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Found 8 entries for August, 2022.

Weekly Review
Newsletter - 08/29/2022

Week of August 22, 2022, in Review

Fed Chair Jerome Powell gave an important speech at the annual Jackson Hole Economic Symposium, while two July housing reports showed a slowdown in signed contracts for new and existing homes. Here are the key stories:

  • Fed Chair Powell Vows to Continue Inflation Fight
  • Pending Home Sales Tick Lower in July
  • July’s New Home Sales Fizzle
  • What’s Ahead for Jobless Claims?
  • Second Quarter GDP Remains Negative

Fed Chair Powell Vows to Continue Inflation Fight

The Fed’s favorite measure of inflation, Personal Consumption Expenditures (PCE), showed that inflation fell 0.1% in July, which was in line with expectations. The year-over-year reading declined from

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Home values decreased for the first time in a decade, according to Zillow, and that's just one of several signs it's finally getting easier to buy a house.

The Zillow Home Value Index dropped in July for the first time since 2012, according to new data from the real estate website. The index, which uses Zillow data to measure the value of a typical home, fell 0.1% on a monthly basis.

That decrease may not seem like a lot (home values are still significantly higher than they were last year and the year before), but it’s likely a welcome relief for buyers who have been struggling in the red-hot market.

"Home values flattening so quickly after recent record growth might surprise,” Zillow Chief Economist Skylar Olsen said in a news release, “but

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Weekly Review
Newsletter - 08/22/2022

Week of August 15, 2022 in Review

July brought a slowdown in home sales and home construction. Does this mean we’re in a housing recession? Find out the answer and more in these crucial stories:

  • What the Slowdown in Existing Home Sales Means for Home Prices
  • Confidence Among Home Builders Falls Below Key Threshold
  • Key Takeaway From the Slowdown in Home Construction
  • The Significance of Jobless Claims Data
  • Fed Minutes Show Acknowledgment of Slowdown

What the Slowdown in Existing Home Sales Means for Home Prices

Existing Home Sales fell 5.9% from June to July to a 4.81 million unit annualized pace, per the National Association of Realtors (NAR). Sales were also down 20.2% when

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Weekly Review
Newsletter - 08/15/2022

Week of August 8, 2022 in Review

Both producer and consumer inflation were cooler than estimates last month, while Initial Jobless Claims moved higher once again. Here are last week’s key headlines:

  • Consumer and Producer Inflation Cooler Than Expected in July
  • Decline In Import Prices Also Signals Cooling Inflation
  • Inflation Remains Top Problem for Many Small Businesses
  • Initial Jobless Claims Continue to Tick Higher

Consumer and Producer Inflation Cooler Than Expected in July

The Consumer Price Index (CPI), which measures inflation on the consumer level, showed that inflation was flat in July. This was lower than the 0.2% increase expected. Note that a flat or 0.0% reading doesn’t mean

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  •  Buyer opportunities have returned to the Puget Sound market
  •          Active listings have nearly doubled from a year ago
  •          The market balance is favoring buyers
  •          “We are seeing builders moving their price points down and providing incentives to buyers in closing costs and buydowns to help borrowers obtain                  lower interest rates.”
  •          Overpriced listings have missed the market.

KIRKLAND, Washington (August 4, 2022) – New statistics from Northwest Multiple Listing Service confirm reports of a shifting housing market, prompting one industry leader to suggest “all parties involved in a transaction today have to recalibrate.”

“Today’s buyers have their cups finally overflowing with options as

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Weekly Review
Newsletter - 08/08/2022

Week of August 1, 2022 in Review

July’s Jobs Report was much stronger than expected, but what’s really going on? Plus, the Fed’s take on the labor sector and the latest scoop on home price appreciation. Here are the key headlines:

  • July Jobs Report a Big Surprise
  • The Fed’s Take on the Labor Market, Inflation and Recession
  • Initial Jobless Claims Continue to Creep Higher
  • Home Prices Still Forecast to Appreciate at Meaningful Level

July Jobs Report a Big Surprise

 

The Bureau of Labor Statistics (BLS) reported that there were 528,000 jobs created in July, which was more than double the expectations of 250,000 new jobs. In addition, there were positive revisions to the data for May and

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Growing Number of Experts Calling for Substantial Home Price Declines

  • Significant price declines lie ahead, many experts argue.
  • Insider recently spoke with three experts calling for median home prices to fall.
  • Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
  • Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But what

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The Fed’s newest rate hike hits the market.

 

Weekly Review
Newsletter - 08/01/2022

Week of July 25, 2022 in Review

The last week of July was jam-packed with news, including a Fed rate hike, hot inflation numbers, crucial housing data and a negative reading for second quarter GDP. Here are the key headlines:

  • Fed Hikes Rates Another 75 Basis Points
  • Consumer Inflation Reaches 40-Year High in June
  • Signed Contracts on Existing and New Homes Slowed in June
  • Home Price Appreciation Still Hot in May
  • Does the Negative Second Quarter GDP Reading Signal a Recession?
  • Initial Jobless Claims Top 250,000 for Second Straight Week

Fed Hikes Rates Another 75 Basis Points

As expected, the Fed hiked its benchmark Fed Funds Rate

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