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☆ Inflation struggles, China's Covid: What to watch for in the economy in 2023
▼ + stars: | 2022-12-31 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Shannon-Pettypiece-Circle-Byline-Template.Jpg | Shannon Pettypiece | ) www.nbcnews.com time to read: +8 min

But economists and CEOs warn the economy will remain on shaky ground in 2023, which could mean another turbulent year for consumers. After months of strict lockdowns that caused rolling disruptions to supply chains and greatly stifled demand from Chinese consumers, China began lifting its Covid restrictions in recent weeks. “The most important thing for 2023 is by far China’s Covid policy,” Dan Klein, the head of energy pathways at S&P Global Commodity Insights. Covid infections have continued to shut down factories around the world, aggravated by China’s loosening of Covid restrictions. In the meantime, with demand outstripping supply, car prices are up by nearly 24% over the past two years.

☆ The most honest man in real estate thinks the housing market isn't going to crash
▼ + stars: | 2022-12-31 | by ( Kelsey Neubauer | ) www.businessinsider.com time to read: +13 min

Here's how Miller, who doesn't think the housing market is going to crash, became a beacon of trust. The call was from a journalist at an international paper asking for Miller's comment on the US housing market for a story. The 62-year-old founder of the real-estate-appraisal and data firm Miller Samuel is probably the most-quoted man in real estate, with some 2,469 news citations, according to the database LexisNexis. Today, Miller Samuel has replaced Scantrons with iPods, iPhones, and a CoreLogic appraisal software called A La Mode. Today, there's much more data than there was when he started Miller Samuel, but also a lot more "crap," Miller said.

☆ 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?

☆ The typical mortgage payment is now $200 cheaper than it was several weeks ago, and homebuyers with renewed purchasing power are coming back into the market
▼ + stars: | 2022-12-22 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Mortgage rates have now fallen for six consecutive weeks, marking the largest drop since 2008. And over the last six weeks, mortgage rates have declined more than three quarters of a point — marking the largest drop since 2008. November's reading highlights the negative impact higher mortgage rates have had on purchasing demand — and ultimately the entire housing ecosystem. "The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes." Indeed, a combination of surging inflation and higher interest rates — the Federal Reserve raised rates by 75 basis points during its November meeting — sent mortgage interest rates soaring in November.

Sales of existing homes fell 7.7% in November compared with October, according to the National Association of Realtors. Sales were down 35.4% year over year, marking the tenth straight month of declines. These counts are based on closings, so the contracts were likely signed in September and October, when mortgage rates last peaked before coming down slightly last month. Sales fell across all price categories, but took the steepest dive in the luxury million-dollar-plus category, dropping 41% year-over-year. “The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added.

☆ 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.

☆ Home sales continued to drop in November
▼ + stars: | 2022-12-21 | by ( Anna Bahney | ) edition.cnn.com time to read: +3 min

That continues a slowing trend that began in February and marks the longest streak of declining sales on record, going back to 1999. If not for that anomalous month, sales last month would have been at the lowest level since November 2010. “The principal factor was the rapid increase in mortgage rates, which hurt housing affordability and reduced incentives for homeowners to list their homes. Even as home sales dropped, home prices continued to climb last month. “The market may be thawing since mortgage rates have fallen for five straight weeks,” Yun added.

☆ After this week’s Fed rate hike, where are mortgage rates headed?
▼ + stars: | 2022-12-16 | by ( Anna Bahney | ) edition.cnn.com time to read: +8 min

Mortgage rates have run up so far and so fast this year that many would-be homebuyers can no longer afford to buy a home. By fall, mortgage rates had more than doubled, eventually topping 7% in October. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow. “We have to remember mortgage rates come down much slower than they go up,” said Cohn. “Volatility increases the level of mortgage rates, compared to Treasury rates, because of the prepayment option,” said Chester Spatt, professor of finance at Carnegie Mellon University’s Tepper School of Business.

☆ Cities across the Southeast and Texas will be the hottest places for homebuyers in 2023, the National Association of Realtors predicts
▼ + stars: | 2022-12-14 | by ( Robert Davis | ) www.businessinsider.com time to read: +4 min

Atlanta, Raleigh, and Dallas are expected to be the top-3 real-estate markets in 2023, NAR researchers predicts. These markets have renters who can afford to buy homes and experienced strong job growth over the last year. In addition to Atlanta, NAR researchers notes in the report that Raleigh and Dallas have also become two of the country's fastest-growing employment hubs. This is one reason why Yun predicts that existing home sales will dip to 4.78 million next year from 5.13 million in 2022. Meanwhile, Yun predicts that mortgage rates will settle around 5.7% in 2023, which is still almost double the rate that homebuyers were able to get before the pandemic began.

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.

☆ Home prices are falling at the fastest rate in 15 years. 7 real estate analysts and economists break down how bad they think it's going to get.
▼ + stars: | 2022-11-30 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +8 min

As demand fades in the housing market, price cuts have become widespread. However, despite more sellers cutting asking prices, home prices have still increased by 10.6% year-over-year. On an annual basis, Fannie Mae says house price growth will turn negative beginning in the second-quarter of 2023. According to Freddie Mac's Sam Khater, house price growth will average 6.7% in 2022 and then decline by 0.2% in 2023. With inventory levels at all-time lows, he believes supply and demand dynamics will give way to significant price declines nationwide.

