MoneyWatch: Home prices could drop in 2023
Economists predict U.S. home prices could fall by as much as 20% in 2023 as mortgage rates rise. CBS News MoneyWatch reporter Khristopher Brooks breaks down what's driving the expected shift.
Economists predict U.S. home prices could fall by as much as 20% in 2023 as mortgage rates rise. CBS News MoneyWatch reporter Khristopher Brooks breaks down what's driving the expected shift.
Rising mortgage rates are pressuring some prospective homebuyers to put the cash they've saved up for a down payment off to the side. CBS News' Elaine Quijano and Tony Dokoupil speak with James Faris, investment reporter at Insider, about what to do with that hard-earned money.
Some housing analysts expect interest rates for conventional home loans to hit double digits by early next year.
Home prices rose 43% in two years, but now in cities that had those massive spikes, prices are being slashed. Danya Bacchus has more.
According to Freddie Mac, the average 30-year mortgage rate in the U.S. has risen to 6.7%, the highest since 2007. Jessica Lautz, vice president of demographics and behavioral insights at the National Association of Realtors, joined CBS News to provide some advice for new homebuyers.
The U.S. housing market slowed in August for the seventh consecutive month this year. CBS News speaks with George Ratiu, the manager of economic research at realtor.com, about what's driving the downturn in home sales.
Interest rate on a typical 30-year mortgage rate has jumped by more than a quarter-point this week to 6.29%.
Borrowing costs for a conventional home loan have more than doubled over the last year.
"I'd never have expected that there'd be a bidding war for a 12-month lease."
Here's what you need to know if you want to tap into your home equity to get some extra cash.
The gap between what it costs to rent and own has widened this year amid rising mortgage rates.
But sales of previously occupied homes have slowed sharply amid higher mortgage rates and rising prices.
Understanding how your mortgage interest rate is calculated is a crucial step in securing a home loan.
Borrowing costs for a typical home loan surged a day after the Federal Reserve hiked its benchmark rate.
Whether you have a short or long-term mortgage, it's important to know you can make changes.
Calculate how much mortgage you can realistically afford by using these easy online tools.
Interest on a standard 30-year home loan is 5.23%, up from less than 3% a year ago, according to Freddie Mac.
If you plan to take out a conventional mortgage loan, one possible cost you could encounter is private mortgage insurance.
Pricier home loans could eventually lead to more affordable homes, one economist says. Here's why.
Mortgage rates in the U.S. are at their highest level since 2009. The average for a 30-year loan jumped a tenth of a percent last week to 5.2%. Mike Fratantoni, chief economist and senior vice president of research and industry technology at the Mortgage Bankers Association, joined CBS News' Tony Dokoupil and Tanya Rivero to discuss.
Economists expect a sharp increase in borrowing costs. That could impact credit cards, loans and other debt.
More homebuyers are turning to the loans — a villain of the housing crash — to deflect surging borrowing costs.
With rates at their highest point since 2019, some buyers are turning to adjustable-rate mortgages for affordability.
Americans could soon pay more to borrow. One expert says it may be hard to give up the "easy money mentality."
Buying a home for the first time can be complicated, and adding in current pandemic-era market factors like low inventory, low mortgage rates and increasing demand could lead to even more headaches. Daryl Fairweather, a chief economist at the real estate brokerage Redfin, joined "CBSN AM" with tips on how to navigate the competitive market.
Authorities said nine to 10 people were shot, and at least one child, an 8-year-old, was in critical condition.
The deaths will likely fuel calls for a cease-fire and heighten Israeli public anger over ultra-Orthodox exemptions from the military.
Catherine, Princess of Wales, wore a white dress and hat as she rode in a carriage alongside her children at Trooping the Colour.
Jimmy Kimmel will host a conversation with President Biden and former President Barack Obama, while George Clooney and Julia Roberts will be featured guests.
It was the latest in a string of mass killings in which hitmen have wiped out entire families in Mexico.
A heat wave will bring dangerously hot temperatures to the Midwest and Northeast next week.
It includes a handwritten draft of President Abraham Lincoln's Gettysburg Address, and the crystal flute saved by first lady Dolly Madison, which was made famous again by pop star Lizzo in 2022.
The Harford County Sheriff's office announced on Saturday a suspect in the Rachel Morin murder was arrested in Tulsa, Oklahoma.
A former Iranian official was released in Sweden in exchange for a European Union diplomat and a second Swede.
It includes a handwritten draft of President Abraham Lincoln's Gettysburg Address, and the crystal flute saved by first lady Dolly Madison, which was made famous again by pop star Lizzo in 2022.
The eye-catching bridge opened to great fanfare in July 2022 and at a cost of nearly $600 million, but now has Angelenos shaking their heads in dismay.
