San Diego Real Estate News
San Diego
Home Buyers Retreat as Mortgage Rates Hit 6 Percent in U.S.
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.
Commercial, Multifamily Mortgage Delinquencies in U.S. Remain Low in Q2
According to the Mortgage Bankers Association's latest Commercial/Multifamily Delinquency Report, U.S. commercial and multifamily mortgage delinquencies declined in the second quarter of 2022.
One-Third of U.S. Homes Were Bought in Cash in July, Above Pre-Pandemic Levels
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.
U.S. Mortgage Rates Exceed Six Percent in Mid-September, First Time Since 2008
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.
