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☆ US pending home sales slump unexpectedly in March
▼ + stars: | 2023-04-27 | by ( ) www.reuters.com time to read: +2 min

The National Association of Realtors (NAR) said on Thursday its Pending Home Sales Index, based on signed contracts, fell 5.2% last month to 78.9, the lowest since December. Economists polled by Reuters had forecast pending sales to have increased 0.5% in March, but the reported decline was larger than even the most pessimistic estimate in the survey. "The lack of housing inventory is a major constraint to rising sales," said NAR Chief Economist Lawrence Yun. That optimism was dented earlier this month when NAR reported that existing home sales slid 2.4% last month. While some firming has continued in the much-smaller market for new homes, the pending homes data suggests the market's overall recovery is likely to be choppy.

☆ The housing market’s still in limbo - but homebuyers could pile back into the market if mortgage rates hit this key level
▼ + stars: | 2023-04-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

"Home sales are trying to recover and are highly sensitive to changes in mortgage rates," NAR economist Lawrence Yun said. He added that home prices are still climbing in regions where jobs are being added and housing is relatively affordable. cutting rates) in the next 12 months, which will again sway the housing sector. With that outlook in mind, the economist said "home sales will steadily rebound despite several months of fluctuations." Even in a tight market, this home expert still sees potential to save money on interest rates.

☆ The Treasury market is starting to price in the possibility of a US debt default in July
▼ + stars: | 2023-04-19 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

The Treasury market is starting to price in the possibility of a US debt default later this summer. The difference in yields between US Treasury bills maturing in May and July hit a record 1.49%. "Investors are likely demanding more to hold those securities at risk of delayed payment," LPL Research said. The one-month Treasury bill currently yields about 3.71%, compared to 5.14% for a 3-month Treasury bill. A similar scenario could play out this time as Republicans show no signs of working with Democrats to pass a debt limit increase, despite continued remarks from both sides of the aisle that a US debt default "is not an option."

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☆ An indicator with a 94% accuracy rate says stocks will finish 2023 positive, according to $1 trillion LPL. Here's their top pick for where to put your money right now — and 5 other areas of the market
▼ + stars: | 2023-04-06 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

The December Low Indicator just signaled stocks should finish 2023 in the green. The indicator also shows the S&P 500 could return well above 10% this year. A stock-market signal with a 94% accuracy rate just delivered good news: there's a high chance stocks finish positive in 2023. The S&P 500 returned more than 7% in the first quarter, so it's well on its way to a double-digit year." The Vanguard Industrials ETF (VIS) and the iShares S&P 500 Value ETF (IVE) offer exposure to the above areas of the market.

Mortgage rates have been dropping for several weeks now, which is good news for homebuyers as the spring homebuying season picks up. "Mortgage rates have improved in recent weeks after the federal government guaranteed the status of most mortgages amidst uncertainty in the financial market. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. 30-year Fixed Mortgage RatesThe current average 30-year fixed mortgage rate is 6.32%, according to Freddie Mac. 15-year Fixed Mortgage RatesThe average 15-year fixed mortgage rate is 5.56%, a decrease from the prior week, according to Freddie Mac data.

☆ The housing market is a total paradox now, and these recent mixed signals are adding to the confusion
▼ + stars: | 2023-04-01 | by ( Filip De Mott | ) www.businessinsider.com time to read: +4 min

Housing indicators have sent mixed signals, muddying the picture on where the market is headed. Regional differences have also been playing a considerable role in the data. Meanwhile, Adams added that national averages can obscure stark regional differences, which have varied significantly, potentially causing diverging viewpoints. Here are some recent mixed signals:The US housing market is crashing and soaring at the same timeThe regional divide in the housing market is exemplified in this east-west split. "Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months."

Mortgage rates have inched down and remain relatively low compared to the highs we saw in early March. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ The housing market contraction is coming to an end as key activity gauges have 'turned the corner'
▼ + stars: | 2023-03-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Other gauges of the housing market have shown similar indications of a rebound. "After nearly a year, the housing sector's contraction is coming to an end," NAR's top economist said. "After nearly a year, the housing sector's contraction is coming to an end," NAR Chief Economist Lawrence Yun said in a statement. "Existing-home sales, pending contracts and new-home construction pending contracts have turned the corner and climbed for the past three months." The Northeast led all four regions, with pending sales jumping 6.4% last month.

As mortgage rates dropped over the last few months, homebuyers started re-entering the market. See more mortgage rates on Zillow Real Estate on ZillowMortgage CalculatorUse our free mortgage calculator to see how today's mortgage rates will affect your monthly and long-term payments. But whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ U.S. pending home sales post largest gain in 2-1/2 years in January
▼ + stars: | 2023-02-27 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 27 (Reuters) - Contracts to buy U.S. previously owned homes rose by the most in more than 2-1/2 years in January, but a resurgence in mortgage rates could delay a much-awaited housing market turnaround. The National Association of Realtors (NAR) said on Monday its Pending Home Sales Index, based on signed contracts, jumped 8.1% last month, the biggest increase since June 2020. Economists polled by Reuters had forecast contracts, which become sales after a month or two, rising 1.0%. The second straight monthly increase in contracts could see existing home sales rebounding or posting another small decline after logging their 12th straight monthly decrease in January. Despite signs the worst is over, it could take a while for the housing market to turn around.

