Real-estate insiders across the country say they have seen an acceleration in the number of overseas buyers returning to the U.S. market. While international purchasers have been trickling back for more than a year following their relative absence amid the pandemic, the past three months have seen their levels of interest return to near prepandemic levels.
The influx of foreign buyers is a sharp change in local markets that have been softening amid rising interest rates and recession fears. The slowdown follows an intense Covid-fueled property boom that drove most U.S. markets up in 2021 and early 2022.
Source: Wall Street Journal
Mortgage Rates Continue Their Upward Trajectory
Mortgage rates continue their upward trajectory as the Federal Reserve signals a more aggressive stance on monetary policy. Overall, consumers are spending in sectors that are not interest rate sensitive, such as travel and dining out. However, rate-sensitive sectors, such as housing, continue to be adversely affected. As a result, would-be homebuyers continue to face the compounding challenges of affordability and low inventory.
