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Pending Home Sales in Steep Decline
/in National /by Tracy WillisPending home sales are often considered as a leading indicator of existing-home purchases. For the sixth month, U.S. pending home sales fell in November to the second-lowest on record. Higher borrowing costs and economic uncertainties continue to exclude many potential buyers out of the market. The National Association of Realtors index of contract signings to purchase previously owned homes took a hit. The index decreased to 73.9, exceeding estimates in a Bloomberg survey of economists. The doubling of borrowing costs, from the start of 2022 to present, has caused home sales and prices to decline. A University of Michigan survey indicates that current home-buying conditions are worse than the early 1980s.
Builders Reuse, Recycle and Repurpose
/in Grand Rapids, National /by Tracy WillisBazzani Building Company completed the 730 Leonard Project last year in Grand Rapids. The project is a prime example of adaptive reuse. Renovating existing buildings into new housing is a growing trend. Over the last two years in the U.S., adaptive reuse apartments increased by 25%. Empty office buildings, dilapidated factories, vacant healthcare buildings and old churches have been revamped and repurposed in a sort of nationwide recycling project. In 2020 and 2021, recycling old buildings added 28,000 rentals onto the market. RentCafe predicts that over 77,000 apartments are currently being reprocessed. The building recycling trend is outpacing new construction.
Mortgage Rates Surge Upward As Q3 Earnings Post
/in National, SE Michigan /by Tracy WillisRising interest rates are having a big effect in Southeast Michigan. According to Freddie Mac, the 30-year fixed mortgage rate is higher than 7%. This surge hasn’t been seen since April 2002. The U.S. Federal Reserve is hiking rates in order to control inflation. Detroit-based Rocket Mortgage parent company Rocket Companies Inc. will soon be reporting its third-quarter earnings on Nov. 3, providing a better picture of how mortgage companies will fare in the future months. Ann Arbor-based Home Point will report its earnings on Nov. 10. Pontiac’s UWM has not released the date of its third-quarter report.