Borrowing from an epic line, the new revisions to the BLS Jobs numbers from April 2022 to March 2023 show an overstatement of jobs by more than 300,000 jobs! Reminds me of another classic line, “You had just ONE job to do…” Well, the year-old numbers they shared are already almost six months old. So now you know why the markets continue to be frustrated by the government agencies, The Federal Reserve Board Members, Treasury Secretary Janet Yellen, and even the President, when they continue to spout “facts” about the economy and jobs that clearly are either old, out of date, or just plain fabrications! Remember just two short years ago when inflation was transitory? Remember when we were told that spending more than a TRILLION dollars on something called “the inflation reduction act” wasn’t going to add to inflation? Remember another two TRILLION dollars on something called “Build Back…
Posted On Monday, 28 August 2023 00:00 Written by
The typical home purchased in high-opportunity U.S. neighborhoods went for $470,000 last year—$130,000 more than the typical home in low-opportunity areas The typical home that sold in a high-opportunity U.S. neighborhood in 2022 went for $470,000, 38.2% more than the typical home that sold in a low-opportunity neighborhood, which went for $340,000. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. The report is based on an analysis of home sales in 100 of the most populous U.S. metropolitan areas. Redfin sorted each neighborhood into one of three tiers—low opportunity, intermediate opportunity and high opportunity. A high-opportunity neighborhood is defined as one where children who grew up in low-earning households went on to become higher earning adults than the typical person who grew up in their metro at the same time.
People in high-opportunity neighborhoods are more likely than those in low-opportunity neighborhoods…
Posted On Wednesday, 23 August 2023 18:42 Written by
Existing-home sales receded in July, according to the National Association of Realtors®. Among the four major U.S. regions, sales grew in the West but faded in the Northeast, Midwest and South. All four regions registered year-over-year sales declines. Total existing-home sales[1] – completed transactions that include single-family homes, townhomes, condominiums and co-ops – waned 2.2% from June to a seasonally adjusted annual rate of 4.07 million in July. Year-over-year, sales slumped 16.6% (down from 4.88 million in July 2022).
“Two factors are driving current sales activity – inventory availability and mortgage rates,” said NAR Chief Economist Lawrence Yun. “Unfortunately, both have been unfavorable to buyers.” Total housing inventory[2] registered at the end of July was 1.11 million units, up 3.7% from June but down 14.6% from one year ago (1.3 million). Unsold inventory sits at a 3.3-month supply at the current sales pace, up from 3.1 months in…
Posted On Tuesday, 22 August 2023 10:26 Written by
Redfin reports homebuyers are turning to newly built single-family homes as overall inventory sits at an all-time low Newly built homes made up nearly one-third (31.4%) of single-family homes on the market nationwide in the second quarter, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s the highest share of any second quarter on record, with new construction keeping the housing market afloat amid the severe shortage of existing homes for sale. The portion of new homes of all inventory is up from 30.3% a year earlier and nearly double the pre-pandemic share of about 17% in the second quarter of 2019.
The second quarter’s share is down from a near-record-high of 33.6% the previous quarter, but that’s a normal seasonal pattern, as the share of new homes tends to peak in the winter months. New homes make up a near-record share of…
Posted On Friday, 18 August 2023 14:47 Written by
Owning a home has long been considered the quintessential American dream, but the path to those white picket fences is far from smooth. Although 84% of Americans say they’d like to own a home one day, 51% who don’t own today worry they’ll never get there. We asked 2,000 U.S. consumers about their homeownership dreams, fears and challenges — here’s what we found.  An overwhelming 94% of consumers say owning a home is part of the American dream — even if only 84% say it’s part of their dream. 51% of respondents who don’t own a home say they’re worried they never will. Among those who want to own one day, 49% say they can’t afford a down payment and 40% say home prices are too high in their area. Student loan debt weighs heaviest on millennials, with 19% citing it as a roadblock to homeownership.
Of the 84% who’d rather own a home…
Posted On Wednesday, 16 August 2023 08:54 Written by
Redfin reports Texas and Florida survey respondents are twice as likely to cite affordability as a factor in choosing where to live than alignment on social issues Roughly two of every five respondents to a recent Redfin survey who live in Texas or Florida would prefer to live in a place where abortion is legal, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That’s double the share who would prefer not to live in a place where abortion is legal. The results from Texas and Florida are similar to results from the country as a whole. Texas has an abortion ban, and Florida's abortion ban is in legal limbo. Like Florida and Texas residents, about two of every five respondents from the U.S. overall would prefer to live in a place where abortion is legal, roughly double the share who would prefer not to. {loadmoduleid…
Posted On Tuesday, 15 August 2023 06:18 Written by
Relief Foundation announced $1.5 million in disaster relief aid has been made available to Hawaii REALTORS® in support of the REALTORS® Association of Maui after fires recently devastated communities on the Hawaiian island of Maui. Funds will be made available to the public to assist with disaster victims’ housing payments as relief and recovery efforts continue. “Maui’s recent wildfires have deeply impacted its residents, and we stand by them during this challenging time,” said RRF President Mike McGrew. “RRF grants aim to ease the path towards recovery, offering tangible aid to those rebuilding their lives. As real estate agents, we recognize that unity and community spirit are invaluable, especially when facing such trying circumstances.”
