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☆ Americans are savings less these days. Here’s why and what that means
▼ + stars: | 2024-04-14 | by ( Bryan Mena | ) edition.cnn.com time to read: +7 min

Washington CNN —Americans haven’t been stashing money into their savings accounts like they used to, according to government statistics. Put together, this may have resulted in “a structurally lower saving rate,” according to the report. What does the lower saving rate of nowadays say about the US consumer? Households are continuing to spend at these elevated rates and one reason is because of the lower saving rate. You’re just not seeing a reversal back to pre-Covid levels, which isn’t shocking when you look back historically to what has happened to the saving rate.

Persons: haven’t, “, Wells, Bell, Shannon Seery Grein, There’s, they’ve, we’ve, Matt Egan, ” Paul Knopp, Read, Goldman Sachs, Charles Schwab, Lorie Logan, Mary Daly, Johnson, Morgan Stanley, Jerome Powell, Loretta Mester, John Williams, Raphael Bostic, Austan Goolsbee Organizations: Washington CNN, Wells, KPMG, CNN, Gallup, T Bank, US Commerce Department, National Association of Home Builders, China’s National Bureau of Statistics, Johnson, Bank of America, PNC, The Bank of New York Mellon, Northern Trust, United Airlines, Federal Reserve, Abbott Laboratories, Discover, Citizens, Cleveland Fed, Taiwan Semiconductor Manufacturing, Netflix, Alaska Air, National Association of Realtors, Fed, US Labor Department, Procter & Gamble, American Express . Chicago Fed Locations: Wells Fargo, United States, Europe, UnitedHealth, Blackstone

☆ Wall Street heads into the week ahead on edge as traders brace for a raft of earnings, economic data
▼ + stars: | 2024-04-12 | by ( Sarah Min | ) www.cnbc.com time to read: +7 min

How the corporate America is handling sticky inflation and the prospect of higher interest rates will be top of mind for investors in the week ahead, after this week's choppy moves. The first-quarter earnings season, which kicked off Friday, will give Wall Street insight into how businesses expect to weather an environment of elevated interest rates. More macro data, such as U.S. retail sales, will give insight into how the consumer is handling higher pricing pressures. First-quarter earnings season underway The corporate earnings season kicks into high gear in the week ahead. This week, the small cap Russell 2000 is on track for a losing week, down by more than 1%.

Persons: Bob Doll, CNBC's, Wolfe, Rob Ginsberg, Ginsberg, Goldman Sachs, Morgan Stanley, FactSet, Robert Haworth, Haworth, Charles Schwab, Johnson, D.R, KeyCorp Organizations: Dow Jones Industrial, Exxon Mobil, Costco, Apple, Crossmark, Investments, Investors, Bank of America, Consumer, U.S . Bank, Index, Retail, T Bank, Housing, Manufacturing, Hunt Transport Services, United Airlines, Johnson, Bank of New York Mellon, UnitedHealth Group, Northern Trust, CSX, Discover Financial Services, Prologis, U.S . Bancorp, Philadelphia Fed, American Express, Procter, Gamble, Fifth Third Bancorp, Schlumberger Locations: America, China, NAHB, Vegas Sands, U.S, Horton

☆ Homebuilder sentiment turns positive for the first time since July
▼ + stars: | 2024-03-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Homebuilder sentiment rose 3 points in March to 51 on the National Association of Home Builders/Wells Fargo Housing Market Index. Sentiment also moved into positive territory for the first time since July. Fifty is the line between positive and negative sentiment. "But even though there is strong pent-up demand, builders continue to face several supply-side challenges, including a scarcity of buildable lots and skilled labor, and new restrictive codes that continue to increase the cost of building homes." Regionally, on a three-month moving average, sentiment rose most in the Midwest and West.

