After an unexpected jump in new home sales and larger than expected drop in existing home sales, today’s pending home sales print is the tie-breaker for sentiment in the housing market in May as homebuilder sentiment soured and mortgage rates and applications soared.
We’ve been lucky enough to spend a lot of time learning about life and business from great dads … Both our own and otherwise.
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Following the disappointing tumble in existing home sales (to 2 year lows), analysts expect a modest drop in new home sales in May of just 0.2% MoM (after April’s 16.6% MoM plunge). Instead, new home sales spiked 10.7% MoM (from an updwardly revised -12% MoM print in April) – despite soaring mortgage rates…
Newsfeed: New Home Sales Unexpectedly Rebounded In May As Prices Plunged Read More »
As costs of home ownership rise, millions of Americans have been pushed out of the housing market, according to Harvard University’s annual State of the Nation’s Housing Report released Wednesday.
Careers board Lensa produced a new study this week laying out the least and most affordable states to live in in the United States. The study looked at “the affordability gap in states around the US, comparing the cost of living to the average wage to reveal the percentage difference.”
Newsfeed: New Study Finds Hawaii, Oregon, Among Least Affordable States To Live In Read More »
Unless you were an adult living in the US through the crisis of the 1970s into the early 1980s, you probably have no memory or experience with the concept of stagflation. In general, most economic downturns involve deflationary pressures only …
Newsfeed: What Is Stagflation And Why Has The Establishment Been In Denial About It? Read More »
A strange narrative of “defeated inflation” is circulating in the mainstream in the wake of the Federal Reserve’s recent 75bps interest rate hike, but we’ve seen this kind of false optimism from the Fed and the media before.
Newsfeed: China And Japan Cut US Treasury Holdings As Federal Reserve Hikes Rates Read More »
U.S. mortgage rates jumped more than half a percentage point this week, an increase not seen in decades and one sure to price even more Americans out of the housing market.
Three weeks ago, we showed readers what happens when the infamous “Bullwhip effect” reversal takes place by presenting the unprecedented surge in the “Inventory to Sales” ratio for a broad range of US retailers covering the furniture, home furnishings and appliances, building materials and garden equipment, and a category known as “other general merchandise,” which includes Walmart and Target. Since then, this ratio has only gotten even more extended, and as shown below it is now at the highest level since the bursting of the dot com bubble!
Newsfeed: Deflationary Tsunami On Deck: A “Tidal Wave” Of Discounts And Crashing Prices Read More »
A little over a month ago, when mortgage rates were still “only” 5% we shared several devastating anecdotes from real estate agents and industry execs who validated our worst fears: US housing was imploding… fast, with subsequent observations only confirming this dire conclusion about the state of the most popular asset class among the US middle class.