Latest news with #MetroAreas
Yahoo
a day ago
- Business
- Yahoo
Zillow Report Shows Mixed Home-Valuation Trends in July as Price Cuts Hit Record High
Home values dropped annually in half of the 50 major US metro areas in July as price cuts hit an all
Yahoo
26-07-2025
- Business
- Yahoo
Mortgage rates inch lower this week
Mortgage rates ticked lower this week, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.74% from last week's reading of 6.75%. The average rate on a 30-year loan was 6.78% a year ago. Housing Crisis Deepens As 47 Major Metro Areas Now Require Homebuyers To Spend More Than 30% Of Income "This week, the 30-year fixed-rate mortgage essentially remained flat at 6.74%," said Sam Khater, Freddie Mac's Chief Economist. "Overall, the backdrop for the housing market is positive as the economy continues to perform well with solid employment and income growth." The average rate on the 15-year fixed mortgage fell to 5.87% from last week's reading of 5.92%. One year ago, the rate on the 15-year fixed note averaged 6.07%. Read On The Fox Business AppOriginal article source: Mortgage rates inch lower this week 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
27-06-2025
- Business
- Yahoo
Mortgage rates fall for 4th straight week, lowest since early May
Mortgage rates fell for the fourth consecutive week to the lowest level since early May, mortgage buyer Freddie Mac said Thursday. Freddie Mac's latest Primary Mortgage Market Survey, released Thursday, showed that the average rate on the benchmark 30-year fixed mortgage fell to 6.77% from last week's reading of 6.81%. The average rate on a 30-year loan was 6.86% a year ago. Housing Crisis Deepens As 47 Major Metro Areas Now Require Homebuyers To Spend More Than 30% Of Income "Borrowers should find comfort in the stability of mortgage rates, which have only fluctuated within a narrow 15-basis point range since mid-April," said Sam Khater, Freddie Mac's chief economist. "Although recent data show that home sales remain low, the resulting available inventory provides homebuyers with a wider range of options to consider when entering the market." These States Were The Housing Market Mvps, According To Read On The Fox Business App The average rate on the 15-year fixed mortgage fell to 5.89% from last week's reading of 5.96%. One year ago, the rate on the 15-year fixed note averaged 6.16%. The lower rates, while welcome news, come as a new report said affordability in just three of America's 50 top metro areas is such that households that make the median income can scoop up a home that will not go above 30% of their yearly earnings. said it determined the three major metro areas where the 30% rule – one in which potential homebuyers limit their mortgage payment to 30% of their monthly income – remains feasible by "using a standard 20% down payment and May's average mortgage rate of 6.82%." It also factored in tax and insurance. Those metro areas were Pittsburgh, Pennsylvania; Detroit-Warren-Dearborn, Michigan; and St. Louis, Missouri, the real estate marketplace said. Median annual household incomes in those cities were $72,935, $72,493 and $79,869, respectively, according to the report. Nationwide, found roughly 44.6% of income would be necessary for a household to be capable of financially handling a "median-priced" home. "Earnings have risen, but homebuying costs have risen faster, which means that adhering to affordability guidelines can feel challenging if not impossible in many housing markets across the country," said chief economist Danielle article source: Mortgage rates fall for 4th straight week, lowest since early May 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
Fast Company
25-06-2025
- Business
- Fast Company
These 96 housing markets are seeing falling home prices
Want more housing market stories from Lance Lambert's ResiClub in your inbox? Subscribe to the ResiClub newsletter. National home prices rose +0.5% year-over-year between May 2024 and May 2025, according to the Zillow Home Value Index reading published last week—a decelerated rate from the +3.9% year-over-year rate between May 2023 and May 2024. And more metro area housing markets are seeing declines. —> 31 of the nation's 300 largest housing markets (i.e., 10% of markets) had a falling year-over-year reading in the January 2024 to January 2025 window. —> 42 of the nation's 300 largest housing markets (i.e., 14% of markets) had a falling year-over-year reading in the February 2024 to February 2025 window. —> 60 of the nation's 300 largest housing markets (i.e., 20% of markets) had a falling year-over-year reading in the March 2024 to March 2025 window. —> 80 of the nation's 300 largest housing markets (i.e., 27% of markets) had a falling year-over-year reading in the April 2024 to April 2025 window. —> 96 of the nation's 300 largest housing markets (i.e., 32% of markets) had a falling year-over-year reading in the May 2024 to May 2025 window. While 32% of the 300 largest housing markets are currently experiencing year-over-year home price declines, that share is gradually increasing as the supply-demand balance continues to shift directionally toward buyers in this affordability-constrained and post-housing boom environment. Home prices are still climbing in many regions where active inventory remains well below pre-pandemic 2019 levels, such as pockets of the Northeast and Midwest. In contrast, some pockets in states like Arizona, Texas, Florida, Colorado, and Louisiana—where active inventory exceeds pre-pandemic 2019 levels—are seeing modest home price corrections. Year-over-year home value declines, using the Zillow Home Value Index, are evident in major metros such as Austin (-5.5%); Tampa (-5.4%); Dallas (-3.4%); Phoenix (-3.4%); San Antonio (-3.3%); Orlando (-3.2%); Miami (-3.2%); Jacksonville, Florida (-3.0%); Atlanta (-2.7%); San Francisco (-2.5%); Denver (-2.4%); New Orleans (-2.3%); San Diego (-1.9%); Raleigh (-1.8%); Houston (-1.5%); Sacramento (-1.4%); Charlotte (-0.9%); Memphis (-0.9%); Riverside (-0.8%); Portland (-0.5%); Birmingham (-0.3%); and Seattle (-0.1%). The markets seeing the most softness, where homebuyers have gained the most leverage, are primarily located in Sun Belt regions, particularly the Gulf Coast and Mountain West. Many of these areas saw major price surges during the Pandemic Housing Boom, with home price growth outpacing local income levels. As pandemic-driven domestic migration slowed and mortgage rates rose, markets like Tampa and Austin faced challenges, relying on local income levels to support frothy home prices. This softening trend is further compounded by an abundance of new home supply in the Sun Belt. Builders are often willing to lower prices or offer affordability incentives to maintain sales, which also has a cooling effect on the resale market. Some buyers, who would have previously considered existing homes, are now opting for new homes with more favorable deals.