Persons: Carl Harris, Robert Dietz Organizations: National Association of Home Builders, West, Builders, Federal Reserve Locations: Wells Fargo, Wichita , Kansas, Midwest

☆ Presidential election or not, economists say, the Fed will cut interest rates in the fall if it must
▼ + stars: | 2024-03-17 | by ( Bryan Mena | ) edition.cnn.com time to read: +8 min

Fed officials have said they will begin to cut rates whenever they have “gained enough confidence” that inflation is under control. The Bank of Japan announces its latest interest rate decision. The Reserve Bank of Australia announces its latest interest rate decision. The Federal Reserve announces its latest interest rate decision and releases a fresh set of economic projections, followed by a news conference featuring Chair Jerome Powell. The Bank of England announces its latest interest rate decision.

Persons: Wall Street’s, “, ” Kathy Bostjancic, ”, Jerome Powell, ” Powell, Fed hasn’t, Nathaniel Beck, Elizabeth Warren of, Powell, lambasting, Donald Trump, reappoint Powell, ” Kayla Bruun, David Goldman, Anna Bahney, Cowen, Lennar, Mills Organizations: CNN Business, Bell, Washington CNN, Federal Reserve, Fed, Nationwide, CNN, Elizabeth Warren of Massachusetts, Democratic, Republican, Morning, National Association of Realtors, NAR, Realtors, Toll Brothers, National Association of Home Builders, Bank of Japan, Reserve Bank of Australia, US Commerce Department, Micron Technology, Prudential, Accenture, Nike, FedEx, lululemon, Darden, Academy Sports, Bank of England, US Labor Department, Global Locations: Washington, Wells Fargo

☆ All eyes will be on the Federal Reserve's interest rate outlook next week, Nvidia conference on deck
▼ + stars: | 2024-03-15 | by ( Sarah Min | ) www.cnbc.com time to read: +5 min

How the Federal Reserve plans to proceed with interest rates will be in focus next week after some recent signs of hotter inflation muddied the outlook. In December, policymakers had penciled in at least three quarter percentage point rate cuts in 2024. On Friday, stocks were headed for a losing week even after the S & P 500, for example, notched a fresh closing record just this week. The chipmaker will be under increased scrutiny next week as CEO Jensen Huang takes the stage for the company's annual AI conference. TD Wealth's Vaidya anticipates four rate cuts coming in the third and fourth quarters, though he said that outlook will remain data dependent.

Persons: Sid Vaidya, Jensen Huang, Lorie Logan, Molly McGown, McGown, Brian Nick, Wealth's Vaidya, Nick, Mills, —, Samantha Subin Organizations: Federal Reserve, Fed, Nvidia, Dallas, TD Securities, Securities, McGown, Bank of America, Housing, Micron Technology, Philadelphia Fed, PMI, PMI Manufacturing, PMI Services SA, Nike, FedEx, Darden Locations: U.S, NAHB

☆ Mortgage rates shoot to 2-month high after new report shows inflation is still hot
▼ + stars: | 2024-02-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +3 min

Homebuyers are facing a worsening affordability situation with mortgage rates hovering around the highest levels in more than a decade. Mortgage rates shot higher Friday after a monthly government report on wholesale prices showed inflation is still persistent and hotter than most analysts had expected. Mortgage rates hit their last high in October but then fell sharply over the next two months, leveling out at around 6.6% in December. In February's report, builders said they expected mortgage rates to continue to moderate in the coming months. "And while mortgage rates still remain too high for many prospective buyers, we anticipate that due to pent-up demand, many more buyers will enter the marketplace if mortgage rates continue to decline this year."

Persons: Matthew Graham, Alicia Huey Organizations: Mortgage News, . Census, National Association of Home Builders Locations: Albany , California, Birmingham , Alabama

☆ Mortgage rates rise for the second week, reaching 6.77%
▼ + stars: | 2024-02-15 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —After treading water for months, US mortgage rates jumped higher Thursday following a string of strong employment and inflation reports. “On the heels of consumer prices rising more than expected, mortgage rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The addition of needed inventory and the prospect of lower mortgage rates this year may spur buyers to jump into the market. “This spring, buyers are likely to see lower mortgage rates than in the fall of 2023, which may mean more eager buyers in the market,” Jones said.

