Second quarter profits at big U.S. banks are expected to fall sharply from a year earlier on increased loan loss reserves, as the pandemic recovery gives way to a possible recession.
Newsfeed: Big U.S. banks’ second quarter profits to tumble on higher bad loan reserves Read More »
Housing has become increasingly unaffordable to millions of Americans — with home prices and mortgage rates continuing to rise (see the lowest rates you may qualify for now here).
Just as we warned back in March, housing affordability, as measured by Goldman Sachs, has deteriorated to its worst level on record.
Newsfeed: Housing Crisis Worsens As Affordability Reaches Record Low Read More »
After a string of steady increases, mortgage rates fell this past week — a mixed blessing for the fragile U.S. economy. The lower rate on a 30-year fixed mortgage is a relief for home shoppers who have been watching rates climb, but it’s also a sign that a recession could very well be around the corner as the market slows.
The pandemic housing boom hit a peak and should start rolling over as rising inventory forces some home sellers to slash prices. The weight of soaring mortgage rates and increasing inventory are the possible markings of a top that has already led some sellers in major US cities to cut listing prices.
Newsfeed: Home Price Cuts, Rising Inventories Are Ominous Signs Of Top Read More »
With home sales weakening across the nation (while mean home prices are surging relative to median, signaling higher-end homes dominating the sales) and homebuilder sentiment slumping, this morning’s Case-Shiller (newly minted S&P CoreLogic CS) home price index data unexpectedly accelerated even higher.
Newsfeed: Case-Shiller Home Prices Soared By Record In April, But… Read More »
US cities that saw some of the biggest jumps in home prices during the pandemic now have the largest shares of price cuts, according to data compiled by Zillow Group Inc.
Newsfeed: Hottest US Housing Markets Now Have Bigger Share of Price Cuts Read More »
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.
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 »
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 »