☆ A rush of homes go under contract in January, but it's unlikely to last
▼ + stars: | 2023-02-27 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Signed contracts on existing homes jumped 8.1% last month compared with December, according to the National Association of Realtors. Closed sales in January were lower because they were based on contracts signed in November and December, when mortgage rates were higher. "Buyers responded to better affordability from falling mortgage rates in December and January," said NAR chief economist Lawrence Yun. Some of that was due to incentives offered by big builders, but lower rates improved affordability, especially for buyers of entry-level homes. Going forward, with rates higher and the supply of homes for sale still historically low, sales may not be able to continue this type of growth.

☆ U.S. existing home sales fall in January, but pace slowing
▼ + stars: | 2023-02-21 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, Feb 21 (Reuters) - U.S. existing home sales dropped to a more than 12-year low in January, but the pace of decline slowed, raising cautious optimism that the housing market slump could be close to reaching a bottom. Home resales, which account for a big chunk of U.S. housing sales, plunged 36.9% on a year-on-year basis in January. The housing market has been the biggest casualty of the Federal Reserve's aggressive interest rate hiking campaign. It will, however, be a while before the housing market turns around. At January's sales pace, it would take 2.9 months to exhaust the current inventory of existing homes up from 1.6 months a year ago.

☆ The US housing market could be close to bottoming out as existing home sales plunge to their lowest level since 2010, National Association of Realtors says
▼ + stars: | 2023-02-21 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

The housing market could be close to bottoming as existing home sales are continuing to fall, National Association of Realtors said. Monthly existing home sales slipped another 0.7% in January, bringing sales to their lowest level since 2010. Monthly existing home sales slipped 0.7% in January to a seasonally adjusted rate of 4 million units a year, the organization said in a note on Tuesday. The latest drop brings existing home sales to their lowest level since October 2010, when housing activity was still reeling from the mortgage crisis of 2008. Meanwhile, other market commentators have warned the US housing market is on the verge of a crash akin 2008.

Lower mortgage rates have provided a modest boost to the housing market. "Mortgage rates are the dominant factor driving home sales, and recent declines in rates are clearly helping to stabilize the market." See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.17%, a decrease from the prior week, according to Freddie Mac data. Mortgage rates increased dramatically in 2022, but they've started to trend down somewhat over the past couple of months.

☆ U.S. pending home sales sag more than expected in November
▼ + stars: | 2022-12-28 | by ( ) www.cnbc.com time to read: +3 min

The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, fell 4% to 73.9 last month from October's downwardly revised 77.0. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 0.8%. Pending home sales dropped 37.8% in November on a year-on-year basis. The housing market has suffered the most visible effects of aggressive Fed interest rate hikes that are aimed at curbing high inflation by undercutting demand in the economy. Data last week showed the combined annual sales rates of new and existing homes through November had slumped by 35% since January — among the fastest falls on record — to the slowest since late 2011.

Mortgage rates have trended down recently, though they remain more than three percentage points higher than they were a year ago, according to Freddie Mac. "The market may be thawing since mortgage rates have fallen for five straight weeks," NAR chief economist Lawrence Yun said in a press release. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 5.69%, an increase from the prior week, according to Freddie Mac data. Mortgage rates have increased dramatically so far in 2022, but there are signs that they may finally have peaked.

☆ Rising rates are weighing on the housing market - and macro headwinds could keep the sector depressed in 2023.
▼ + stars: | 2022-12-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

Don't shoot the messenger here, but today I'm breaking down the many troubles plaguing the housing market and homebuyers. The Fed's interest rate maneuvering and the housing market are connected, and mortgage rates often move in lockstep with the central bank's benchmark rate. Brian Jacobsen, a senior strategist for Allspring Global Investments, pointed to a triumvirate of headwinds weighing on the housing sector: labor shortages, rising costs, and soaring mortgages. That means more rate hikes are effectively guaranteed, which raises the odds of a recession and can further squash housing demand. What's your forecast for the housing market next year?

☆ U.S. existing home sales fall for 10th straight month in November
▼ + stars: | 2022-12-21 | by ( ) www.reuters.com time to read: +3 min

WASHINGTON, Dec 21 (Reuters) - U.S. existing home sales slumped to a 2-1/2 year low in November as the housing market continued to be squeezed by higher mortgage rates. Existing home sales plunged 7.7% to a seasonally adjusted annual rate of 4.09 million units last month, the lowest level since May 2020, the National Association of Realtors said on Wednesday. Sales have now declined for 10 straight months, the longest such stretch since 1999. House resales, which account for a big chunk of U.S. home sales, tumbled 35.4% on a year-on-year basis in November. At November's sales pace, it would take 3.3 months to exhaust the current inventory of existing homes, up from 2.1 months a year ago.