Persons: Freddie Mac, ”, Sam Khater, Freddie Mac’s, Khater, Bob Broeksmit, Broeksmit, Jerome Powell, Hanna Jones, who’ve, Lisa Sturtevant, Jones, Alicia Huey, ” Jones Organizations: DC CNN, “, Mortgage Bankers Association, Labor Department, Federal Reserve, Realtor.com, National Association of Home Builders Locations: Washington, ”

☆ The Fed probably won’t cut rates in March. Here’s what that means for markets
▼ + stars: | 2024-02-11 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Investors now expect that the Fed will begin easing back rates in May or June, according to the CME FedWatch Tool. Before the Bell: What does the Fed’s signal that it won’t cut rates in March mean for markets? I think what’s important for the markets themselves is the fact that the Fed has signaled they’re going to cut rates. So, they’re going to cut rates at some point this year, probably May or June is going to be the first cut that we get. There’s a lot of areas where your earnings … start to reaccelerate higher, and that’s a good thing.

Persons: Stocks, Jerome Powell, Bell, Matt Orton, I’ve, We’re, it’s, Matt Egan, Read, Price Organizations: CNN Business, Bell, New York CNN, Investors, Fed, Raymond James Investment Management, The Conference, Conference, Avis Budget Group, Hasbro, Cola, Molson Coors, The, Labor Statistics, Kraft, Heinz, The Commerce Department, National Association of Home Builders, University of Michigan Locations: New York, Wells Fargo

☆ The S&P 500 will try to maintain its momentum next week after breaching 5,000, with key inflation data, earnings on deck
▼ + stars: | 2024-02-09 | by ( Sarah Min | ) www.cnbc.com time to read: +9 min

The S & P 500 broke past 5,000 for the first time ever this week, but investors will see if the momentum can stick in the week ahead with more inflation data and earnings results on deck. On Friday, both the S & P 500 and the Nasdaq Composite were headed for their fifth straight week of gains, and their 14th winning week in 15. FactSet data shows S & P 500 earnings are tracking to have risen 2.8% in the fourth quarter, which would be a second straight quarter of earnings growth, and some expect that positive momentum will remain intact in the weeks ahead. A cooler-than-expected print has the potential to be greeted with enthusiasm, sending the S & P 500 even higher. The S & P 500 is up by 5% this year, with Nvidia higher by more than 40%.

Persons: Jeremy Siegel, CNBC's, Siegel, Karim El Nokali, we've, Tony Welch, Dow, SignatureFD's Welch, there's, Welch, Russell, Jason Hunter, that's, Hunter, Matt Kishlansky, Biogen, Kraft Heinz, Generac Organizations: Treasury, Wharton Business, Nasdaq, Arista Networks, Marriott International, Occidental Petroleum, Deere, Applied Materials, Dow Jones, Wall, Nvidia, Arm Holdings, JPMorgan, New York Community Bancorp, Federal Reserve, Treasury Budget, Waste, CPI, MGM Resorts International, Akamai Technologies, Howmet Aerospace, Molson Coors Beverage, Hasbro, Price, Index, Philadelphia Fed, Retail, Manufacturing, Housing, PPI Locations: SignatureFD, U.S, Long, GenTrust, Albemarle, NAHB, Michigan

☆ The housing market is heating back up. But only a small percentage of new homes are fully-built.
▼ + stars: | 2024-01-25 | by ( Filip De Mott | ) www.businessinsider.com time to read: +2 min

Read previewNew-home sales rebounded in December, rising 8% as homebuyers rushed to take advantage of falling mortgage rates, US Census Bureau data shows. But while consumers appear eager to re-engage with the housing market, new purchases don't mean an immediate move-in for some. This decline from 8% peak levels in October was spurred by bets that the Federal Reserve would start cutting interest rates. Of that, new homes took on a bigger share of the inventory, as high mortgage rates kept homeowners from selling. Still, NAHB's CEO Jim Tobin separately expects construction and demand to take off in 2024, once consumers realize ultra-low mortgage rates aren't coming back.

