A report from DS News. "'Homebuilders started scores of projects during the pandemic moving frenzy and are now stuck with a bunch of new houses that are hard to sell because mortgage rates have risen to 7%,' said Faith Floyd,…
A report from the Washington Post. "When Larry Frum listed his townhouse in Laurel, Md., this past August, his real estate agent assured him it would sell in three or four days. But that’s not what happened. 'Three to four…
A report from KTNV in Nevada. "Cynthia Dillion is a New Homes Sales Agent for Harmony Homes and she says she's lucky if she hosts two tours a day to interested buyers. She says at a new development in West…
A report from the Review Journal. "LVR reported the median price of existing single-family homes sold in Southern Nevada through its Multiple Listing Service during June was $480,000. That was down from the all-time record price of $482,000 in May,…
A report from the Everette Daily Herald in Washington. "Active listings in Snohomish County more than doubled in May to 1,182, up from 500 a year ago. Sam Mansour, a broker with John L. Scott Lynnwood, said more sellers put…
A report from Banking Dive. "Wells Fargo has begun laying off an undisclosed number of its home lending employees, little more than a week after reporting mortgage origination volume had dropped 33% year over year, the bank confirmed Friday. Anonymous…
A report from CNBC. "There's a 'big risk' of real estate companies filing for insolvency when interest rates rise, said Nils Kuhlwein of consulting firm Kearney. The real estate sector had the highest absolute number of 'zombie' companies and the…
It's Friday desk clearing time for this blogger. "'We’ve been seeing outflow from Manhattan into Connecticut, and it has been crazy,' said Cliff Smith, managing partner with The Agency in New Canaan, Connecticut. 'Frankly, everyone is overpaying now, but it’s…
A report from the Wall Street Journal. "The central bank’s decision to buy a nearly unlimited supply of government-backed mortgages has helped calm skittish markets and ensure that 30-year home loans remain available. But the market for loans in which…
A report from Bloomberg. "Tom Barrack, who a week ago warned that commercial real estate financing was on the brink of collapse because of the coronavirus pandemic, is now calling for a moratorium on margin calls and intervention by the…