If released, Sandra Hemme's prison term will mark the longest known wrongful conviction of a woman in U.S. history, her attorneys said.
Jimmy Kimmel will host a conversation with President Biden and former President Barack Obama, while George Clooney and Julia Roberts will be featured guests.
Pulaski County Prosecutor Will Jones said in a letter to ATF that no charges in the shooting would be filed after reviewing the Arkansas State Police investigation.
Four major cities in California were included in a Chapman University study of housing affordability around the world.
Waffle House CEO said the restaurant chain will hike menu prices after its "single largest" investment in the company's workforce.
Amid rising homelessness rates, city officials across nation are embracing rapid housing options emphasizing three factors: small, quick and cheap.
Millions of Americans could owe money to the IRS on June 17, with fines for missing payment on the rise.
Regulator did not do enough before 2022 recall of powdered baby formula tainted with deadly bacteria, inspector finds.
It includes a handwritten draft of President Abraham Lincoln's Gettysburg Address, and the crystal flute saved by first lady Dolly Madison, which was made famous again by pop star Lizzo in 2022.
Jimmy Kimmel will host a conversation with President Biden and former President Barack Obama, while George Clooney and Julia Roberts will be featured guests.
When Vice President Kamala Harris arrived at the summit, she announced $1.5 billion in U.S. assistance through the State Department and the U.S. Agency for International Development.
Dreamers who advocated for the implementation of DACA in 2012 continue to fight for the program, whose future remains uncertain.
Since Oct. 7, the Biden administration has been furiously working behind the scenes to lower the chances of a conflagration that could draw in the U.S. or put at further risk U.S. troops who are in the region in Syria, Iraq and Jordan.
Jaren Munari was born with just one undersized kidney. After years of watching him suffer from chronic kidney disease, his father donated an organ.
Climate change means there's a growing risk of spreading tropical diseases like dengue, which has seen a massive rise in cases in recent years. To limit the spread of such illnesses, scientists are using technological advancements like drones and artificial intelligence.
Preview: In an interview airing June 16 on "CBS Sunday Morning," the former head of the National Institute of Allergy and Infectious Diseases tells CBS News chief medical correspondent Dr. Jonathan LaPook he turned down millions to leave his government job because he cared more about the health of the country.
Regulator did not do enough before 2022 recall of powdered baby formula tainted with deadly bacteria, inspector finds.
An experiment found "small but detectable" amounts of infectious H5N1 virus in milk after it was pasteurized for 15 seconds.
It was the latest in a string of mass killings in which hitmen have wiped out entire families in Mexico.
The plane was en route from Tallinn to Helsinki when it was downed by Soviet bombers on June 14, 1940.
A former Iranian official was released in Sweden in exchange for a European Union diplomat and a second Swede.
The deaths will likely fuel calls for a cease-fire and heighten Israeli public anger over ultra-Orthodox exemptions from the military.
When Vice President Kamala Harris arrived at the summit, she announced $1.5 billion in U.S. assistance through the State Department and the U.S. Agency for International Development.
International pop star Cody Simpson put his music career on hold to return to the pool.
The current lineup of Australian band Crowded House includes frontman Neil Finn and his two sons, making it a true family affair. Here is Crowded House with their classic "Weather With You."
The current lineup of Australian band Crowded House includes frontman Neil Finn and his two sons, making it a true family affair. Now from their new album "Gravity Stairs," here is Crowded House with "The Howl."
The current lineup of Australian band Crowded House includes frontman Neil Finn and his two sons, making it a true family affair. Now from their new album "Gravity Stairs," here is Crowded House with "Teenage Summer."
Rock band Crowded House is now a family affair: Frontman Neil Finn has two sons in the band. The family tells Anthony Mason what it's like performing together.
Wells Fargo fired over a dozen employees in May after investigating allegations that their keyboard activity was fake.
The payout would be the biggest compensation package in U.S. corporate history. Is the billionaire and Tesla founder worth the money?
From labor shortages to environmental impacts, farmers are looking to AI to help revolutionize the agriculture industry. One California startup, Farm-ng, is tapping into the power of AI and robotics to perform a wide range of tasks, including seeding, weeding and harvesting.
Apple this week unveiled its integration with artificial intelligence features the company is calling "Apple Intelligence." The company is partnering with OpenAI, the company behind ChatGPT, to upgrade its longtime virtual assistant, Siri. Connie Guglielmo, CNET's senior vice president of AI editorial strategy, joins to discuss.
As use cases for artificial intelligence emerge among students and younger consumers, an understanding of how AI can help and hurt humans is crucial in the years ahead. Alex Kotran, the CEO of the AI Education Project, joins CBS News with some tips on the future of technology.