Persons: —, homebuyers, Skillington, Jim Tobin Organizations: Service, Business, Federal Reserve, National Association of Homebuilders

☆ Your 401(k), gas prices and homes: 3 surprising reasons to be happy — for now
▼ + stars: | 2024-01-24 | by ( Bryan Mena | ) edition.cnn.com time to read: +6 min

Consumer sentiment is surging. A tough housing market and exorbitant child care costs continue to bedevil budgets, but the inflation pendulum is finally swinging in the other direction. A slowly improving US housing marketAmerica’s housing market is still tough, but there are some subtle signs of improvement. Builder confidence surged in January, according to the latest National Association of Home Builders/Wells Fargo Housing Market Index, climbing seven points to a reading of 44. It’s unclear when the Fed will begin to cut rates, and how many cuts there will ultimately be this year, but rate cuts in general mean even lower mortgage rates, further improving affordability.

Persons: vibing, aren’t, it’s, Anna Rathbun, ”, isn’t, bode, Joe Biden’s, ” James McCann, Biden, Alicia Huey Organizations: Washington CNN, Big Tech, Dow Jones, Nasdaq, CBIZ Investment Advisory Services, CNN, Fed, Apple, Meta, Microsoft, Nvidia, Tesla, of Michigan’s, AAA, National Association of Home Builders Locations: Wells Fargo

☆ The housing market will take off in a 2024 renaissance as construction, demand are set to surge, National Association of Home Builders CEO says
▼ + stars: | 2024-01-19 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Read previewThe housing market is about to exit its slowdown and take off in a new growth period, according to National Association of Home Builders CEO Jim Tobin. AdvertisementThat's partly because mortgage rates have continued their steady decline in recent months. At the same time, prospective buyers are likely warming up to the new norm of 6% mortgage rates, and could be readying themselves to jump back into the housing market, he said. "I think that the world is getting ready to realize that we're no longer going back to those 3%-4% mortgage rates. Improving affordability conditions could cause home sales to jump 5% while home prices decline 1% in 2024, according to Redfin.

Persons: —, Jim Tobin, Tobin, Freddie Mac Organizations: Service, National Association of Home Builders, Business, Yahoo Finance, Mortgage, Association . Housing

Permits were 1.9% more than the upwardly revised 1.47 million November number and at an annual level of 1.5 million. Housing starts fell 4.3% from the November annual rate of 1.53 million, a reading that was revised downward from the robust 1.56 million originally estimated. Both permits and starts were higher than a year ago, by 6.1% and 7.6%, respectively. The Best Cartoons on the Economy View All 178 Images“Falling mortgage rates should jump-start the demand for housing in the coming months,” said Jeffrey Roach, chief economist at LPL Financial. On Wednesday, the National Association of Home Builders said its January survey found builder confidence surged as mortgage rates for the benchmark 30-year fixed rate loan dipped to 6.75%.

Persons: ”, Jeffrey Roach, Alicia Huey, Kelly Mangold Organizations: Census Bureau, Department of Housing, Urban, Housing, LPL, National Association of Home Builders, ” Builders, Real Estate Consulting Locations: Birmingham , Alabama, U.S

☆ Homebuilder sentiment improves for second straight month, following drop in mortgage rates
▼ + stars: | 2024-01-17 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

Homebuilder sentiment improved in January, jumping 7 points to 44 on the National Association of Home Builders monthly index. Anything below 50 is still considered negative, but the index has now moved 10 points higher in the last two months. The increase coincides with a big drop in mortgage interest rates from around 8% in mid-October to the 6% range in December. Regionally, on a three-month moving average, builder confidence increased the most in the Northeast, the only area now in positive territory at 55. Sentiment was flat in the Midwest and rose slightly in the South and West.

