The Big Picture of the housing market, and its almost complete bifurcation, in 3 easy graphs – by New Deal democrat I want to spend some time commenting on the broader issue of why the public perceives inflation is still rampant, even though almost all official measures show it rapidly decelerating, and even completely absent […]
June inflation almost non-existent except for the fictitious measures of shelter – by New Deal democrat The message of this morning’s consumer inflation report was the same for almost everything except for the fictitious measures of shelter: sharp deceleration everywhere. Let’s take a look: Headline CPI up 0.2% m/m and 3.1% YoY (lowest since March […]
Fed Chair Jerome Powell already warned he “may” have two more planned Fed rate increases in the making. Even a Fed comment is enough to stymie a housing market increase. US recession fears ease: surprisingly strong data on housing, consumer confidence, labor market, Financial Review, Vince Golle and Reade Pickert President Joe Biden told donors […]
Housing prices continue to come down – like a feather – by New Deal democrat As I’ve repeated many times in the past 10 years, in housing prices follow sales with a lag. Housing permits and starts both peaked early in 2022, and house prices followed during the summer. This morning the FHFA and Case Shiller […]
Existing home sales and prices decline further, BUT . . . – by New Deal democrat Even though existing home sales make up about 90% of the total market, they have much less economic impact than new home construction. They are best used to confirm trends. In January they continued to confirm that sales have […]
In March, 2022, Pew Research released a study showing that in 2020, 23% of Americans spent more than half their income on rent. Since then, rents in most parts of the country have gone up 16% (because they could). Safe to say, the income of those 23% did not go up 16%. Rent increases play […]
From the New York Times comes this list of trends in real estate, houses, mortgages, and the impact on buyers and sellers. The State of Real Estate Whether you’re renting, buying or selling, here’s a look at real estate trends. Rising mortgage rates. Faltering home sales. Skyrocketing rents. We spoke with economists, mortgage brokers and […]
Anne Lowrey at The Atlantic recognizes a shortage of housing overall and mostly in the cities. “The U.S. Needs More Housing Than Almost Anyone Can Imagine.” Just how many houses, what is the number? How many homes must the expensive coastal cities in the US build to become affordable for middle-class and the working-poor families? Over […]
As I read Dean Baker’s perspective on Low Income families, I find it hard to believe. The market in the Southwest has dried up due to high prices and interest rates. One or the other has to be lower to attract buyers. Builders have not lower prices and bank rates have remained high. One builder […]
Have new home sales made a bottom? – by New Deal democrat Hopefully you are recovering from your turkey coma today. Here’s a little late commentary on Wednesday’s new home sales report. New home sales are noisy, and heavily revised, which is why I prefer housing permits, and especially single family housing permits, as a […]