We expect home sales to sink to their lowest level in more than a decade in 2023 as high mortgage rates keep housing costs up and prevent people from moving. High homeowner equity and a resilient job market will stave off a wave of foreclosures.
Federal Reserve Chairman Jerome Powell confirmed Wednesday that smaller interest rate increases are likely ahead even as he sees progress in the fight against inflation as largely inadequate.
Newsfeed: Fed Chair Powell says smaller interest rate hikes could start in December Read More »
In a market environment where the only hope left is a central bank pivot away from rate hikes and back to QE, any slight detour by any central bank in the west is now put under a microscope with excitement as if stocks are about to be saved. The Bank of England’s minimal intervention in long term gilt purchases to stave off a collapse in the UK pension system recently had investors buzzing with dreams that this was the beginning of a pivot by other central banks back to stimulus. This is not the case.
Newsfeed: No Pivot? BOE Says Rate Hikes Will Continue – Inflation Must Be Stopped Read More »
The US mortgage industry is seeing its first lenders go out of business after a sudden spike in lending rates, and the wave of failures that’s coming could be the worst since the housing bubble burst about 15 years ago.
Newsfeed: US Mortgage Lenders Are Starting to Go Broke Read More »
The US mortgage industry could be on the cusp of a bust cycle as the Federal Reserve’s most aggressive interest rate hikes in decades have sent mortgage loan application volume crashing.
Newsfeed: Private Mortgage Lender Bust Begins As Loan Applications Crash Read More »