Persons: Alicia Huey Organizations: National Association of Home Builders, Builders Locations: Birmingham , Alabama, Midwest, South, West

☆ Homebuilder sentiment surges as mortgage rates trend down
▼ + stars: | 2024-01-17 | by ( Anna Bahney | ) edition.cnn.com time to read: +1 min

Washington, DC CNN —Homebuilder confidence surged in January as mortgage rates continued to trend lower, according to the National Association of Home Builders/Wells Fargo Housing Market Index released Wednesday. Builder confidence in the market for newly built single-family homes surpassed market expectations, climbing seven points to 44 on the index. The optimism comes as mortgage rates begin to fall and data points to an improving economy heading into 2024. “Single-family starts are expected to grow in 2024, adding much needed inventory to the market,” Huey said. The monthly builder index looks at current sales, buyer traffic and the outlook for sales of new-construction homes over the next six months.

Persons: Alicia Huey, ” Huey, Freddie Mac Organizations: DC CNN, National Association of Home Builders Locations: Washington, Wells Fargo

☆ How Buying a New Home Could Save You Money
▼ + stars: | 2023-11-19 | by ( Aly J. Yale | ) www.wsj.com time to read: +5 min

As the median payment on a new mortgage creeps toward $2,200, most buyers are desperate to save cash wherever they can. They’re offering lower mortgage ratesIf slashed prices aren’t enough to get a mortgage payment in your budget, builders have another offer: A lower mortgage rate. (Essentially, the builder prepays the lender the interest for the years the mortgage rate is reduced). NAHB’s data shows that 29% of builders offered mortgage rate buydowns in October. “Many builders are using sales incentives—including mortgage rate buydowns—as a method of addressing housing affordability headwinds,” says Robert Dietz, chief economist at NAHB.

Persons: Aly J, ”, Nick Bailey, Max, Robert Dietz, buydowns —, Lennar, what’s, Angel Conlin, Pat Howard Organizations: Yale, Builders, National Association of Home Builders, “, NAHB, Kin Insurance Locations: Denver, Chicago, “, Policygenius

☆ Morning Bid: Treasury yields dive as oil craters, economy softens
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +5 min

U.S. two-year Treasury yields skidded below 4.80% on Friday for the first time since September 1, with 10-year yields dropping under 4.40% to September lows too. Crude has now lost almost 25% in just six weeks - aided by the U.S. gradually lifting oil sanctions on Venezuela. The Labor Department said import prices fell a whopping 0.8% in October, the most in seven months amid a broad decline in the costs of goods - deepening the annual deflation of import prices to as much as 2.0%. Even though the dollar (.DXY), , is taking a hit from the plunge in U.S. Treasury yields, the drop in sovereign borrowing rates was mirrored across the world in Europe , even Japan . Mirroring the softening demand picture elsewhere, British retail sales volumes fell unexpectedly in October as stretched consumers stayed at home.

Persons: Lucas Jackson, Mike Dolan, plumb, Morgan, Susan Collins, Mary Daly, Austan Goolsbee, Michael Barr, Dave Ramsden, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Walmart, Cisco, Alibaba, Philadelphia Federal Reserve, Labor Department, Treasury, Hong, Housing, Atlanta, Boston Federal, San Francisco Fed, Chicago Fed, Bank of England, United States, APEC, Graphics, Thomson, Reuters Locations: New York, U.S, Wall, Alibaba ., Venezuela, Europe, Japan, HK, Hong Kong, China, San Francisco

☆ Homebuilder stocks could get another boost from rate hikes ending
▼ + stars: | 2023-11-17 | by ( Krystal Hur | ) edition.cnn.com time to read: +7 min

New York CNN —For over a year, the red-hot housing market has been at the mercy of the Federal Reserve’s rate hikes, which have driven mortgage rates to sky-high levels. Mortgage rates have hovered above 7% since August, according to Freddie Mac data. Both those factors have helped create a scorching-hot housing market and a boom in homebuilder stocks, as Americans turned to building as a buying alternative. Moderating bond yields could change the narrative for the housing market. Tight supply and elevated mortgage rates this year made home purchases the least affordable they’ve been since 1984.

