Latest news with #Krimmel
Yahoo
22-05-2025
- Business
- Yahoo
Home Prices Dip for the First Time Since March as Housing Market Cools
The price of the typical American home fell last week compared with a year ago, following nine straight weeks of flat or rising prices—as the number of for-sale properties continued to climb. For the first time since mid-March, the national median list price edged down by 1.1% year over year, as home sellers struggled to find a market amid persistent affordability challenges and prospective buyers' growing concerns about the state of their personal finances and job security, according to the Weekly Housing Trends Report. The home price softening should come as no surprise, considering that nearly 4 out of 5 home shoppers said they believe it's a bad time to buy, according to the Fannie Mae Home Purchase Sentiment Index released in April. This week, the mortgage rate ticked up to 8.86%, according to Freddie Mac. And while the median list price per square foot—which accounts for changes in home size—ticked up by 0.3% last week from the same time in 2024, indicating rising home values, it marked the slowest annual growth since September 2023, further reaffirming that buying demand is waning. 'These trends point to a gradually more favorable environment for buyers this spring, with more options and some price softening,' says economist Jake Krimmel. 'However, elevated mortgage rates and persistent affordability challenges continue to weigh on demand.' Fresh listings nationwide increased by 8.2% from a year ago, continuing their upward trajectory. 'The momentum that began earlier this spring remains strong, signaling a vibrant market as we head into late spring and early summer,' says Krimmel. 'With more fresh inventory hitting the market, buyers have better opportunities to find a home that fits their needs.' Meanwhile, the overall inventory, which includes both old and new listings, also continued trending up, registering a 29.7% year-over-year increase. This marks the 80th consecutive week of annual gains in the number of for-sale homes. All in all, there were more than a million homes for sale last week, the highest inventory level since December 2019. But while choices for buyers have expanded, it's important to note that overall U.S. housing supply remains far below levels before the COVID-19 pandemic, especially in the Midwest and Northeast. The pace of the domestic housing market continued to slow down last week, with the typical home waiting for a buyer six days longer than a year ago. 'It's the longest stretch of additional days on the market since March, giving buyers valuable time to consider their options,' points out Krimmel. On average, it took roughly 50 days to sell a home in May. For context, during the pandemic, a home would be snapped up in around 33 days. Although annual inflation ticked down to 2.3% in April, its lowest level in 50 months, Krimmel stresses that broader economic uncertainty lingers—and prospective buyers are taking note, with consumer sentiment remaining relatively low. Looking ahead, the Federal Reserve has signalled interest rates could stay higher for longer, and mortgage rates recently edged up again, creeping back toward 7%. 'Despite improvements in several key housing supply indicators, housing activity is expected to remain muted until borrowing costs or prices come down more meaningfully,' concludes Krimmel. 'The Bachelorette' Star Jenn Tran Reveals Cute Miami Apartment Where She's Hunkering Down To Finally Finish Physician's Assistant Training Natalie Portman Reveals Real Reason She Quit Los Angeles To Raise Her 2 Kids in France Bryson DeChambeau and Rory McIlroy's Rivalry Is Heating Up—but Which of the PGA Championship Stars Has Hottest Home?