Forbes
19-06-2025
- Business
- Forbes
6 Economic Wins America Is Missing By Underinvesting In Black Entrepreneurs Across Major Cities: This Juneteenth & Beyond
As cities take on the challenge of reducing inequality, building stronger communities, driving ... More economic growth, and securing their future, closing the Black business gap should be a core part of the strategy. By investing in Black entrepreneurs, America doesn't just close racial equity gaps, it can generate massive economic opportunity across U.S. cities for residents. Juneteenth marks a moment to reflect not just on emancipation, but on the long-standing gaps in access to economic freedom and opportunity. Today, those barriers are clearly visible in how Black-owned businesses remain underfunded, underrepresented, blocked, and disconnected from the full promise of prosperity and the American dream despite contributing for generations to every engine that makes the nation run, from innovation to infrastructure, culture (including widely used language like AAVE) to commerce. According to a 2024 analysis and research by the Brookings Institution, if Black-owned businesses reached parity with the Black population in each U.S. metro area, the national economy would see millions of new jobs, billions in additional wages, and trillions in potential revenue. The data published is a compelling call to action for smarter economic policy: achieving equity in business ownership isn't just moral; it's a strategy for widespread growth. If local governments prioritized data-driven strategies to increase equity by expanding programs and resources that help more Black residents within their current populations become business owners, cities would gain more jobs, higher wages, stronger local economies, and billions in new revenue. Here are six clear economic wins the U.S. is missing by failing to equitably invest in Black entrepreneurship: 1. Job Creation at a Transformational Scale Cities like Detroit, New York, and Jackson show the power of equitable investment. In Detroit, for example, parity in Black-owned businesses could yield an estimated 466,000+ new jobs. In Jackson, the figure tops 388,000 new jobs. Across all major metros, Black businesses consistently show high job-generation potential when properly resourced. 2. Billions in Additional Wages for Local Economies If Black businesses in Los Angeles alone reached population parity, they would contribute $7.1 billion in new wages. In Memphis, parity could yield $4 billion; New York would gain $22.2 billion. That's real money reinvested into communities, fueling everything from better housing to healthcare, education, neighborhood development, and local business ecosystems that residents can enjoy. 3. Increased Revenue Power and Economic Multiplier Effects Across cities, many Black businesses often operate with fewer resources and are under-capitalized, yet still manage to outperform expectations and deliver real impact to the communities they serve. In Boston, parity could bring $12.9 billion in additional revenue. In Miami, $30.4 billion. Nationwide, the numbers are even more staggering. Closing the business equity gap would have an unprecedented and miraculous ripple effect that boosts GDP, generates tax revenue, and strengthens supply chains. Benefits can also extend beyond our borders, strengthening trade partnerships and indirectly supporting economies in other countries interconnected through global markets. 4. Smart Use of Economic Strengths & Talent in Emerging Metro Areas Places like Columbia, SC, and Virginia Beach, VA, with high Black populations but low representation in business ownership, are missing out. Columbia could gain 138,000+ jobs and over $13 billion in revenue. Virginia Beach would see $6.2 billion in additional revenue. That's untapped potential sitting in plain sight. 5. Reversing Generational Economic Disparities Black entrepreneurs often face systemic barriers to capital, credit, and mentorship, a direct legacy of discriminatory policy. Equitable investment in these businesses and the supporting policies still need to be built on frameworks that address long-standing structural barriers limiting American economic growth, along with tools to measure progress effectively. To date, such comprehensive frameworks and measurement tools have been largely absent, perpetuating missed opportunities, economic instability, and slowing progress toward equity. 6. Shared Prosperity for the Entire Nation Closing the Black business gap through smarter, tailored, and more specific economic policies doesn't just benefit Black communities. Every dollar in revenue, wages, or jobs created has a multiplier effect and is a net positive for both the local and American economy. Equitable entrepreneurship strengthens the middle class and brings more innovation, diversity, jobs, and educational opportunities to the industries and communities that need them most. WASHINGTON, DC - JUNE 20: A Juneteenth flag is raised during the Celebration of Juneteenth at the ... More African American Civil War Memorial event on Monday June 20, 2022 in Washington, DC. (Photo by Matt McClain/The Washington Post via Getty Images) This Juneteenth, the social and economic case for equity remains undeniable. It's time to move beyond performative posts and cultural awareness toward meaningful action by advocating for policies and practices that close the wealth gap and drive economic revitalization with far-reaching benefits for all communities. Investing in Black entrepreneurs is not a niche cause; it is a smart, scalable economic strategy. As cities seek to address inequality, raise quality of life, stimulate growth, and future-proof their economies, closing the Black business gap must be central. This requires understanding the history of multi-generational Black America and building solutions that acknowledge and address these realities through new systems and processes. The data is clear, and the opportunity is real. This holiday and beyond, we have the chance to come together and build a future where equity and morality open the door to new opportunities.