Persons: Bell, Freddie Mac, Toll, DR Horton, Lennar, Price, Steve Sosnick, ”, John Petrofsky, Chris Isidore, Danielle Wiener, Bronner, haven’t, Clare Duffy, Donie, Meta Organizations: CNN Business, Bell, New, New York CNN, Homeowners, DR, Federal, Treasury, Interactive, National Association of Home Builders, FBB Capital Partners, Starbucks, United Auto Workers, SAG, Writers Guild of America, Starbucks Workers United, Facebook, Street, Washington Post Locations: New York, Wells Fargo, Buffalo , New York, United States, Brazil, Israel, Italy

☆ Morning Bid: Ebbing oil sustains economic glow
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +6 min

Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. That drop, which takes annual producer price inflation as low as 1.3%, was driven largely by falling gasoline prices. And that meets news that China's oil refinery throughput fell back in October as industrial fuel demand weakened. The overall energy and inflation picture is helping buoy consumption and stokes the 'soft landing' narrative investors are betting on. The picture in overseas markets, where the economic picture is cloudier, was more mixed.

Persons: magnifier, Dado Ruvic, Mike Dolan, stokes, Mary Daly, Joe Biden, Xi Jinping, Xi, Biden, Washington, Christopher Waller, Lisa Cook, John Williams, Michael Barr, Loretta Mester, Christine Lagarde, Luis de Guindos, Andrea Enria, Dave Ramsden, Andres Manuel Lopez Obrador, Alexander Smith Organizations: REUTERS, U.S . Energy Information Administration, Walmart, Federal, San Francisco Fed, Treasury, U.S . Senate, Philadelphia Fed, Kansas City Fed, Applied, Ross Stores, Federal Reserve, Lisa Cook , New York Fed, Cleveland Fed, European Central Bank, Bank of England, New York Federal Reserve, Insider Intelligence, Reuters Graphics, Thomson, Reuters Locations: U.S, United States, China . U.S, Target, San Francisco, Taiwan, China, Kansas, Treasuries, Lisa Cook , New, Franciso, Reuters Graphics China

☆ Homebuilder sentiment drops to lowest point in a year, but falling rates spur some optimism
▼ + stars: | 2023-11-16 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

High mortgage rates continue to weigh on the nation's homebuilders, leading to an increase in price cuts to lure buyers. But builders are cautiously optimistic about recent signs that interest rates may move lower soon. Homebuilder sentiment fell six points to 34 in November on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). Sentiment is down 22 points since July and is now at the lowest level since the end of last year. "In particular, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates close to or below 7.5%," he said.

Persons: Alicia Huey, Robert Dietz, NAHB's Organizations: National Association of Home Builders, Market, Treasury Locations: Wells Fargo

☆ US homebuilder confidence drops for fourth month in a row
▼ + stars: | 2023-11-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Homebuilder confidence dropped for the fourth month in a row in November as mortgage rates neared 8%. But recent economic data suggests housing conditions may improve in coming months. Builder confidence in the market for newly built single-family homes in November fell six points to 34, according to the National Association of Home Builders / Wells Fargo Housing Market Index released Thursday morning. Specificially, Dietz said, the 10-year Treasury rate moved back to the 4.5% range for the first time since late September, which will help bring mortgage rates down closer to or below 7.5%. In November, 60% of builders provided sales incentives of all forms, down slightly from 62% in October.

Persons: ”, Alicia Huey, ” Huey, NAHB, Robert Dietz, NAHB’s, Specificially, Dietz, ” Dietz, Freddie Mac Organizations: DC CNN, National Association of Home Builders, Federal Reserve, Treasury Locations: Washington, Wells Fargo

☆ Wall Street will seek confirmation the Fed is done in next week's big inflation data
▼ + stars: | 2023-11-10 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

Economists polled by FactSet expect U.S. inflation to have risen just 0.1% last month and 3.3% from the year-ago period. Cracks in consumer data Investors will also watch for the October retail sales data for insight into the consumer, who has thus far proven resilient even in the face of higher interest rates and inflation. Investors will also be watching for the October producer price index (PPI) data on Wednesday, as well as housing data on Friday. Monday Nov. 13 Earnings: Tyson Foods Tuesday Nov. 14 8:30 a.m. CPI (October) 8:30 a.m. Hourly Earnings final (October) 8:30 a.m. Average Workweek final (October) Earnings: Home Depot , Charles Schwab Wednesday Nov. 15 8:30 a.m.