Yahoo
21-05-2025
- Business
- Yahoo
Mortgage rates jump above 7% after Moody's downgrade of U.S. credit
Mortgage rates surged after the credit-rating agency Moody's downgraded U.S. debt. Moody's cut the U.S.'s sovereign credit rating from AAA to Aa1. It was the last of the major credit-rating firms to strip the country of its triple-A rating. S&P Global Ratings downgraded U.S. debt in the summer of 2011. 'They will drown you too': My coworker found out I inherited money — and harassed me to give him a loan 'I'm an idiot': I'm middle aged, earn $68,000 a year and have $39,000 in credit-card debt 'He's lied to us all': My father is leaving my sister, brother and me a $450K lakefront property. We want to cut my feckless brother out. Capital One's stock looks like a bargain following Discover acquisition Jamie Dimon warns of stock-market 'complacency' as investors keep shaking off bad news. Strategists see evidence he's right. From the archive (August 2011): U.S. triple-A debt rating cut by Standard & Poor's The downgrade of debt put upward pressure on bond prices on Monday morning. That pushed the 30-year fixed-rate mortgage up 12 basis points to 7.04%, according to Mortgage News Daily. It later settled at 6.99% later in the day. Moody's MCO cited an increase in government debt and interest-payment ratios that were significantly higher than similarly rated sovereigns as reasons for its decision. Read more: Mortgage rates tend to move in tandem with Treasury yields. With the 10-year yield TY00 going up, the 30-year fixed mortgage rate was going to trend upward as well, Jake Krimmel, a senior economist at told MarketWatch. ( is operated by News Corp subsidiary Move Inc., and MarketWatch publisher Dow Jones is also a subsidiary of News Corp.) Mortgage rates going up is 'really not ideal for prospective buyers,' Krimmel added. The housing market, meanwhile, is mired in a crisis of affordability. Elevated mortgage rates and record-high home prices have put homeownership out of reach for many Americans, as demonstrated in the chart below. Home sales plummeted to a 30-year low in 2024. Even though the spring season is typically the busiest time of the year for the residential real-estate market, buying and selling have remained 'sluggish,' Lawrence Yun, chief economist at the National Association of Realtors, said of home sales through March. Against this backdrop, 'the housing market really does not need another factor pushing mortgage rates up — or preventing them from coming down,' Krimmel said. Economic uncertainty is also weighing on residential builders, who are responsible for a critical part of housing supply. In their most recent housing-market confidence reading, builders expressed a heightened level of pessimism. The reasons cited for the gloomy outlook include high interest rates, policy uncertainty and building-material costs. The silver lining is that the housing market is becoming more buyer-friendly. Price cuts are becoming more commonplace. More builders are slashing prices on new homes, with 34% cutting prices in May, which was up from 29% the previous month. The size of the average price cut was 5%. More selling homeowners are offering concessions to buyers in some markets. About 25% of listings on Zillow ZG, a major real-estate platform, saw a price cut in April. That was the highest share for this busy time of year since the company began keeping track in 2018. The median sale price of a U.S. home as of April, the most recent month for which complete data are available, was $438,500, according to data from the real-estate brokerage Redfin RDFN. That was up 1.4% from a year ago. My wife and I paid off my stepdaughter's $415K mortgage in exchange for her house, but it's now worth $310K. Should we sue? Recession indicators are out of control. When will this madness end? My husband and I spend more money on our daughter and her family than on my single son. Do we compensate him? I'm 57 and ready to retire next year on $7,500 a month, but my wife says no. Who's right? Bond yields jump after Moody's downgrade of U.S. credit. Why it matters for consumers — and Congress.
