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Articles Filed Under: Breaking News

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Number of Homes for Sale in San Francisco Climbs

Number of Homes for Sale in San Francisco Climbs

Having hit an 11-year seasonal high last week, the net number of homes on the market in San Francisco (i.e., inventory) has since ticked up another 8 percent, driven by a continued slowdown in the pace of sales along with an increase in listing activity and price reductions on... Read More »

Number of Homes for Sale in S.F. Hits an 11-Year Seasonal High

Number of Homes for Sale in S.F. Hits an 11-Year Seasonal High

Having hit a 10-year seasonal high last month, the net number of homes on the market in San Francisco (i.e., inventory) has since ticked up another 3 percent, driven by a slowdown in the pace of sales. As such, there are now over 50 percent more homes on the... Read More »

Benchmark Mortgage Rate Climbs, Nearing an 11-Year High

Benchmark Mortgage Rate Climbs, Nearing an 11-Year High

The average rate for a benchmark 30-year mortgage jumped another 25 basis points (0.25 percentage points) over the past week to 4.67 percent, which is 149 basis points, or nearly 50 percent, higher than at the same time last year and the highest average rate since December of 2018.... Read More »

Make that Nine and a Near Decade High

With the probability of the Federal Reserve raising interest rates by another two (2) full percentage points by the end of the year having jumped last week, the probability of the Fed adopting a total of nine (9) more quarter point hikes within the next nine months, the probability... Read More »

Bay Area Employment Back to 96 Percent of Pre-Pandemic Count

Bay Area Employment Back to 96 Percent of Pre-Pandemic Count

Having been downwardly revised, the net number of people living in San Francisco with a paycheck actually slipped by a thousand in January but then rebounded by 8,500 in February to 551,200, representing 48,400 more employed residents in the city than there were in February of last year and... Read More »

Mortgage Rates Rocket to 3-Year Highs, Primed to Climb

Mortgage Rates Rocket to 3-Year Highs, Primed to Climb

The average rate for a benchmark 30-year mortgage jumped another 26 basis points (0.26 percentage points) over the past week to 4.42 percent, which is nearly 40 percent (125 basis points) higher than at the same time last year and the highest average rate since January of 2019. At... Read More »

Bay Area Unemployment Claims Near Pre-Pandemic Levels

Bay Area Unemployment Claims Near Pre-Pandemic Levels

While the number of new unemployment claims filed across the Bay Area inched up in January to 36,803, which was still 24 percent higher than in January of 2020, prior to the pandemic having hit the local economy, the number of new claims filed in February dropped to 26,414,... Read More »

Mortgage Loan Application Volumes in the U.S. Drop

Mortgage loan application volumes to either purchase or refinance a home in the U.S. dropped 8 percent on both a seasonally adjusted and absolute basis last week, with purchase activity down 12 percent, year-over-year, and applications to refinance down 54 percent, according to data from the Mortgage Bankers Association... Read More »

Probability of Eight More Rate Hikes Has Jumped

Probability of Eight More Rate Hikes Has Jumped

With the Federal Reserve having raised the target federal funds rate by 25 basis points (0.25 percentage points) last week, representing the first hike from a near zero rate in two years, the probability of the Fed adopting at least seven, if not eight, more quarter point hikes by... Read More »

Benchmark Mortgage Rate Rockets Back Over 4 Percent

Benchmark Mortgage Rate Rockets Back Over 4 Percent

The average rate for a benchmark 30-year mortgage jumped 31 basis points (0.31 percentage points) over the past week to 4.16 percent, which is 35 percent (107 basis points) higher than at the same time last year, nearly 60 percent higher than in January of last year and the... Read More »