Philadelphia Real Estate News
Philadelphia
Driven by Fast Rising Mortgage Rates, Home Buyers Back Off in U.S.
Based on a new report from Redfin, nationwide, 57.8% of home offers written by Redfin agents faced competition on a seasonally adjusted basis in May, the lowest level since February 2021.
U.S. Housing Industry Reacts to Fed's Historic Rate Hike
Today's announcement by the Federal Reserve set a big increase in interest rates and means several more rounds of rate hikes are on the way in upcoming months.
Declining U.S. Builder Confidence Confirms Further Economic Troubles in 2022
According to the latest National Association of Home Builders Wells Fargo Housing Market Index, rising inflation and higher mortgage rates are slowing traffic of prospective homebuyers and putting a damper on builder sentiment.
U.S. Foreclosures Uptick in May
According to ATTOM's May 2022 U.S. Foreclosure Market Report, there were a total of 30,881 U.S. properties with foreclosure filings -- default notices, scheduled auctions or bank repossessions -- up 1 percent from a month ago but up 185 percent from a year ago.
