After the collapse in housing starts data (and mortgage applications and homebuyer confidence and homebuilder sentiment), it should be no surprise that analysts expected existing home sales to continue their streak of declines in September.
Newsfeed: US Existing Home Sales Crash To 8 Year Lows Read More »
The U.S. housing market is absolutely imploding, but nobody should be surprised. In fact, we were warned way ahead of time that this would happen. When the Federal Reserve told us that they would be aggressively raising interest rates, we all knew what this would do to the housing bubble. It was obvious that home prices would fall, home sales would plummet and home builders would get absolutely crushed. Sadly, that is precisely what we are witnessing. But instead of reversing course after witnessing all the damage that they have caused, Fed officials are insisting that even more rate hikes are necessary. So as bad as things are right now, the truth is that they are going to get even worse in the months ahead.
Home sales and listings in September both slumped the most on record with the exception of the early months of the pandemic as rapidly rising mortgage rates prompted both buyers and sellers to stay put, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.
Rising costs have chipped away at most Americans’ standard of living. As inflation pressures continue, two-thirds of working adults said they are worse off financially than they were a year ago, according to a recent report by Salary Finance.
Rising costs have chipped away at most Americans’ standard of living. As inflation pressures continue, two-thirds of working adults said they are worse off financially than they were a year ago, according to a recent report by Salary Finance.
Renting is at the highest level in half a century, with 43.7 million households renting. Population-adjusted numbers are another matter. But what does it mean?
Newsfeed: Renters Surpass Homeowners in 41% of Zip Codes in the 50 Largest U.S. Cities Read More »
While it may take years for the hospitality industry to fully recover from the effects of the coronavirus pandemic, Hilton (HLT) CEO Chris Nassetta remains very optimistic about what lies ahead.
Newsfeed: Hilton CEO foresees ‘more bleisure’ in new ‘Golden Age of Travel’ Read More »
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 October after refusing to see what everyone else was seeing more months.. and what homebuyers were clearly feeling as prices soared along with mortgage rates and devastated affordability for most Americans. Against expectations of a small drop from 46 in September to 43 in October, the headline confidence index crashed to 38 – its lowest since the nadir of COVID-lockdown panic (that was worse than the weakest forecast of all economists surveyed)…
A key component propping up consumer prices is cooling, but it’s not yet reflected in the government’s inflation measure, according to experts.
Newsfeed: Key inflation gauge doesn’t fully capture cooling rent growth Read More »
If it seems like your energy bills have fell victim to price creep, you’re right. Data from the U.S. Bureau of Labor Statistics and the Energy Information Administration suggest that U.S. consumers have seen the largest increase in natural gas and electricity bills in decades.
Newsfeed: U.S. Energy Bills See Largest Rise In Decades—More Pain To Come Read More »