America's Most Expensive ZIP Codes in 2023

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Mortgage delinquencies inch up in Q3 as job market cools: MBA link

• In Q3 of 2023, mortgage delinquencies slightly increased to 3.62% of all outstanding mortgages, up from 3.37% in the previous quarter. This rise is attributed to early-stage delinquencies (30-60 days past due), while later-stage delinquencies (90 days or more past due) declined to the lowest level since early 2020.

• The delinquency rates for conventional loans rose to 2.5%, and FHA loans saw a more significant jump to 9.5%. States like South Dakota, New Mexico, Hawaii, Mississippi, and Louisiana experienced the largest quarterly increases in overall mortgage delinquency rates.

• The unemployment rate's rise to 3.9% in October 2023 and expected increase to 5% by the end of 2024 may lead to further increases in mortgage delinquencies, especially among FHA borrowers.

Serious Mortgage Delinquency Rate Drops to All-Time Low link

• The U.S. serious mortgage delinquency rate (90 days or more) has plummeted to 0.9% in August, marking the lowest level since January 1999, as reported by CoreLogic's latest Loan Performance Insight Report.

• August also witnessed a historic low in the overall national mortgage delinquency rate (30 days or more), which fell to 2.6%, indicating a robust recovery in the housing finance sector.

• This significant decrease in mortgage delinquencies reflects a strong post-pandemic economic rebound, showcasing improved financial stability among homeowners and a healthier real estate market.

Promising Inflation Report Makes It Less Likely Buyers Will See an 8% Mortgage Rate Anytime Soon link

• The October inflation report showed unchanged headline inflation from the previous month, leading to a decrease in mortgage rates to 7.4% from nearly 7.6%. This is attributed to factors like falling gas prices and a slowdown in core inflation.

• Rental price stagnation is contributing to a slowdown in shelter inflation, which could further ease rental price growth. This trend, coupled with potentially lower mortgage rates, may shift demand from rentals to home buying.

• The Federal Reserve is unlikely to increase rates in December 2023, and might even cut rates earlier than expected, possibly in May 2024. This shift is influenced by recent economic data, including a weak jobs report and the latest inflation figures.

Best Places To Retire? Pennsylvania Dominates New Ranking As Florida Markets Drop link

• Pennsylvania cities, led by Harrisburg, dominate U.S. News & World Report's 2024 rankings for best retirement destinations, with seven of the top 10 spots. This shift reflects changes in criteria including cost of living and severe weather risks.

• Florida, traditionally a popular choice for retirees, sees a decline in its appeal. Daytona Beach is the only Florida city in the top 10, a significant drop from four Florida cities in the previous year's top 10.

• The trend of seniors working past retirement age is increasing, with over one-third of people aged 65 to 69 still in the labor force. Factors like increased longevity, decline in retiree pensions, and insufficient savings contribute to this shift.

Inventory and Home Sales Showing Improvements Over 2022 link

• Home sales and new listings are now surpassing 2022 levels, indicating a recovery from the significant sales decline at the start of the year. The projection for 2024 suggests an increase in home sales, assuming mortgage rates remain stable.

• The U.S. housing market has seen a late-year increase in inventory, reaching levels similar to last year. This unusual November rise reflects the challenging affordability for homebuyers, but a normal decline is expected post-New Year.

• Price reductions in the housing market have peaked for the year, with 39.2% of homes experiencing a price cut. However, the current trend suggests fewer price cuts compared to last year, indicating a potentially stable future for home sales prices.

Hot 2024 Real Estate Trends Feature Wellness Benefits link

• Sensory Gardens and Pathways: Sensory gardens are gaining popularity, with a 314% increase in listings mentioning them compared to last year. These gardens, which engage all five senses, are particularly prevalent in Philadelphia and Chicago, reflecting a growing demand for wellness-focused outdoor spaces.

• Cold Plunge Pools: The trend for cold plunge pools is heating up, with a 130% increase in home listings featuring them. These pools, once a luxury home feature, are now more accessible in various forms, appealing to those seeking wellness benefits like improved circulation and reduced inflammation.

• Pickleball Courts: Pickleball courts are becoming a must-have amenity, with mentions in real estate listings up 64% from last year. This sport offers both fitness and social interaction benefits, making it a desirable feature in homes, especially in areas like Sarasota and Provo, Utah.

America's Most Expensive ZIP Codes in 2023: A New Leader Emerges 

Top 5 Universities for Student Housing Development 

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18 Million Homes At ‘Extreme Risk’ From Climate Events link

• Climate change is drastically impacting the housing market, with 18 million U.S. properties valued at $8 trillion now at extreme risk from natural disasters. This shift is influencing both homebuyer decisions and real estate investments.

• Insurance costs are soaring due to increased risk, leading to higher housing costs and affecting affordability. This trend is particularly pronounced in areas prone to wildfires, hurricanes, and flooding.

• Innovative solutions are emerging in response to these challenges. These include building more resilient homes, utilizing technology for better risk assessment, and exploring new insurance models to mitigate financial impacts.