Housing markets

But far more staff reductions will be needed to bring numbers back in line with the norm prior to the past two years' extraordinary housing boom.

The company had benefited from the hot pandemic housing market until rising mortgage rates cooled demand, leaving it holding real estate that was worth less than its purchase price.

The share of borrowers who owe no more than half of the property's market value increased to 48.5% last quarter, according to Attom, a real estate data firm.

A typical entry-level purchaser was 36 this year, three years older than in 2021, data from the National Association of Realtors released Thursday showed.

The closure of its nationwide retail business — which followed the shuttering of its consumer direct business in Q2 — pushed the Florida bank into a $1.4 million loss for the most recent quarter.

The $93 million deal comes one year after Cavco, a manufactured housing construction company itself, completed the purchase of another builder, The Commodore Corp.

U.S. pending home sales sank last month by the most since the immediate aftermath of the pandemic, illustrating a swift and steep downturn for a housing market beset by soaring borrowing costs.

The collapse in U.S. home construction during the third quarter took its biggest chunk from gross domestic product in nearly 15 years as surging mortgage rates dealt a hammer blow to demand.

Purchases of new single-family homes decreased 10.9% to a 603,000 annualized pace following an unexpected gain in August, government data showed Wednesday.

The cuts account for 5% of its workforce of 5,791 full-time employees as of the end of June.

However, of those that would choose face-to-face interaction, 40% want it to include a hybrid or fully digital process.

PulteGroup Inc. reported plunging demand for its homes and a spike in canceled deals for the third quarter. But the shares rose, showing just how the bar has been "lowered" for builders navigating the U.S. housing slump.

A measure of prices in 20 large U.S. cities in August fell 1.3% on a month-over-month basis, the most since March 2009, according to the S&P CoreLogic Case-Shiller index.

However, Julia Gordon is now on the record saying that the agency is actively analyzing whether or not to do so, and it's considering the potential magnitude and composition of a reduction.

But a cooling housing market opened up buying opportunities for some and helped drive the share of FHA-backed purchases upward for the first time in a year, according to new Attom research.

Sales of previously owned U.S. homes fell for an eighth straight month in September, underscoring how soaring mortgage rates are punishing the housing market. 

Close to 60,000 home-purchase agreements were canceled in September

New U.S. home construction declined in September and permit applications for single-family dwellings fell, adding to evidence that the highest mortgage rates in two decades are sapping demand and discouraging new builds.

As higher mortgage rates bite harder, the number of metro Atlanta home sales in September fell and the selling prices stopped rising.