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Newsfeed: Homeownership Still Unaffordable Across Most of U.S. But Declining Home Prices May Provide Relief for Homebuyers

Newsfeed: Homeownership Still Unaffordable Across Most of U.S. But Declining Home Prices May Provide Relief for Homebuyers

Major Home-Ownership Costs Require 30 Percent of Average National Wage in Third Quarter of 2022; But Portion of Wages Needed for Home Ownership Dips as Home Prices Decrease Quarterly, to $340,000; Historic Affordability Remains Worse Than Average Almost Everywhere Across Nation

Newsfeed: Homeownership Still Unaffordable Across Most of U.S. But Declining Home Prices May Provide Relief for Homebuyers Read More »

Newsfeed: China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing’s prior interventions have failed to stem its currency’s worst year since 1994

Newsfeed: China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing’s prior interventions have failed to stem its currency’s worst year since 1994

The People’s Bank of China has told major state-run banks to prepare to shed dollar holdings while snapping up offshore yuan, which has continued to fall despite prior interventions, sources told Reuters.

Newsfeed: China tells state banks to prepare for a massive dollar dump and yuan buying spree as Beijing’s prior interventions have failed to stem its currency’s worst year since 1994 Read More »

Newsfeed: Mortgage refinancing drops to a 22-year low as interest rates surge even higher

Newsfeed: Mortgage refinancing drops to a 22-year low as interest rates surge even higher

Mortgage rates drove even higher last week after the Federal Reserve signaled it would continue its aggressive action to cool inflation. That, and rising uncertainty in the overall housing market, caused mortgage application volume to drop 3.7% last week compared with the previous week, according to the Mortgage Bankers Association’s seasonally adjusted index.

Newsfeed: Mortgage refinancing drops to a 22-year low as interest rates surge even higher Read More »

Newsfeed: US Pending Home Sales Tumbled To 11 Year Lows (Ahead Of Recent Rate Spike)

Newsfeed: US Pending Home Sales Tumbled To 11 Year Lows (Ahead Of Recent Rate Spike)

With mortgage rates soaring (now shockingly above 7% amid the fastest rise in history), it’s no surprise that analysts expected pending home sales to slide further in August (latest data) and they were right. Pending Home Sales fell 2.0% MoM (more than the 1.5% MoM decline expected) pushing the index down 22.5% YoY…

Newsfeed: US Pending Home Sales Tumbled To 11 Year Lows (Ahead Of Recent Rate Spike) Read More »

Newsfeed: 30-Year US Mortgage Rises Above 7% For The First Time Since 2000; Fastest Surge In History

Newsfeed: 30-Year US Mortgage Rises Above 7% For The First Time Since 2000; Fastest Surge In History

Less than two weeks ago we cited Freddie Mac according to which the average 30 year US mortgage just rose above 6% for the first time since 2008, with real-estate brokerage Redfin commemorating the move by saying that “This Is The Sharpest Turn In The Housing Market Since The 2008 Crash.” Well, just a few days later, Jeff Gundlach was so kind to point out this evening…

Newsfeed: 30-Year US Mortgage Rises Above 7% For The First Time Since 2000; Fastest Surge In History Read More »

Newsfeed: The Housing Bubble Has Officially Burst : Case-Shiller Records First Drop In Home Prices Since 2012

Newsfeed: The Housing Bubble Has Officially Burst : Case-Shiller Records First Drop In Home Prices Since 2012

Analysts expected Case-Shiller Home Price growth to continue its modest deceleration in August (the latest available data in this heavily lagged and smoothed data set), but the result was a doozy: the 20-City Composite index tumbled 0.44% MoM, far below the 0.20% expected increase, and a sharp decline from the downward revised 0.19% increase in July; more importantly, this was the first sequential drop in home prices tracked by Case-Shiller since March 2012, or ten and a half years.

Newsfeed: The Housing Bubble Has Officially Burst : Case-Shiller Records First Drop In Home Prices Since 2012 Read More »

Newsfeed: 10Y Yield Soars To 12 Year High After Dismal 2Y Auction

Newsfeed: 10Y Yield Soars To 12 Year High After Dismal 2Y Auction

One minute after 1pm, the Treasury announced results from today’s sale of $43 billion in 2Y paper, which were nothing short of disastrous. The high yield – already the highest in 15 years – was almost a full percent, or 98bps, above August’s 3.307%, and stopping at a high yield of 4.290%, the auction tailed the When Issued 4.274% by 1.6bps, the biggest tail going back to feb 2020 when the bond market was similarly paralyzed, but back then it was due to covid.

Newsfeed: 10Y Yield Soars To 12 Year High After Dismal 2Y Auction Read More »

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