Monday, January 15, 2024 / by Richard Eimers
Despite facing 8% mortgage rates, the anticipated crash in home prices didn't materialize in 2023, offering a positive outlook for prospective home buyers. On average, U.S. property values concluded the year on an upward trajectory, with some regions experiencing declines offset by appreciation in others [^6^].
Traditionally, rising interest rates trigger price falls due to decreased demand. However, the resilience in home values is attributed to a nationwide housing shortage, as highlighted by Mike Simonsen at Altos Research. He emphasizes the delicate balance between low demand and low supply, indicating that a significant imbalance is necessary for declining home prices [^7^].
Looking ahead to 2024, analysts anticipate this equilibrium to sustain home prices, although forecasts differ. Realtor.com's economists predict a marginal decrease in the median home price by 1.7%, while Fannie Mae forecasts modest growth of 2.8% [^6^,^8^].
A consensus among experts is that mortgage rates wy ...
Saturday, December 16, 2023 / by Richard Eimers
Study: U.S. isn’t on track to ensure housing for a growing number of older Americans as the boomer generation ages.
PHOENIX (AP) – Michael Genaldi’s road to homelessness began early this year when a car slammed into the rear of his motorcycle, crushed three of his ribs, and left him in a coma for over a month. The 58-year-old lost his job as a machine operator, then his home, and he was living in his truck when he was diagnosed with stage 2 lung cancer. Too young to get Social Security, Genaldi now lives temporarily in a shelter for people 55 and older in Phoenix, while he navigates the process of qualifying for disability payments.
As its population ages, the United States is ill-prepared to adequately house and care for the growing number of older people, concludes a new report released Thursday by Harvard University’s Joint Center for Housing Studies.
Without enough government help, “many older adults will have to forgo needed care or rely on family ...