Climate change means there's a growing risk of spreading tropical diseases like dengue, which has seen a massive rise in cases in recent years. To limit the spread of such illnesses, scientists are using technological advancements like drones and artificial intelligence.
The world recorded its hottest month on record in May, and now, meteorologists say a heat dome currently centered over Mexico and the Southwest will shift this weekend, repositioning over the East by next week. CBS News senior weather producer David Parkinson explains what a heat dome is, and how long this one is expected to last.
A new study from 17 international scientists found that active pharmaceutical ingredients -- the part of medications that help make them effective -- are having increasingly negative impacts on animals and ecosystems across the world. The authors are calling on drug makers to design more sustainable products with environmental impacts in mind. Karen Kidd, one of the study's authors, joins CBS News to unpack the findings.
"The highway to climate hell": More than 75% of the entire global population experienced at least one month of extreme heat within the last year, scientists found. Here's what to know as temperatures continue to break records around the world.
A dramatic cosmic explosion is expected this summer. NASA says the event will be visible to even the naked eye.
It was the latest in a string of mass killings in which hitmen have wiped out entire families in Mexico.
Los Angeles' eye-catching 6th Street Bridge opened to great fanfare in July 2022 and at a cost of nearly $600 million, but now has Angelenos shaking their heads in dismay. Elise Preston explains why the "Ribbon of Light" has gone dark.
The Harford County Sheriff's office announced on Saturday a suspect in the Rachel Morin murder was arrested in Tulsa, Oklahoma.
Sean Herman, 33, was arrested at his Sumner County home on two counts of felony official misconduct, the Nashville Police Department said.
Family members of the Marjory Stoneman Douglas High School shooting victims watched as crews began demolishing the site of the 2018 massacre. CBS News Miami's Ted Scouten reports from Parkland, Florida.
A dramatic cosmic explosion is expected this summer. NASA says the event will be visible to even the naked eye.
It was the final flight of Virgin's Unity spaceplane while the company transitions to a more capable spacecraft.
Astronaut Williams Anders died Friday, June 7, 2024, at the age of 90. In this "CBS Sunday Morning" story originally broadcast December 23, 2018, Anders and his fellow crewmates from Apollo 8, James Lovell and Frank Borman, talked with Lee Cowan about becoming the first humans to circle the moon, and of the photograph they brought back: the first image of the Earth above the lunar surface. Dubbed "Earthrise," it showed humanity the beauty and fragility of our home planet, and helped invigorate the environmental movement.
William Anders, who snapped one of the most iconic images of the space age, was killed when his small plane went down off the coast of Washington state.
The Starliner crew had to work around thruster problems and more helium leaks, but pulled off a successful space station docking.
A look back at the esteemed personalities who've left us this year, who'd touched us with their innovation, creativity and humanity.
Live performances are in full swing this summer. Scroll through our concert gallery, featuring pictures by CBS News photojournalist Jake Barlow and photographer Ed Spinelli.
The Illinois mom wrote, "If something ever happens to me, please make sure the number one person of interest is Tim." Take a look at the evidence that led to Tim Bliefnick's arrest.
Forrest Fenn hid a treasure somewhere in the Rocky Mountains. Five men died searching for it.
An anonymous letter writer terrorizes a small town, threatening to expose their rumored dark secrets.
Israeli authorities released new footage Saturday of the rescue of 26-year-old Noa Argamani, one of the four Israeli hostages who were rescued in an operation in central Gaza about one week ago. The elite Israeli commandos stormed the apartment Hamas was holding her and said, "Noa, everything is fine, we're taking you home." Chris Livesay has more.
Catherine, Princess of Wales, made her first public appearance Saturday since she revealed her cancer diagnosis earlier this year. Kate attended the Trooping the Colour, a ceremony which marks the official birthday of King Charles III. Ian Lee reports from London.
Young Mason Jones has become something of an expert on guardrail safety, finding and reporting concerning guardrails to departments of transportation all across the U.S. Liz Crawford has his extraordinary story.
Much of the South is trapped under a heat dome which is expected to shift east in the coming week. At the U.S. Open in North Carolina, the extreme heat was hitting players and spectators. Medical staff brought in for the event treated hundreds of heat-related illnesses. Dave Malkoff has more.
Banking on a boost from celebrity support, President Biden departed the G7 summit in Italy and arrived in Los Angeles Saturday for an A-list fundraiser which his campaign said has already raised more than $28 million toward his race against former President Donald Trump, the presumptive Republican presidential nominee, who himself spoke to Black community leaders in Detroit, and is headlining a convention Saturday night organized by a conservative youth group. Natalie Brand reports.