Housing

Home prices are at record levels, and mortgage rates are much higher now than they were six months ago.

People “desperately want to purchase,” but are stepping out of the difficult market, says Ali Wolf, chief economist at Zonda.

Rent growth is expected to ease after interest rates slow down homebuying. It will take even longer for inflation numbers to reflect that.

Some private-sector sources are reporting that year-over-year rent increases slowed down in June. This could be good news for inflation, but not anytime soon.

In an excerpt from “The Fight to Save the Town,” the author describes how residents get by in an Oregon county with a declining government.

For buyers, the competition is less fierce, but some sellers still have “pie in the sky” hopes.

As home sales decline, the field is becoming more competitive.

The number of pending sales is down from last year, but homes are still selling quickly.

The homeownership rate among Black Americans is 42%. For white Americans, it’s more than 70%.

Mortgage rates are up. Realtors are being laid off.