San Jose announces tiny homes initiative to house city’s homeless

San Jose’s city council has approved a number of new “tiny home villages” that will provide housing for homeless residents of the city, but it’s expecting to face a backlash from worried neighbors who oppose the projects. The councilors voted 8-2 to move forward with plans to build six sites, which include two existing projects

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JPMorganChase cuts hundreds of mortgage staff as business dwindles

JPMorganChase has said it’s cutting jobs in its mortgage lending business amid tightening monetary policy that has seen mortgage rates pushed above 6%. The nation’s biggest bank said last week that the decision was the result of “cyclical changes” in the mortgage market. “We were able to proactively move many impacted employees to new roles

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Pending home sales rose in May, but economists say it’s just a blip

Pending home sales increased in May, breaking a streak of six successive monthly declines, but the National Association of Realtors said it is likely a blip and that sales will continue to fall as the year progresses. The NAR’s latest data shows that contract signings, which are a forward indicator of home sales based on

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Mortgage applications rise amid strong demand for ARMs

Mortgage applications surprisingly jumped 8% last week compared to the previous seven day period, boosted by demand for adjustable-rate mortgages, according to the Mortgage Bankers Association. However, applications are still down 10% compared to one week ago. The MBA said that last week’s jump in mortgage rates may have actually increased homebuying demand, as consumers

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Home affordability crumbles, causing demand to finally pull back

Ballooning mortgage costs, driven by skyrocketing prices and interest rates, have made mortgages less affordable than at any time since at least 2007. Demand for homes has pulled back in response, easing price growth, slowing sales and boosting inventory, according to the latest market report from Zillow. Mortgage rates shot up in early June, averaging

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Existing home sales fell in May as rising rents and low supply weigh on affordability

Existing home sales declined again in May, falling by 3.4% to a seasonally adjusted annualized rate of 5.41 million units, according to new data from the National Association of Realtors. On a yearly basis, existing home sales were down 8.6% compared to May 2021. The NAR said the market is now at its weakest reading

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Notarize makes a quarter of its staff redundant

Just days after two of the industry’s biggest online brokers announced job cuts, the remote online notarization firm Notarize has gone and laid off workers too. The announcement came directly from Notarize Chief Executive Pat Kinsel, who revealed on Twitter that the company had laid off 25% of its workforce. It is the second time

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Homeowners are delaying home maintenance projects

Rising inflation means that more homeowners are delaying home improvement and maintenance projects, but experts warn that it may not always be wise to do so. A new survey by Hippo Insurance shows that 43% of homeowners have delayed planned home improvement and maintenance projects this year as a result of high inflation, which means

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Affluent millennials delay buying homes and cars amid rising inflation

Younger millionaires are feeling the brunt of higher inflation and have temporarily shelved plans to buy homes and cars. CNBC’s Millionaire Survey shows that almost half of millennial millionaires have delayed buying cars, while 44% have put off the purchase of a home due to higher interest rates that have raised the cost of borrowing.

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Fed’s aggressive rate hike to reduce housing market buyer pool, economist says

The Federal Reserve just announced its largest interest rate increase since 1994 and the move is expected to have a serious impact on the housing market, economists believe. While the Fed’s key interest rate doesn’t directly affect mortgage rates, it does have a very strong influence on them. On Wednesday, the Federal Open Market Committee

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