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Atlanta Most Sought-After City by Renters in April

According to RentCafe’s Rental Activity Report, in April, apartment hunters in Atlanta added twice as many listings to their favorites lists compared to this time last year, as many renters remain deterred from homebuying due to elevated interest rates and economic inflation.

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Bidding Wars Heating Up for Starter Homes

Entry-level home shoppers are most likely to face bidding wars this spring, as prices rose by 8% annually for the least expensive one-third of houses, while more expensive homes lost value for the first time in more than a decade.

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Price Growth Cools as Renters Seek More Affordable Areas

“Rental cost growth relaxed again in February but is still increasing nationwide year-over-year,” said Molly Boesel, Principal Economist at CoreLogic. “Less-expensive metros have emerged as those with the highest appreciating rental costs, as tenants contend with elevated rents and inflation."

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Is a Credit Crunch Coming?

“While the NFCI Credit index indicated that credit tightened in March, which reduced housing market potential, the credit tightening was modest and far from recent pandemic lows, and certainly nothing like the Great Financial Crisis period,” said Mark Fleming, Chief Economist at First American.

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Rise in Rates Hampers Mortgage Apps

The MBA reports a near 9% week-over-week slide in mortgage applications, as cautious buyers proceed through the spring season amid continued affordability challenges and limited supply.

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