Bank of America is ringing the proverbial bell on the US real estate market, saying existing home sales have peaked, reflecting declining affordability, greater price reductions and deteriorating housing sentiment.
Existing home sales are slowing. Can a recession be far behind?
China was in the midst of a historic real estate tightening cycle that quickly intensified after May.
The bricks will go on sale soon.
Around 2009, I learned about the business practices of people working for mortgage "lenders" following their receipt of closing documents. The process of securitization took many years for me to grasp and quite frankly, is still difficult to fully comprehend by myself and most people.Read Letter
The numbers of potential bidders in recent housing auction in Australia dropped to less than one. Most did not bid.
Investors taking on more risk in US commercial real estate are now receiving the lowest return since the housing crisis. The premium spread for buying BBB- tranches of commercial mortgage backed securities versus AAA is the lowest its been since May
Homebuilder shares are down 12% to 23% while the stock market is up 9%. Housing data has been miserable.
Amid its "broadest slowdown in years" the US housing market faces prices for starter homes at the highest they have been since 2008, just prior to the collapse of the housing market, and August is confirming that prices are indeed becoming an issue.
Home sales, mortgage apps, starts, permits, buying sentiment, and now home prices...all disappointing expectations and sliding. S&P CoreLogic (Case-Shiller) 20-City home price index rose just 0.11% MoM (half the expected 0.2% rise) and slowed to a
If you need to get out, it's already too late.
Economists missed the boat again this month expecting a small rebound in existing home sales. Instead, sales fell 0.7%. Existing home sales came in at 5.34 million units seasonally-adjusted annualized (SAAR).
One month ago we discussed why according to the recent data, the "Housing Market Headed For "Broadest Slowdown In Years." Fast forward to today, when we received the latest confirmation that the US housing market appears to have recently hit a downwa
After Housing Starts collapsed 12.9% in June, July rebounded just 0.9% (dramatically missing expectations of a 7.4% bounce) as Permits rose 1.5% MoM.
The housing industry is like a roller coaster. The housing crash left houses empty and people homeless. Some neighborhoods are still littered with empty and decaying homes, some having stood empty going on 10 years now.
Mortgage applications are yet another sign that housing has peaked this cycle.
Just a few months ago, real estate was on fire.
Following April's modest slowdown in home price appreciation (albeit still at record highs), Case-Shiller's 20-City Composite continued to decelerate (modestly) in May, rising 6.51% YoY (weakest since Jan 2018).
Innovation in health care is woefully lacking and government red tape is largely to blame, but seasteading just might be a way to circumvent bureaucracy without sacrificing quality.
For those who have been focusing on corporate earnings, the stock market and the global economy, a more ominous - if under-reported - flashpoint has emerged in recent days after some scary housing market numbers were published over the past week...
Calls for a "permanently high plateau" in housing come amidst uncertainty about the market.
Home prices in Sydney and Melbourne are back to 2016 levels. That is a tiny down payment as to what is coming.
'Anything-goes list-price strategy is no longer working'
•Sales of both new and existing houses and condominiums dropped 11.8 percent year over year, as prices shot up to a record high, according to CoreLogic.
With mortgage refis hovering at their lowest level since Dec 2000 (and new home mortgage apps down 9% YoY), and US housing data broadly disappointing all year, expectations were for new home sales to follow existing home sales lower (especially after
"The affordability crisis may have reached a breaking point in Portland, San Jose, and Seattle," said Redfin CEO
The Yardi Matrix/Rent Cafe expects apartment construction to decline in 2018 for the first time since 2011.
Authored by Mike Shedlock via MishTalk, "The affordability crisis may have reached a breaking point in Portland, San Jose, and Seattle," said Redfin CEO.
Existing home sales declined for the third month, fourth year-over-year. May sales were revised lower.
Economists were shocked by today's housing report. Let's go over the details.