 2% decline
Federal prosecutors have taken legal action to seize two luxury apartments in New York City, valued at $14 million, which are suspected to have been purchased with funds obtained from a corrupt scheme involving Mongolia’s prominent copper mine, a former prime minister, and his son. The lawsuit, filed in U.S. District Court in Brooklyn, outlines
In recent years, the concept of luxury vacation home co-ownership platforms has gained traction, with companies like Pacaso leading the way. These platforms offer individuals the opportunity to own a share of a high-end vacation property, allowing them to enjoy the benefits of a luxury home without the hefty price tag. While this model has
The rate at which home prices grow is slowing down in the U.S. According to a recent Redfin analysis, home prices increased by a modest 0.6% from the previous month in February, which aligns with the average monthly gain observed in the eight years prior to the Covid-19 pandemic. Daryl Fairweather, the chief economist at
China is currently facing a critical decision regarding its economic policies, as stated by the Managing Director of the International Monetary Fund, Kristalina Georgieva. She emphasized that China has two options: either revert to its previous economic strategies or opt for reforms that will stimulate growth. Georgieva suggested that by implementing a comprehensive package of