The rental market of 2022 looks nothing like 2021. With 2022’s 3rd quarter almost in the books, a number of indicators suggest the once blazing-hot rental housing market is cooling off dramatically.
Newsfeed: The U.S. Rental Housing Market is Cooling Off Fast Read More »
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…
Newsfeed: US Pending Home Sales Tumbled To 11 Year Lows (Ahead Of Recent Rate Spike) Read More »
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.
Newsfeed: Nationwide Rents Drop For First Time In Two Years Read More »
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.
Newsfeed: Stock market losses wipe out $9 trillion from Americans’ wealth Read More »
Analysts expected Case-Shiller Home Price growth to continue its modest deceleration in August (the latest available data in this heavily lagged and smoothed data set), but the result was a doozy: the 20-City Composite index tumbled 0.44% MoM, far below the 0.20% expected increase, and a sharp decline from the downward revised 0.19% increase in July; more importantly, this was the first sequential drop in home prices tracked by Case-Shiller since March 2012, or ten and a half years.
One minute after 1pm, the Treasury announced results from today’s sale of $43 billion in 2Y paper, which were nothing short of disastrous. The high yield – already the highest in 15 years – was almost a full percent, or 98bps, above August’s 3.307%, and stopping at a high yield of 4.290%, the auction tailed the When Issued 4.274% by 1.6bps, the biggest tail going back to feb 2020 when the bond market was similarly paralyzed, but back then it was due to covid.
Newsfeed: 10Y Yield Soars To 12 Year High After Dismal 2Y Auction Read More »
As mortgage rates go up and the housing market softens, more people are canceling home purchases. In August, over 15 percent of home purchase agreements were canceled—the second month in a row, according to real estate brokerage Redfin. Compared to a year ago, cancellations are up 3 percent.
Newsfeed: Home Purchase Cancellations Above 15 Percent: Report Read More »
The unraveling of the bond market will continue to batter stocks over the coming months, according to a Friday note from Bank of America. Bonds are experiencing their worst decline since 1949 as interest rates soar amid a global central bank campaign to fight inflation. The US Aggregate Bond ETF is down 15% year-to-date, while global bonds are down even more.