The Ridgewood Blog Brings a Free Market Laissez-faire Point of View to Local, New Jersey State and National Issues.
the staff of the Ridgewood blog
Ridgewood Nj, In a surprising turn, sales of previously owned homes rose 4.2% in February, reaching an annualized pace of 4.26 million units, according to the National Association of Realtors (NAR). Industry experts had anticipated a 3% decline, making this increase an unexpected boost for the housing market.
Continue reading February Home Sales Defy Expectations with 4.2% Jump
the staff of the Ridgewood blog
Ridgewood NJ, the American dream of homeownership continues to grow elusive as sales of existing homes in the U.S. fell to their lowest level since 1995, marking two consecutive years of record lows. According to the National Association of Realtors (NAR), sales dropped 0.7% last year, totaling just 4.06 million homes sold. Continue reading Homeownership Slips Further Out of Reach as 2024 U.S. Home Sales Hit 30-Year Low
the staff of the Ridgewood blog
Ridgewood NJ, as we kick off 2025 , the housing market shows a mixed bag of news. While there’s a significant increase in available homes for sale, much of that inventory remains unsold, reflecting challenges for both buyers and sellers.
Continue reading Housing Market Update: Increased Inventory, Slower Sales Define End of 2024
file photo by Boyd Loving
the staff of the Ridgewood blog
Ridgewood NJ, the average rate for the most common type of mortgage in the US has risen to almost 7.1%, according to data from a survey of lenders made by mortgage financing giant Freddie Mac. The figure—for 30-year fixed-rate loans—is the highest since December 2001 and is up two percentage points over the past year (and more than 4.4 points from the all-time low seen in January 2021).
Continue reading Housing Affordability in the U.S. is at a Record Low
the staff of the Ridgewood blog
Ridgewood NJ, U.S. housing affordability fell last month to near the lowest level ever as home prices surge. Mortgage interest rates now exceed 5.2% – up from 3.6% two years ago. And the Fed is raising rates again – as it should – but this too will likely raise mortgage rates.
Continue reading U.S. housing affordability Tanks in Shades of 2008
the staff of the Ridgewood blog
Ridgewood NJ, Mortgage rates are soaring to levels not seen in nearly four years, and if they keep rising this quickly, we may see homes soon become out of reach for millions of families.
Continue reading Mortgage Rates Soar To levels not seen in 4 years—and they’re not done rising yet!