Would-be renovators are finding themselves wedged between a rock and several hard places.
Recession 2020
It’s official — the 2020 recession is over. So why isn’t the economy back to normal? firsttuesday sketches out the shape of the housing market beyond the pandemic.
Trending article:
The 2020 recession was the shortest ever — but its effects continue in the housing market
Latest posts
Today’s homeowners are stuck on yesterday’s rates
Sticky homeowners are unwilling to relieve the inventory shortage in 2023.
The news media has the wrong take on mortgage rates
Media pundits in their coverage of today’s high mortgage interest rates ignore the 60-year cycle of rising and falling mortgage rates and the seller’s pricing response to rising and falling rates.
Community bankers agree: the recession is here
An overwhelming 95% of community bankers say the economy is already in a recession as of Q2 2023.
Price cuts moderate during spring bump, with more to come
Any seller confidence gained during spring’s meager seasonal boost is premature.
Independent no more, brokers seek brokerage employment
2023 is seeing fewer independent brokers and more broker associates.
California home sales volume: June 2023 sees an end to seasonal bump
Year-to-date, sales volume is a fee-crushing 31% below 2022 as of June 2023.
Risk management practices by the sellers agent in a declining market
In times of softening home prices, the sellers agent will need to be even more sure to provide the buyer with property reports and disclosures.
Mortgage payments jump — and misguided buyers feel driven to overpay
Today’s homebuyers remain undeterred by rising interest rates, still-high home prices and slowing sales.
Press Release: Despite steady gains, Q2 2023 Buyer Purchasing Power Index still negative
The typical mortgaged homebuyer is able to borrow 11% less purchase-assist mortgage money than a year ago due to higher interest rates alone.
California home sales volume: A weak seasonal bump for May 2023
California home sales volume in May 2023 was up 22% from the prior month – but down 22% from a year earlier.
Home equity declines since June 2022
California homeowners lost an average of $60,000 in equity over the past year.
Ready to get ahead of the recession?
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