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Articles Filed Under: Breaking News

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Mortgage Rates Rocket Across the Board

Mortgage Rates Rocket Across the Board

The average rate for a benchmark 30-year mortgage jumped another 41 basis points (0.41 percentage points) over the past week to 6.70 percent, an average rate which is 123 percent higher than at the same time last year, 153 percent above last year’s all-time low, and the highest average... Read More »

Pace of New Home Sales Rebounds with Lower Prices

Pace of New Home Sales Rebounds with Lower Prices

Having dropped a downwardly revised 8.6 percent in July, the seasonally adjusted pace of new single-family home sales in the U.S. jumped 28.8 percent in August to an annualized rate of 685,000 sales, which is effectively even with the pace of sales at the same time last year but... Read More »

Biggest Drop in Bay Area House Values Since Early 2009

Biggest Drop in Bay Area House Values Since Early 2009

Having ticked down 1.3 percent in June, the S&P CoreLogic Case-Shiller Index for single-family home values within the San Francisco Metropolitan Area – which includes the East Bay, North Bay and Peninsula – dropped 3.5 percent in July, representing the largest month-over-month decline for the index since the first... Read More »

Price Reductions Tick Up in S.F., Price Per Square Foot Down

Driven by a pronounced slowdown in the pace of sales and rising inventory levels, the percentage of homes on the market in San Francisco with an asking price that has been reduced at least once has ticked back up two (2) points over the past week to 30 percent,... Read More »

Average 30-Year Mortgage Rate Hits 6.29 Percent, Still Not “High”

Average 30-Year Mortgage Rate Hits 6.29 Percent, Still Not “High”

Measured prior to yesterday’s announcement of another 75 basis point hike by the Fed, the average rate for a benchmark 30-year mortgage had already climbed another 27 basis points (0.27 percentage points) over the past week to 6.29 percent. At 6.29 percent, the average 30-year rate is now 118... Read More »

Pending Home Sales in S.F. Down 40 Percent to a 5-Year Low

Despite an ongoing surge in the net number of houses and condos listed for sale across San Francisco (i.e., inventory), the number of homes in contract to be sold is now down 40 percent on a year-over-year basis and 40 percent lower than in mid-September of 2020 as well.... Read More »

Bay Area Employment Inches Up, Slips in San Francisco

Bay Area Employment Inches Up, Slips in San Francisco

Having jumped in July, the net number of people living in San Francisco with a paycheck increased slipped by 800 in August to 563,900. As such, while there are now 40,500 more employed residents in the city than there were at the same time last year and 85,200 more... Read More »

Average 30-Year Mortgage Rate Just Hit 6 Percent, Headed Up

Average 30-Year Mortgage Rate Just Hit 6 Percent, Headed Up

Having already doubled over the past year, the average rate for a benchmark 30-year mortgage ticked up another 13 basis points (0.13 percentage points) over the past week to 6.02 percent, an average rate which is 110 percent higher than at the same time last year, 127 percent above... Read More »

San Francisco’s Downtown Rail Extension Is Now “The Portal”

San Francisco’s Downtown Rail Extension Is Now “The Portal”

As we outlined last year, the projected $6 billion extension of Caltrain to San Francisco’s new Transit Center, which was based on 2017-era dollars and had been dubbed San Francisco’s “Downtown Rail Extension” (DTX), was in the process of being rebranded in an attempt to “raise awareness and public... Read More »

Benchmark Mortgage Rate Has Doubled, Poised to Climb

Benchmark Mortgage Rate Has Doubled, Poised to Climb

With purchase demand for existing homes across the nation having already dropped over 20 percent and the pace of new home sales down nearly 30 percent, year-over-year, driven by a jump in mortgage rates that shouldn’t have caught any plugged-in readers by surprise, the average rate for a benchmark... Read More »