Mortgage rates are now more than half a percentage point lower than they were a month ago. See more mortgage rates on Zillow Real Estate on ZillowToday's refinance ratesMortgage type Average rate today This information has been provided by Zillow. Whether mortgage rates will drop in 2023 hinges on if the Federal Reserve can get inflation under control. If the Fed acts too aggressively and engineers a recession, mortgage rates could fall further than what current forecasts expect. This means your entire monthly mortgage payment, including taxes and insurance, shouldn't exceed 28% of your pre-tax monthly income.

☆ U.S. pending home sales fall 4.6% in October
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, fell 4.6% to 77.1 last month. Economists polled by Reuters had forecast contracts, which become sales after a month or two, would fall 5.0%. Pending home sales dropped 37.0% in October on a year-on-year basis. The overall decline in signed contracts suggested that existing home sales would continue to fall after posting their ninth straight monthly decrease in October. As a result, mortgage rates, for which the yield on the 10-year Treasury note acts as a benchmark, are now off their recent 20-year highs.

☆ Canada's Ritchie Bros to buy salvage vehicle platform IAA in $7.3 bln deal
▼ + stars: | 2022-11-07 | by ( Kannaki Deka | ) www.reuters.com time to read: +2 min

Nov 7 (Reuters) - Canadian equipment marketplace Ritchie Bros Auctioneers Inc (RBA.TO) said on Monday it would buy U.S.-based IAA Inc (IAA.N) in a deal valued at about $7.3 billion to diversify into the salvage vehicle market. Both the companies have benefited from rising demand for used equipment. The global used equipment market is highly fragmented with total annual used equipment volumes estimated at over $300 billion. IAA stockholders will get $10 in cash and 0.5804 shares of Ritchie common stock for each IAA share held, the companies said. The purchase price of $46.88 per IAA share represents a premium of about 19% to IAA's stock close on Nov. 4.

See more mortgage rates on Zillow Real Estate on ZillowMortgage refinance rates todayMortgage type Average rate today This information has been provided by Zillow. See more mortgage rates on Zillow Real Estate on ZillowMortgage calculatorUse our free mortgage calculator to see how today's interest rates will affect your monthly payments. 30-year fixed mortgage ratesThe current average 30-year fixed mortgage rate is 7.08%, according to Freddie Mac. 15-year fixed mortgage ratesThe average 15-year fixed mortgage rate is 6.36%, an increase from the prior week, according to Freddie Mac data. Historically, adjustable mortgage rates tend to be lower than 30-year fixed rates.

☆ Pending home sales fell 10% in September, much worse than expected
▼ + stars: | 2022-10-28 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Pending home sales, a measure of signed contracts on existing homes, dropped a much worse-than-expected 10.2% in September from August, according to the National Association of Realtors. This marks the lowest level on the pending sales index since June 2010, excluding April 2020, when the Covid pandemic was in its early days. Realtors point squarely to sharply higher mortgage rates, which had sat at record lows for the first two years of the pandemic. "As we look to the remainder of the year, we can expect interest rates to continue their upward trajectory. Regionally, pending home sales dropped 16.2% month to month in the Northeast and were down 30.1% year over year.

☆ U.S. existing home sales slide again in September; jobless claims fall
▼ + stars: | 2022-10-20 | by ( Dan Burns | ) www.reuters.com time to read: +6 min

SELLERS' MARKET NO MOREExisting home sales fell 1.5% to a seasonally adjusted annual rate of 4.71 million units last month, the NAR said. Outside of the short-lived plunge during the spring of 2020, when the economy was reeling from the first wave of COVID-19, this was the lowest sales level since September 2012. Economists polled by Reuters had forecast sales would decrease to a rate of 4.70 million units. As a result, he expects the sales rate to decline further in the months ahead, perhaps to as low as 4.5 million annually, which would be roughly 4% to 5% lower than the current sales pace. "We don't look for claims to fall much below current levels, but we don't look for a significant rise in claims or unemployment either until we enter a recession in 2023."

During the game, she said, the crowd nearby began chanting “F--- the Mormons.” Over and over. As a member of The Church of Jesus Christ of Latter-day Saints, BYU’s sponsoring institution, Aubrey wanted the chanting to stop. Latter-day Saints have a fair track record when it comes to cheek-turning. There’s of course a balance to strike in the case of the Oregon chants. And yet, if you can publicly chant “F--- the Mormons” with only minimal social consequences, it’s time for Latter-day Saints to collectively push, as Aubrey sought to do, for greater and more immediate action.

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