REA Group, a property listings company owned by media mogul Rupert Murdoch’s News Corp, has announced its intention to potentially acquire the U.K. property portal Rightmove. This move is aimed at creating a global digital real estate business, signaling a significant strategic shift for both companies in the competitive real estate market. Market Response and
Real Estate
The landscape of consumer behavior is shifting rapidly, with more Americans opting to rent rather than own various goods and services. According to a report by Intuit Credit Karma, the rental industry has seen significant growth in recent years, offering everything from power tools to designer handbags for rent. The ease of access and affordability
In recent times, the American Dream of owning a home has become increasingly unattainable for many individuals. This can be attributed to the combination of higher mortgage rates and a shortage of houses in comparison to the demand for them. The median sales price for homes has continued to rise, reaching $422,600 in July, a
Despite mortgage rates falling for the fourth consecutive week, there seems to be minimal impact on both current homeowners and potential homebuyers. The Mortgage Bankers Association reported only a slight 0.5% increase in mortgage application volume from the previous week. This lackluster response indicates that the decrease in mortgage rates may not be as enticing
The housing market in the United States continues to show strength, with home prices reaching record highs despite the recent rise in mortgage interest rates. According to the S&P CoreLogic Case-Shiller U.S. National Home Price Index, prices nationally were 5.4% higher in June compared to the same period in 2023. This represents a significant increase,
Consumers looking to purchase or sell a home may face challenges in the coming months as the National Flood Insurance Program (NFIP) is set to expire on September 30. While the Federal Reserve is poised to cut interest rates in September, the reauthorization of the NFIP is crucial for those in flood-prone areas. Homeowners insurance
Shareholder returns for top homebuilders D.R. Horton and Lennar significantly outpaced the broader S&P 500 index between August 2014 and August 2024. This strong performance reflects the resilience and attractiveness of the homebuilding sector to investors. However, recent downgrades in the investment outlook of both companies this summer have raised concerns among analysts about the
In July, closed sales of previously owned homes experienced a 1.3% increase compared to June, resulting in a seasonally adjusted, annualized rate of 3.95 million units. This marked the first rise in sales after five months of decline. Despite this improvement, sales were still 2.5% lower than the same period last year. The Northeast saw
Recent data shows that major high street lenders in the UK are cutting their borrowing costs following the Bank of England’s first interest rate cut in four years. This has led to a significant decrease in five-year fixed rate mortgages, with rates now dropping below the BOE’s key rate of 5%. For instance, buyers with
The affordable housing crisis in the United States has been a longstanding issue that has affected millions of individuals and families across the nation. Vice President Kamala Harris recently unveiled a comprehensive economic policy that focuses on tackling this crisis by making it more affordable for Americans to own and rent homes. Harris emphasized the