With mortgage rates up sharply, many more homebuyers are turning to adjustable rate loans. These can be more affordable, at least at first. But they come with a big risk. Is it worth it?
The company disclosed Tuesday that it lost about $304 million in the third quarter after purchasing homes at higher prices than it now expects to sell them at.
In June 2021, Atlanta home prices were up 22.3% compared to last year, selling at a median price of $400,000 — a year-over-year increase that's one of the highest the Atlanta market has seen.
Sales of existing homes fell 6.6% in February from the month before. Meanwhile, prices are up 16% over the past year, giving homeowners about $2 trillion more in equity and widening the wealth gap.