According to the National Association of Realtors, existing-home sales in the U.S. experienced another dip in August 2022, marking the seventh consecutive month of declines.
National broker Redfin reports that as U.S. mortgage rates reach 6 percent, seasonally-adjusted new listings of homes for sale have fallen 8% from July to August 2022 to their lowest level since May 2020, when the housing market was paralyzed by the onset of the COVID-19 pandemic. Prior to the pandemic, we hadn't seen so few homes hit the market since November 2012.
According to national property broker Redfin, nearly one-third (31.4%) of U.S. home purchases were paid for with all cash in July 2022. That's near the eight-year high reached in February and up from 27.5% a year earlier. The share of all-cash purchases jumped in early 2021 during the pandemic-driven homebuying frenzy and has remained elevated since then.
According to Freddie Mac, U.S. mortgage rates continued to rise alongside hotter-than-expected inflation numbers this week, exceeding six percent for the first time since late 2008. Although the increase in rates will continue to dampen demand and put downward pressure on home prices, inventory remains inadequate.
Based on ATTOM's August 2022 U.S. Foreclosure Market Report, there were a total of 34,501 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- up 14 percent from a month ago and up 118 percent from a year ago.
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