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.
After tumbling for the first time since 2012 in July, Case-Shiller’s 20-City Composite Home Price index was expected to drop for the third straight month in September (the latest data available) as mortgage rates soared, crushing affordability; and it did, with the 20-City Composite down 1.24% MoM (as the YoY rise slowed from 13.06% to 10.43%)…
Newsfeed: US Home Prices Declined For 3rd Straight Month In September Read More »
Homebuyer affordability worsened in October as higher mortgage rates pushed the monthly payment to record highs.
Newsfeed: Housing: Median mortgage payment reaches record high in October Read More »
In the most recent quarter, investor home-buying saw the largest drop since the 2008 financial crisis—30-percent year-over-year, according to Redfin.
Newsfeed: Investor Home-Buying Falls at Record Rate Read More »
Home sales declined for the ninth straight month in October, as higher interest rates and surging inflation kept buyers on the sidelines. Sales of previously owned homes dropped 5.9% from September to October, according to the National Association of Realtors. That is the slowest pace since December 2011, with the exception of a very brief drop at the beginning of the Covid-19 pandemic.
As mortgage rates have risen this year, the buyer demand for homes has fallen. That has spelled trouble for the home construction business. Homebuilder confidence dropped for the tenth straight month in October. The decline in builder sentiment reflects what economist Ian Shepherdson describes as “housing … in free fall.
Newsfeed: The Housing Boom Is Already Over. The Housing Shortage Will Continue. Read More »
As mentioned in a previous post, when I have looked at previous right to left, and left to right political swings, they seem to happen globally, and they seem to happen roughly at the same time. A global shift left happened in the 1930s, and kept shifting until 1970s, when it began to shift back to the right. We are now well into a shift back to the left, that began in 2016. As also highlighted, modern democracies are filled with checks and balances to slow political shifts, but they still happen.
Newsfeed: Are Rent Controls Coming? Read More »
The US housing affordability crisis continues to worsen as mortgage rates skyrocket to two-decade highs while the cost of an average home is still at bubbly levels. Financing costs are through the roof, and anyone earning less than $100,000 has been priced out of homeownership.
It appears delusion and hope can only last so long – even when one’s salary depends on it – as US homebuilder confidence crashed to COVID lockdown lows in November after refusing to see what everyone else was seeing more months…
Following the declines in new- and existing-home sales, analysts (unsurprisingly) expected to see pending home sales drop for the 10th month of the last 11. They were right BUT the magnitude was remarkable.
Newsfeed: US Pending Home Sales Collapsed In October, Weakest Since 2010 Read More »