Amid surging layoffs in the real estate market, slumping homebuilder sentiment, soaring rates and plunging mortgage applications, it is no surprise that analysts expected a drop in Housing Starts and Permits in May (-1.8% MoM and -2.5% MoM respectively). Those numbers were destroyed as Housing Starts crashed 14.4% MoM and Permits plunged 7.0% MoM…
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The average interest rate on the most popular U.S. home loan climbed to its highest level since the 2008 financial crisis and purchase applications were down more than 15% from last year, Mortgage Bankers Association (MBA) data showed on Wednesday.
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Global bonds are on the cusp of entering a bear market after the fastest US inflation in four decades fueled bets the Federal Reserve will make its biggest interest-rate hike since 1994 this week.
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ATTOM, a leading curator of real estate data nationwide for land and property data, today released its May 2022 U.S. Foreclosure Market Report, which shows there were a total of 30,881 U.S. properties with foreclosure filings — default notices, scheduled auctions or bank repossessions — up 1 percent from a month ago but up 185 percent from a year ago.
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Despite the Fed’s most aggressive interest rate hike since 2000, consumer prices continued to surge in May, adding to fears that inflation may be out of control. According to the U.S. Bureau of Labor Statistics, the Consumer Price Index for All Urban Consumers (CPI-U) increased 8.6 percent over the last 12 months before seasonal adjustment, the highest reading since December 1981.
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Federal Reserve Chair Jerome Powell is facing an increasingly grim calculus after yet another hot inflation reading last week: He probably has to push the economy into recession in order to regain control of prices.
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Today’s US inflation print continued the trend of upside surprises, coming in at 8.6% YoY. In fact, in the past two years, there have been just two occasions when inflation came in below expectations, and judging by the market’s reaction, many more upside surprises lie in stock.
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The latest inflation figures are due on Friday and will reveal if consumer prices are signaling a peak or will remain at four-decade highs that have financially devastated American households.
Kim Drotar is a public school teacher who rents an apartment in St Louis. But she doesn’t have the best neighbors.
Newsfeed: Rents across U.S. rise above $2,000 a month for the first time ever Read More »
Another week, another collapse in the pace of mortgage applications as the Mortgage Bankers Association (MBA) reports a 6.5% week-over-week drop in mortgage applications …
Newsfeed: Mortgage Applications Crash To 22-Year-Low As Monthly Payments Rocket Higher Read More »