High-income homeowners accounted for 71% of increase in value of owner-occupied housing from 2010 through 2020.
Mortgage rates rose this week as inflation jumped to its highest level since January 1982, with the 30-year fixed mortgage rate increasing to 3.85% from 3.76% the previous week.
Any decline in international real estate transactions will have little direct impact on the U.S. housing market. Russian foreign buyers account for less than 1% of foreign buyer purchases, and overall, foreign buyers account for about 2% of existing-home sales.
As of March 4, 2022, industrial supply continues to lag demand, and logistic space continues to make up the majority of supply at 89%.
The employment gap between current conditions and pre-COVID days is narrowing, with only 2.5 million more jobs needed to get there.
As 2020 was one of the best years for the housing market, the U.S. homeownership rate climbed to 65.5%, up 1.3% from 2019. Although the homeownership rate for Black Americans also increased to 43.3%, it is still lower than a decade ago.
Mortgage rates fell sharply this week. Specifically, the 30-year fixed mortgage rate dropped to 3.76% from 3.89% the previous week.
January 2022’s pending home sales pace declined 5.7% last month and fell 9.5% from a year ago.
Office occupancy continued to increase as of February 2022, with 84% of 390 metro areas experiencing an increase in occupancy.
Mortgage rates dropped slightly this week, with the 30-year fixed mortgage rate falling to 3.89% from 3.92% the previous week. However, due to expectations of even higher inflation, mortgage rates will continue their upward trek.
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