Weekly Review
Newsletter - 09/26/2022

Week of September 19, 2022 in Review

Despite slowing activity in the housing market, supply remains tight. Plus, the Fed’s latest rate hike caused volatility in the markets. Here’s what you need to know:

  • Fed Hikes Rates Another 75 Basis Points
  • Low Housing Inventory Remains Supportive of Prices
  • Household Formations Continue to Outpace Completions
  • More Home Builders Offering Incentives as Confidence Wanes
  • Low Jobless Claims Show Labor Market Remains Tight

Fed Hikes Rates Another 75 Basis Points

As expected, the Fed hiked its benchmark Fed Funds Rate by an aggressive 75 basis points at its meeting last Wednesday. This follows the 25, 50, 75 and 75 basis point hikes the Fed previously…

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After a tumultuous summer for real estate, autumn is nearly here. As of mid-September, the benchmark 30-year fixed-rate mortgage average is hovering just north of 6 percent, and skyrocketing home prices are finally starting to drop, and in some area literally tumble.

Here are our prediction on which directions the housing market will head in as the leaves start to change.

The Housing Market Is About to Be Hammered

That’s a tough opening statement and it’s meant to get your attention. Here is how the pros back that up.

The market seems to be cooling dramatically, and Rick Sharga, executive vice president of market intelligence for ATTOM Data Solutions, says the signs are undeniable. Case in point: July marked the seventh consecutive month…

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Weekly Review
Newsletter - 09/19/2022

Week of September 12, 2022 in Review

Last week’s inflation data had a big impact on Stocks, Mortgage Bonds and mortgage rates, while chatter of a global recession made headlines. Don’t miss these important details:

  • Markets Plunge After Hotter Than Anticipated Consumer Inflation
  • Initial Jobless Claims Decline for Fifth Straight Week
  • Retail Sales, GDP and Global Recession Talk
  • Crippling Railway Strike Averted

Markets Plunge After Hotter Than Anticipated Consumer Inflation

The Consumer Price Index (CPI), which measures inflation on the consumer level, showed that inflation increased by 0.1% in August. Although this is a low figure, it was larger than the -0.1% decline that was expected.

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The 30-year fixed-mortgage rate topped 6% for the first time since 2008 in the Mortgage Bankers Association’s Weekly Mortgage Applications Survey for the week ended Sept. 9. 

Mortgage applications declined 1.2% on a seasonally adjusted basis from the previous week, the MBA said, citing its Market Composite Index, while the association’s Refinance Index slid 4% week over week and 83% year over year. 

“Higher mortgage rates have pushed refinance activity down more than 80% from last year and have contributed to more homebuyers staying on the sidelines,” MBA associate vice president of economic and industry forecasting Joel Kan said in a press release. “Government loans, which tend to be favored by first-time buyers, bucked this trend and increased…

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  • Pending sales drop nearly 22% from a year-ago
  •          Closings were down about 24% from a year ago
  •          Economist Gardner expects prices will soften.
  •          trend toward a more balanced market.
  • Mortgage rates are at their highest level since the Great Recession, according to data released by Freddie Mac Thursday, as housing affordability continues to slump.
  • The 30-year fixed mortgage rate is now 5.89%, according to Freddie Mac, up from 5.66% last week and 2.88% at this time last year.
  • Mortgage rates are now at their highest since November 2008, when Freddie Mac reported a 6.04% 30-year rate.
  • Mortgage rates have climbed as the Federal Reserve raises interest rates to tame inflation.

Surprising Fact


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Weekly Review
Newsletter - 09/12/2022

Week of September 5, 2022 in Review

News about home price appreciation and unemployment claims highlighted an otherwise quiet economic calendar, while Fed Chair Jerome Powell’s comments about inflation moved the markets. Here are the crucial takeaways:

  • Home Prices Still Forecasted to Appreciate at Meaningful Level
  • Initial Jobless Claims Reach Lowest Level Since Late May
  • Fed Talks Tough About Inflation

Home Prices Still Forecasted to Appreciate at Meaningful Level

CoreLogic released their Home Price Index report for July, showing that home prices declined by 0.3% from June but were 15.8% higher than July last year. This annual reading declined from 18.3% in June but is still significant.…

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Weekly Review
Newsletter - 09/06/2022

Week of August 29, 2022 in Review

Important labor sector reports made headlines ahead of the Labor Day holiday, while home prices continue to rise. Don’t miss these key stories:

  • Young Americans Dominate August’s Jobs Report
  • Private Payrolls Show a Slowing Trend
  • Initial Jobless Claims Moderate in Recent Weeks
  • Home Prices Continue to Rise, Albeit at a Slower Pace

Young Americans Dominate August’s Jobs Report

The Bureau of Labor Statistics (BLS) reported that there were 315,000 jobs created in August, coming in just above expectations of 300,000 new jobs. However, there were negative revisions to the data for June and July that subtracted 107,000 jobs in those months combined. The…

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What's going on? High-cost tech hubs, like San Francisco and Seattle, are getting hit hard by the tech slowdown. Not only are their high-end real estate markets more rate sensitive, but so are their tech sectors.

Back in June, Fed Chair Jerome Powell made it clear to reporters: The Pandemic Housing Boom was over. Heading forward, he said, spiked mortgage rates would push the U.S. housing market into a slowdown.

“We saw [home] prices moving up very very strongly for the last couple of years. So that changes now. And rates have moved up. We are well aware that mortgage rates have moved up a lot. And you are seeing a changing housing market. We are watching it to see what will happen. How much will it really affect residential investment? Not…

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