US economic growth slowed in the first quarter by more than expected as tepid business investment and a pullback in inventories tempered a pickup in consumer spending.Gross domestic product rose at a 1.1% annualized rate on the back of the strongest consumer spending in nearly two years, the Commerce Department’s initial estimate showed Thursday. The Federal Reserve’s preferred underlying inflation metric accelerated to a one-year high.
Consumer spending remained high while the broader economy slowed, growing just 1.1% in the first 3 months of 2023, according to data released Thursday by US Bureau of Economic Analysis The nation’s economy slowed during the first three months of the year, growing at a sluggish rate of 1.1 percent at a time when the nation continued to endure a period of high interest rates.It marked the second quarter in which real GDP growth slowed, according
Economists say even minor movement in borrowing costs will continue to have an impact on housing activity.After weeks of declines, the interest rate for a 30-year mortgage reversed course, jumping to a 6.39% average this week, Freddie Mac reports. “For the first time in over a month, mortgage rates moved up due to shifting market expectations,” says Sam Khater, Freddie Mac’s chief economist. “Home prices have stabilized somewhat, but with
US foreclosure filings jumped 22% in the first quarter compared to the same period a year ago, according to a report from real estate data analytics firm ATTOM.While still below pre-pandemic levels, foreclosure activity has increased on an annual basis for 23 straight months. The uptrend reflects higher jobless rates, ongoing economic challenges and backlogged foreclosures working through the pipeline after the lifting of government interventions
Existing-home sales fell 2.4% in March to a seasonally adjusted annual rate of 4.44M — 22% lower than a year earlier, according to data released Thursday by the National Association of Realtors After an unexpected uptick in February, sales of existing homes dipped again in March as buyers contended with a market bereft of supply, according to data released Thursday by the National Association of Realtors.Existing-home sales fell 2.4 percen
Homebuyers with good credit scores will soon encounter a costly surprise: a new federal rule forcing them to pay higher mortgage rates and fees to subsidize people with riskier credit ratings who are also in the market to buy houses.The fee changes will go into effect May 1 as part of the Federal Housing Finance Agency’s push for affordable housing, and they will affect mortgages originating at private banks across the country. The federal
With mortgage rates and prices high, first-time home buyers find these competing goals aren’t always doable, at least at the same time. Here are points to consider. Jade Akintola and Brandon Thomas Brown are balancing three competing financial priorities — preparing for the birth of their first child, saving up for a down payment on their first home and contributing to their retirement fund. Something, they decided, had to give, so in the sho
As NAR economists predict a fall below 6% by year’s end, new data reveals the rate threshold at which the market would likely be flooded with buyers.Mortgage rates fell for the fifth consecutive week, continuing to help improve affordability for budget-conscious home shoppers this spring. The 30-year fixed-rate mortgage decreased to 6.27% this week, Freddie Mac reports. Rates could be headed below 6% in the coming months as inflation
Real estate taxes have been on the rise over the last few years. Help home buyers avoid sticker shock.Property taxes can make up a sizable portion of homeowners’ budgets, particularly in certain markets. While owners in some locations pay less than $1,000 a year, that bill can top $9,000 in other areas. In general, property taxes are increasing nationwide, doubling in some markets between 2021 and 2022, according to a recent study from ATTOM D
Median on new leases rose to $4,175 in March, even as apartment hunters got more listings to choose from. Manhattan apartment landlords are testing renters’ limits even before the market’s busiest season arrives. The median monthly rate rose to a record-high $4,175 in March, according to a report Thursday by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate. That’s up $25 from the previous peak, reached i
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