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Found 8 entries for July, 2022.

Weekly Review
Newsletter - 07/25/2022

Week of July 18, 2022 in Review

The latest housing data shows that while homebuyer activity may be slowing, demand remains strong. Meanwhile, homebuilders continue to face a backlog, and Jobless Claims are on the rise. Here’s what you need to know:

  • More to Existing Home Sales Data Than Meets the Eye
  • Builders Cautious About Future Sales
  • Construction Data Shows Continued Backlog
  • Initial Jobless Claims Top 250,000 for the First Time This Year

More to Existing Home Sales Data Than Meets the Eye

Related Links: Real Estate Weekly Report - Housing Market Remains Strong

Existing Home Sales fell 5.4% from May to June, coming in at a 5.12 million unit annualized pace and worse than

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Weekly Review
Newsletter - 07/19/2022

Week of July 11, 2022 in Review

Inflation continues to soar on the consumer and wholesale levels while there are more signs that our economy is slowing. Here are last week’s key stories:

  • Consumer Inflation Remains Blistering Hot
  • Producer Inflation Also Higher Than Expectations
  • Are Jobless Claims the “Canary in the Coal Mine?”
  • More Economic Slowdown Signals
  • Housing Market Remains Strong

Consumer Inflation Remains Blistering Hot

The Consumer Price Index (CPI), which measures inflation on the consumer level, rose 1.3% in June. This was even higher than the 1.1% increase expected. On an annual basis, inflation rose to a new cycle high from 8.6% to 9.1%, the largest 12-month increase since

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Weekly Review
Newsletter - 07/11/2022

Week of July 4, 2022, in Review

Week of July 4, 2022, in Review

The Jobs Report for June appeared strong on the surface, but that’s not the whole story. Annual home price appreciation remained over 20% in May. Here’s what you need to know:

  • A Tale of Two Jobs Reports
  • Do Jobless Claims and Job Openings Signal a Slowdown?
  • A Note on Private Sector Payroll Reporting
  • Home Prices Up 20.2% Annually in May

A Tale of Two Jobs Reports

 

The Bureau of Labor Statistics (BLS) reported that there were 372,000 jobs created in June, stronger than the expectations of 250,000 new jobs. However, there were negative revisions to the data for April and May removing 74,000 jobs in those months

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Weekly Review
Newsletter - 07/05/2022

Week of June 27, 2022 in Review

Consumer inflation remained near a 40-year high, and home purchase activity stayed strong in May. Home prices also continued to rise in April. Here’s what you need to know:

  • Consumer Inflation Remains Near 40-Year High
  • Home Purchase Activity Still Standing Strong
  • Home Price Appreciation Remained Hot in April
  • Final First Quarter GDP Reading Sparks More Recession Fears
  • Keeping an Eye on Jobless Claims

Consumer Inflation Remains Near 40-Year High

The Fed’s favorite measure of inflation, Personal Consumption Expenditures (PCE), showed that headline inflation rose 0.6% in May, slightly below the estimates of 0.7%. The year over year reading remained near a

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Compared to a year ago, Northwest MLS (NWMLS) brokers reported:

  •          Significant jump in inventory,
  •          double-digit drops in both pending and closed sales
  •          And the smallest year-over-year (YOY) increase in prices since June 2020.

What the changes mean in general terms are:

  •          More houses on the market
  •          Longer market times
  •          Stabilizing home prices
  •          Fewer showings and open house visitors
  •          Fewer offers at one time
  •          And more price adjustments

KIRKLAND, Washington (July 6, 2022) – Housing statistics from Northwest Multiple Listing Service for June show signs of a shifting market, creating opportunities for some buyers. Compared to a year ago,

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Mortgage lending took a nosedive across the U.S. in the first quarter of 2022, according to a new report from ATTOM. 

Secured mortgages fell 18% from the fourth quarter of 2021 and were down 32% from the same time last year — the biggest year-over-year drop since 2014. This marked the fourth quarterly decrease, which the data management company said was the result of “double-digit downturns in purchase and refinance activity, even as home-equity lending rose.”

Along with the 32% decline in residential mortgages, the report found the number of new loans fell for the fourth straight quarter, meanwhile refinance lending fell another 22% and purchase mortgages were down 18%. 

Mortgage rates have climbed to their highest level since 2008, pinching

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Weekly Review
Newsletter - 06/27/2022

Week of June 20, 2022 in Review

Inventory issues continue to impact home sales and rental home prices, while Fed Chair Powell said a recession is “certainly a possibility.” Here are the key stories:

  • Existing Home Sales Still Strong Into Summer
  • The Real Scoop on New Home Inventory
  • Fed Chair Powell Testifies That Recession Is “Certainly a Possibility”
  • Single-family Rent Price Growth Hits New Record
  • Is An Increase In Jobless Claims Ahead?

Existing Home Sales Still Strong Into Summer

Existing Home Sales, which measure closings on existing homes, showed sales were down 3.4% in May at a 5.41 million-unit annualized pace. This data likely reflects people shopping for homes in March and

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