It was a bad week for the US Economy. What will Home Prices do in Response?
The US Economy looks to be headed for a downturn with job openings declining and the unemployment rate increasing. Will Home Prices go down in response?
Why the US Housing Market hasn't Crashed yet (repeat of 2008?)
We're now over one year into a US Housing Downturn that started in the middle of 2022, when a combination of sky-high prices, rising interest rates, and an economic slowdown triggered a massive collapse in homebuyer demand that is still ongoing in the middle of 2023.
But despite this collapse
Home Builders shock everyone with a 21% SURGE in Housing Starts
Home builders shocked the Real Estate Market by reporting a record 21% increase in new housing starts in May. Is this the signal of a Housing recovery, or an even bigger Home Builder Bubble?
New ADP Jobs Report is not good. Recession continues in Tech & Finance.
ADP just released their May 2023 job report today and the report was not good. It showed continued layoffs in high-pay industries like tech, finance, and manufacturing. To go along with heavy job losses in the South.
These trends suggest that the US Economy, and by extension the Housing Market,
Mortgage Rates back to 7%. Another Homebuyer Collapse Coming?
Mortgage Rates have roared back to 7% on the 30-year fixed. A signal that there will likely be another collapse in homebuyer demand in the US Housing Market. And that sellers should get ready to cut prices over the summer.
First things first - here's a chart from Mortgage News
How the Immigration Crisis will impact Home Prices
A record 2.4 million immigrants crossed the Southwest Border in 2022.
More will cross in 2023.
These historic levels of immigration will have a big impact on both the US Housing Market & Economy over the next several years. Trends that you should be paying attention to as a homebuyer.
How the Fed destroyed the US Housing Market
The 2023 Housing Market is frozen. Buyer demand is way down. But so are new listings. After a 9-month correction, prices are going back up this spring. And are still near all-time highs.
So I thought it would be good to ask: how did we even get to this point