Category Archives: Economics

Welcome Back

Posted on July 7, 2023 by grim

From Mortgage News Daily: Highest Mortgage Rates Since November It seems like just last week (because it was) we were commenting on the extreme LACK of volatility in the mortgage rate landscape.  Starting last Thursday, things have changed quickly, and … Continue reading →

Posted in Economics, Mortgages, National Real Estate | 75 Comments

Room to run?

Posted on July 6, 2023 by grim

From Yahoo Finance: Housing expert: ‘Convincing price rebound to come next year’ Home prices are expected to decline slightly this year before growing again in earnest in 2024. “We had been among the more bullish outlooks for this year for … Continue reading →

Posted in Economics, Housing Bubble, National Real Estate | 110 Comments

How much more unaffordable can it get?

Posted on July 5, 2023 by grim

From ATTOM: Home Affordability Worsens Across U.S. During Second Quarter Of 2023 As Home Prices Tick Upwards ATTOM, a leading curator of land, property, and real estate data, today released its second-quarter 2023 U.S. Home Affordability Report showing that median-priced single-family … Continue reading →

Posted in Demographics, Economics, Employment, Housing Bubble, National Real Estate | 60 Comments

Up Up Up

Posted on July 2, 2023 by grim

From JerseyDigs: Study Says New Jersey Home Sale Prices Have Jumped Almost 18% in Two Years Real estate in New Jersey has continued its upward ascent despite choppy economic conditions and a new study of home sales shows New Jersey’s … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate, New Jersey Real Estate | 148 Comments

The Great Migration Continues

Posted on June 30, 2023 by grim

From Redfin: Drought-Stricken Phoenix Is the Top Destination For Relocating Homebuyers A record share of homebuyers are relocating because high mortgage rates have made housing more expensive than ever, making relatively affordable areas more attractive. Phoenix, Las Vegas and Miami–where … Continue reading →

Posted in Demographics, Economics, National Real Estate | 80 Comments

Recovery!

Posted on June 28, 2023 by grim

From CNBC: Home prices rose for third straight month in April, S&P Case-Shiller index says Home prices peaked last June, falling sharply through the beginning of this year. Now, they’re recovering steadily. Home prices in April were still down 0.2% … Continue reading →

Posted in Demographics, Economics, Housing Recovery, National Real Estate | 78 Comments

I’m going where there’s no depression, to the lovely land that’s free from care. 

Posted on June 27, 2023 by grim

From Ritholtz: What Recession? Rising rates, falling savings, increased deficits, dubious GDP: Ever since the yield curve inverted and warnings of “imminent recession” filled the air, the Philly Fed’s map of State Coincident Indexes has provided a good real-time snapshot of the state … Continue reading →

Posted in Demographics, Economics, Employment, National Real Estate | 59 Comments

Getting uglier in the UK

Posted on June 26, 2023 by grim

From CNBC: Mortgage catastrophe brews in Britain as millions are pushed toward insolvency There is intensifying pressure on Britain’s government to do more to help struggling households, with the country’s shadow finance minister warning of a “mortgage catastrophe” as millions … Continue reading →

Posted in Crisis, Economics, Foreclosures, Mortgages | 36 Comments

Bottom?

Posted on June 22, 2023 by grim

From Redfin: There Were Fewer Homes for Sale in May Than Any Other Month on Record The number of homes for sale in the U.S. fell 7.1% year over year to 1.4 million on a seasonally adjusted basis in May. … Continue reading →

Posted in Demographics, Economics, Housing Bubble, National Real Estate | 80 Comments

Could be worse, we could be the UK

Posted on June 19, 2023 by grim

From the Guardian: Millions are facing soaring mortgage rates. How did we leave them so vulnerable? There is a cross-party consensus that Britain as a property-owning democracy should promote home ownership. To that end, 7.5 million people hold a record £1.7tn … Continue reading →

Posted in Crisis, Demographics, Economics, Mortgages, Philly | 76 Comments

Past Peak Mortgage?

Posted on June 17, 2023 by grim

From CNN: Mortgage rates tick down for the second week in a row Mortgage rates ticked down this week for the second week in a row, as investors absorbed the Federal Reserve’s expected pause on raising the federal funds rate after 10 … Continue reading →

Posted in Economics, Mortgages, National Real Estate | 33 Comments

Pending sales tracking far below previous years

Posted on June 16, 2023 by grim

From Redfin: Housing Market Update: There Are Nearly 40% Fewer Homes For Sale Than Pre-Pandemic The total number of U.S. homes for sale dropped 6% from a year earlier during the four weeks ending June 11, the biggest decline in … Continue reading →

Posted in Demographics, Economics, Employment, Housing Bubble, National Real Estate | 63 Comments

Fed presses pause

Posted on June 15, 2023 by grim

From CNN: The Fed holds rates steady, pausing its rate-hiking campaign The Federal Reserve said Wednesday it would pause its historic rate-hiking campaign as it waits for the effects to trickle further through the economy, but signaled that additional rate hikes are … Continue reading →

Posted in Economics, Employment, Mortgages, National Real Estate, Politics | 93 Comments

NYC not bulletproof

Posted on June 14, 2023 by grim

From the Real Deal: I-sales recap: Midtown offices sell for steep discounts A pair of Midtown office buildings once valued above $40 million recently sold for about half of that amount, dragging the properties into the mid-market range and topping … Continue reading →

Posted in Economics, National Real Estate, NYC | 51 Comments

Keep Spending, Boomers.

Posted on June 13, 2023 by grim

From CNN: Gen Z and Millennials are scrimping. Boomers? Living it up Baby Boomers are living it up, splurging on cruises and restaurants. Younger Americans are struggling just to keep up. Bank of America internal data shows a “significant gap” … Continue reading →

Posted in Demographics, Economics, National Real Estate | 88 Comments