☆ 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.

Mortgage rates trended down quite a bit this week, providing some wiggle room for buyers who have been struggling with affordability. But decreasing mortgage rates are a double-edged sword, since low rates typically create more competition among buyers, pushing home prices up. 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.

☆ Home sales fell for the ninth straight month in October, as higher mortgage rates scared off potential buyers
▼ + stars: | 2022-11-18 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +1 min

watch nowHome sales declined for the ninth straight month in October, as higher interest rates and surging inflation kept buyers on the sidelines. Sales of previously owned homes dropped 5.9% from September to October, according to the National Association of Realtors. The October reading put sales at a seasonally adjusted, annualized pace of 4.43 million units. There were 1.22 million homes for sale at the end of October, an decrease of just under 1% both month-to-month and year-over-year. That's a 3.3-month supply at the current sales pace.

☆ Home prices were rising almost everywhere in the US this summer
▼ + stars: | 2022-11-10 | by ( Anna Bahney | ) edition.cnn.com time to read: +2 min

In case you needed more evidence of how much home prices have skyrocketed: Even as the housing market was cooling over the summer, prices still rose in 98% of US markets, according to a new report. From July through September, home prices increased in 181 out of 185 cities tracked by the National Association of Realtors. But the gains had slowed substantially as mortgage rates rose during that time. “Much lower buying capacity has slowed home price growth and the trend will continue until mortgage rates stop rising,” said Lawrence Yun, NAR’s chief economist. Yun said that because of strong price growth and rising mortgage rates, the median income needed to buy a typical home rose to $88,300 in the third quarter.

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. home sales fell in September for eighth straight month
▼ + stars: | 2022-10-20 | by ( The Associated Press | ) www.nbcnews.com time to read: +4 min

Sales of previously occupied U.S. homes fell in September for the eighth month in a row, matching the pre-pandemic sales pace from 10 years ago, as house hunters grappled with sharply higher mortgage rates, rising home prices and a still tight supply of properties on the market. The National Association of Realtors said Thursday that existing home sales fell 1.5% last month from August to a seasonally adjusted annual rate of 4.71 million. The housing market has been slowing this year because of rising mortgage rates. Higher mortgage rates reduce homebuyers’ purchasing power, resulting in fewer people being able to afford to buy a home. “Higher mortgage rates always impact these expensive markets more heavily than other markets,” Yun said.

☆ 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."

☆ Existing home sales fall to a 10-year low in September, as mortgage rates soar
▼ + stars: | 2022-10-20 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Sharply higher mortgage rates are causing an abrupt slowdown in the housing market. Despite the slowdown in sales, inventory continues to drop. There were 1.25 million homes for sales at the end of September, down 0.8% compared with September 2021. Homes priced between $100,000 and $250,000 dropped 28.4% from a year ago, while sales of homes priced between $750,000 and $1 million declined 9.5%. "Homeowners love their 3% mortgage rate, and they don't want to give that up," Yun said.

☆ Premarket stocks: The housing market is a mess, but this isn't 2008
▼ + stars: | 2022-10-17 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But within those reports, investors found ominous clues about the future of the housing market, underscoring fears of an upcoming crisis. “We’ve had a time of a red-hot housing market all over the country,” Fed President Jerome Powell told me in September. “For the longer term what we need is supply and demand to get better aligned so that housing prices go up at a reasonable level…and people can afford houses again. “This is the sharpest turn in the housing market since the housing market crash in 2008,” said Redfin’s chief economist, Daryl Fairweather, last month. What’s next: Investors will next look to housing starts data next week as an indicator of where the housing market is headed.

☆ Home prices will fall in half of the US next year, and places like California will be hit hardest, a top economist warns
▼ + stars: | 2022-10-13 | by ( Hana R. Alberts | ) www.businessinsider.com time to read: +2 min

Home prices will fall in half the US in 2023, said the National Association of Realtors' chief economist. Lawrence Yun, who spoke at a real-estate conference, predicted 0% home-price growth next year. He forecast prices will rise in about half of American markets and decline in the other half. Lawrence Yun, chief economist at the National Association of Realtors (NAR), said he is forecasting 0% home-price growth in 2023. That means prices will increase in about half of the areas that NAR tracks, but decrease in the other half, Yun said.

☆ Housing is slumping, but this real estate CEO explains why it’s not 2008 all over again
▼ + stars: | 2022-10-05 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +4 min

New York CNN Business —Mortgage rates are soaring. And for many prospective home buyers, especially first-time purchasers, the combination of rising home loan costs and still sky-high real estate prices make the idea of purchasing a home prohibitively expensive…if not impossible. But don’t tell that to the CEO of real estate developer Howard Hughes Corp. In an interview with CNN Business, David O’Reilly said that he’s not too worried about another housing market crash and explains why. apartment buildings) but that they are “running away from retail, offices and hotels.”Weakness in commercial real estate is probably one of the main reasons why Howard Hughes (HHC), like the stocks of other real estate companies, has plunged this year.

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