Since 2001, RRF has disbursed more than $40 million in aid to more than 20,000 families nationwide. The National Association of Realtors® covers all administrative costs, ensuring 100% of all funds collected are distributed…
Posted On Monday, 14 August 2023 15:46 Written by
Almost 60% of metro markets (128 out of 221) registered home price gains in the second quarter of 2023 as 30-year fixed mortgage rates oscillated between 6.28% and 6.71%, according to the National Association of Realtors®’ latest quarterly report. Five percent of the 221 tracked metro areas registered double-digit price increases over the same period, down from seven percent in the first quarter. “Home sales were down due to higher mortgage rates and limited inventory,” said NAR Chief Economist Lawrence Yun. “Affordability challenges are easing due to moderating and, in some cases, falling home prices, while the number of jobs and incomes are increasing.” 
Compared to a year ago, the national median single-family existing-home price dipped 2.4% to $402,600. In the prior quarter, the year-over-year national median price decreased 0.2%. “Just like the weather, large local market variations exist despite the minor change in the national home price,”…
Posted On Friday, 11 August 2023 06:41 Written by
U.S. home prices are up 3% year over year despite relatively slow demand. That’s due to a shortage of homes for sale, with inventory posting its biggest drop in over a year and a half. The median U.S. home-sale price rose 3% year over year during the four weeks ending August 6, the biggest increase since November. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Prices are rising much more in certain parts of the country, with double-digit increases in Miami and Milwaukee. Prices are increasing despite tepid homebuying demand, with some buyers still sidelined by stubbornly high mortgage rates: They’re hovering around 7%, up from a 3% average in 2021 and a 5.3% average in 2022. Redfin’s Homebuyer Demand Index, which measures early-stage demand through requests for tours and other buying services from Redfin agents, is down 5% from a year ago to…
Posted On Thursday, 10 August 2023 10:26 Written by
The significance of asking the right questions cannot be undervalued.  But how do you ask these three big questions if you don’t know what they are? Well, let me help you with those: 1. “Are you more focused on getting your next listing, or your next qualified borrower?” 2. “What are the activities associated with doing that and when do you do it?” 3. “Would you be willing to spend two hours one day a week for the next month working with me to generate that next listing or borrower?”   This will change the conversation completely! You find out a wealth of information that will help you determine if this person is the type of person you want to work with! Now, they may not have a preference or even a plan, but they MUST be willing to do the work if you are going to make the commitment to…
Posted On Monday, 07 August 2023 00:00 Written by
The median U.S. home-sale price is up 3.2% year over year, the biggest increase since November, and mortgage rates remain elevated The typical U.S. homebuyer’s monthly mortgage payment was $2,605 during the four weeks ending July 30, up 19% from a year earlier and down just $32 from early July’s all-time high. That’s according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. Housing payments remain historically high because mortgage rates remain elevated, with weekly average rates clocking in at 6.9% this week, and home prices are on the rise. The median home-sale price is up 3.2% year over year, the biggest increase since November. Home prices are increasing because of the mismatch between supply and demand. High mortgage rates have pushed many would-be sellers out of the market, with homeowners hanging onto their relatively low rates. The total number of homes for sale is down 19%,…
Posted On Sunday, 06 August 2023 06:57 Written by
  Foreign buyers purchased $53.3 billion worth of U.S. existing homes from April 2022 through March 2023, slipping 9.6% from the previous 12-month period, according to a new report from the National Association of Realtors®. Foreign buyers purchased 84,600 properties, down 14.2% from the prior year and the fewest number of homes bought since 2009, when NAR began tracking this data. Overall, U.S. existing-home sales totaled 5.03 million in 2022, down 17.8% from 2021. “Sharply lower housing inventory in the U.S. and higher borrowing costs across the world have dented international buyers for two straight years,” said NAR Chief Economist Lawrence Yun. “However, recovering international travel following the end of the pandemic will bring more foreign transactions in coming months and years.” NAR’s 2023 International Transactions in U.S. Residential Real Estate report surveyed members about transactions with international clients who purchased and sold U.S. residential property from April 2022 through…
Posted On Wednesday, 02 August 2023 07:49 Written by
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