Persons: Amy Magnotta, It's, There's, Gregory Daco, he'll, Ned Davis Research's, Joe Kalish, NDR's Kalish, Jeff Klingelhofer, Magnotta, Tyson, Charles Schwab, John Williams Organizations: Federal, Dow Jones Industrial, Nasdaq, Federal Reserve, Ategenos, FactSet, Thornburg Investment Management, Walmart, CPI, PPI, Retail, Palo Alto Networks, Price, Philadelphia Fed, Manufacturing, . New York Federal Reserve, . Kansas City Fed Manufacturing, Ross Stores, Body, Housing Locations: . New, NAHB, . Kansas, Bath

☆ Prefabricated home shipments on the rise in a pricey property market
▼ + stars: | 2023-11-07 | by ( Amina Niasse | ) www.reuters.com time to read: +4 min

That appears to be boosting demand in the prefabricated housing market, a sector that has lost market share in the past decade. "There's going to be continued interest in prefabricated homes because it's a window to building." As of May, the most recent month for which data is available, the average price of a prefabricated home was $129,900, according to Census data. Most modular construction factories are concentrated in the Mid-Atlantic and Southeast, where modular market share outpaces the national average of 2%, said Devin Perry, executive director of business improvement programs at the NAHB. "This is providing opportunities for modular to grab more market share."

Persons: Brian Abramson, Abramson, Danushka Nanayakkara, Devin Perry, Perry, Amina Niasse, Dan Burns, Andrea Ricci Organizations: Census, Reuters, Homes, Mortgage, Association, National Association of Homebuilders, Thomson

☆ As mortgage rates hit 8%, home 'affordability is incredibly difficult,' economist says
▼ + stars: | 2023-10-20 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +2 min

Lifestylevisuals | E+ | Getty ImagesHow home affordability has changedIn August 2020, the typical monthly mortgage payment was $1,581, based on an average interest rate of 2.94%, Redfin found. Nowadays, the typical U.S. homebuyer's monthly mortgage payment is $2,866, according to Redfin — an all-time high. "In the next year or two years, interest rates will be lower, and people will have the ability to refinance." That said, competition for homes on the market is likely to be worse in a few years as interest rates cool, she said. "When interest rates come down, everyone's going to come back to the marketplace," said Cohn.

Persons: Redfin, homebuyers, Mark Hamrick, Alicia Huey, Melissa Cohn, William Raveis, Cohn Organizations: Bankrate.com, Istock, Federal Reserve, CNBC, William Raveis Mortgage Locations: U.S, Birmingham , Alabama, New York

The report reflects the uneasy state of new construction, with builders facing the strain of high mortgage rates and increased costs for building materials. “To keep buyers interested, many builders have been offering upgrades or buying down mortgage rates, but rising home prices coupled with mortgage rates approaching 8% means there will be fewer buyers in the market to entice,” Bright MLS Chief Economist Lisa Sturtevant said. It is the week’s second report on the state of the new housing market. On Tuesday, the National Association of Home Builders/Wells Fargo Housing Market Index revealed that builder confidence fell for the third consecutive month in October. "Today’s September housing starts report reflects the fragility of the real estate market,” said Travis Hodges, managing director at insurance broker VIU by HUB.

Persons: “, ”, Lisa Sturtevant, Alicia Huey, Travis Hodges Organizations: Census Bureau, Department of Housing, Urban Development, MLS, National Association of Home Builders, National Association of Realtors Locations: Wells Fargo, Birmingham , Alabama, Florida, California

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