finance-real-estate1.8 min read
"Modest Dip in Mortgage Rates Sparks Homebuyer Demand"
1 year ago•Source: Fox Business
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4.355 min•1 year ago
"Housing Market Struggles as Mortgage Rates Surge Past 7%"
Mortgage rates have risen to 7%, causing a freeze in the housing market as buyers continue to strike due to high prices. The slight increase in rates led to a plunge in mortgage applications, with purchases down by 10% and refinancing down by 11%. The hope for lower rates is further stalling the market, while inflation shows no signs of abating. Homebuilders have managed to maintain sales by cutting prices and buying down mortgage rates, but existing home sales have collapsed, leading to a double top in national median prices.
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"China's Zhongzhi Shadow Bank Declares Bankruptcy Amid Deepening Debt Crisis"
Zhongzhi Enterprise Group, a Chinese shadow banking conglomerate, has filed for bankruptcy liquidation due to its inability to repay debt amidst a deepening real estate crisis in the country. The company's collapse could impact market confidence and renew concerns over the trust industry, potentially having broader implications for the ailing real estate industry. China's government has been trying to limit the rapid growth of non-bank debt issued by shadow banks, and the country's property sector has been caught in the middle of a crackdown on shadow banking. The broader CSI 300 index fell 1.2% by early afternoon trading, weighed down by property stocks, and analysts warn of potential further trust loan defaults as the debt crisis in the property market continues.