Yahoo
13-05-2025
- Business
- Yahoo
Housing costs are still the stickiest part of an otherwise cool inflation report
Inflation may be broadly cooling, but housing continues to be one of the most stubborn rising costs consumers face. April's Consumer Price Index data showed that shelter costs rose 0.3% last month, accelerating slightly from March and accounting for over half of the 0.2% month-over-month price increase across all goods and services. Compared with a year earlier, shelter costs are up 4%. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Owner's equivalent rent — an estimate of how much a homeowner would pay to rent an equivalent property — rose 0.4% in April, while rent jumped 0.3% from a month earlier. Housing inflation has remained elevated since the pandemic, and its persistence has complicated the Federal Reserve's efforts to broadly bring down inflation. But there are some signs that costs are cooling this year. Learn more: Is it a good time to buy a house? A surge in multifamily construction in recent years has helped keep asking rents relatively flat in much of the country for the past year, and home price appreciation is slowing from levels seen in recent years. While lower broad inflation levels should be good news for homebuyers and sellers, many are still contending with other factors that make it hard to move forward, Senior Economist Jake Krimmel said in a statement. 'With the spring housing season underway, both buyers and sellers are facing a market where optimism over lower levels of inflation is tempered by elevated borrowing costs and economic uncertainty,' Krimmel said. 'Until borrowing costs fall meaningfully, housing activity is likely to remain subdued, even as underlying demand and supply slowly improve.' Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance. Sign up for the Mind Your Money newsletter Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
13-05-2025
- Business
- Yahoo
Housing costs are still the stickiest part of an otherwise cool inflation report
Inflation may be broadly cooling, but housing continues to be one of the most stubborn rising costs consumers face. April's Consumer Price Index data showed that shelter costs rose 0.3% last month, accelerating slightly from March and accounting for over half of the 0.2% month-over-month price increase across all goods and services. Compared with a year earlier, shelter costs are up 4%. By subscribing, you are agreeing to Yahoo's Terms and Privacy Policy Owner's equivalent rent — an estimate of how much a homeowner would pay to rent an equivalent property — rose 0.4% in April, while rent jumped 0.3% from a month earlier. Housing inflation has remained elevated since the pandemic and its persistence has complicated the Federal Reserve's efforts to broadly bring down inflation. But there are some signs that costs are cooling this year. Learn more: Is it a good time to buy a house? A surge in multifamily construction in recent years has helped keep asking rents relatively flat in much of the country for the past year, and home price appreciation is slowing from levels seen in recent years. While lower broad inflation levels should be good news for homebuyers and sellers, many are still contending with other factors that make it hard to move forward, Senior Economist Jake Krimmel said in a statement. 'With the spring housing season underway, both buyers and sellers are facing a market where optimism over lower levels of inflation is tempered by elevated borrowing costs and economic uncertainty,' Krimmel said. 'Until borrowing costs fall meaningfully, housing activity is likely to remain subdued, even as underlying demand and supply slowly improve.' Claire Boston is a Senior Reporter for Yahoo Finance covering housing, mortgages, and home insurance. Sign up for the Mind Your Money newsletter
Yahoo
27-03-2025
- Sport
- Yahoo
Rob Krimmel leaving Saint Francis
LORETTO (WTAJ) — Days after Saint Francis announced its intentions to move from Division I to Division III, head basketball coach Rob Krimmel resigned. 'Coach Krimmel's legacy at Saint Francis University will forever be remembered for the profound impact he has had on our community,' Fr. Malachi Van Tassell, Saint Francis President, said in a release. St. Francis alumni shocked over athletics decision to move to Division III Krimmel spent 29-years with the Red Flash. He started as a player in 1996, before serving as an assistant coach and eventually head coach for the past 13 seasons. This year, he led Saint Francis back to the NCAA Tournament for the first time in more than 30-years. 'Saint Francis will always hold a special place in my heart,' he said. 'I am grateful for all of the people who have supported and impacted my journey as a student-athlete, a coach, a husband, a father, and a person. I will cherish the relationships that were built on and off the court as a result of my time in Loretto.' Krimmel, who is just 47-years-old, plans to retire from coaching. He led SFU for 399 games, recording a 171-128 record. In 2019 the Red Flash won a regular season conference title, and this year they won the NEC Tournament title. His announcement comes on the heels of Saint Francis's decision to move down to Division III beginning in 2026. In the days since a number of players have entered the transfer portal including leading scorer Riley Parker. 'As Saint Francis transitions into a new era, it is time for me to step away as the head men's basketball coach,' said Krimmel. 'Over the course of the last few months, I understand more than ever that God has a plan for me.' 'From student to coach to colleague, he has embodied the very best of what it means to be a Red Flash,' said Van Tassell. 'His dedication, integrity, and passion have left an indelible mark on this institution—we could not have asked for a finer representative of Saint Francis. We wish him nothing but the very best in this next chapter, and he will always remain a cherished friend of Saint Francis University.' Saint Francis named associate head coach Luke McConnell as Krimmel's replacement. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
