Since the start of the year, mortgage rates have been trending upwards — and according to many experts, this trend will likely continue through October.
Analysis of Google Trends data reveals that searches for ‘real estate market crash’ exploded 284% in the United States as of September 2022 – the highest level in Google Trends history.
Major Home-Ownership Costs Require 30 Percent of Average National Wage in Third Quarter of 2022; But Portion of Wages Needed for Home Ownership Dips as Home Prices Decrease Quarterly, to $340,000; Historic Affordability Remains Worse Than Average Almost Everywhere Across Nation
The People’s Bank of China has told major state-run banks to prepare to shed dollar holdings while snapping up offshore yuan, which has continued to fall despite prior interventions, sources told Reuters.
On September 12, Russian President Vladimir Putin stated that, given mounting economic sanctions, full “de-dollarization” of the Russian economy is only a matter of time.
Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. That, and rising uncertainty in the overall housing market, caused mortgage application volume to drop 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.
With mortgage rates soaring (now shockingly above 7% amid the fastest rise in history), it’s no surprise that analysts expected pending home sales to slide further in August (latest data) and they were right. Pending Home Sales fell 2.0% MoM (more than the 1.5% MoM decline expected) pushing the index down 22.5% YoY…
The latest real-time rent data from the property research firm CoStar Group shows apartment rents in the US are fading from record highs for the first time in almost two years, according to WSJ.
Less than two weeks ago we cited Freddie Mac according to which the average 30 year US mortgage just rose above 6% for the first time since 2008, with real-estate brokerage Redfin commemorating the move by saying that “This Is The Sharpest Turn In The Housing Market Since The 2008 Crash.” Well, just a few days later, Jeff Gundlach was so kind to point out this evening…
Falling stock markets have wiped out more than $9 trillion in wealth from U.S. households, putting more pressure on family balance sheets and spending.