Pending Home Sales Increased 2.5% in December
NAR released a summary of pending home sales data showing that December’s pending home sales pace increased 2.5% last month but fell 33.8% from a year ago. All of the…
Mortgage loan limits in 2023
Conforming loan limits for 2023. Property Type Low Cost Limit High Cost Limit Single Family $726,200 $1,089,300 Two Units $929,950 $1,394,775 Three Units $1,123,900 $1,685,850 Four Units $1,396,800 $2,095,200
S&P 500 confirms bear market as recession worry grows
NEW YORK (Reuters) – U.S. equities tumbled on Monday, with the S&P 500 confirming it is in a bear market, as fears grow that the expected aggressive interest rate hikes by the…
Sales of newly built homes tumbled over 16% in April while prices soared
Sales of newly built homes sank to the slowest rate since the start of the Covid pandemic. The median price of a new home sold in April was $450,600, an…
What is recession
A recession is a macroeconomic term that refers to a significant decline in general economic activity in a designated region. It had been typically recognized as two consecutive quarters of economic decline, as reflected…
Elon Musk Makes $43 Billion Unsolicited Bid to Take Twitter Private
World’s richest person will offer $54.20 per share in cash Tesla executive is one of Twitter’s most-watched firebrands. Billionaire entrepreneur Elon Musk offered to take Twitter Inc. private in a deal valued…
U.S. Dollar Vs. Commodities: Correlation Confusion
The US Dollar Index notched a very strong April amid turmoil in Europe and Asia Traditional asset class relationships have bucked trends in 2022 Any pullback in commodities is likely…
Fed Governor Waller says half-point rate hikes could be needed as ‘inflation is raging’
Fed Governor Christopher Waller told CNBC that the central bank may need to enact one or more half-percentage point rate hikes in the months ahead. “Inflation is raging,” he said,…
The average mortgage holder has a record $185,000 in equity.
Rising home prices mean today’s mortgage holders also have record levels of equity. With interest rates poised to rise, many homeowners may want to tap those funds. But just because…
Fed Chair Powell notes ‘highly uncertain’ Ukraine impact, but says rate hikes are still coming
Fed Chairman Jerome Powell said Wednesday he still sees interest rate hikes ahead though he noted the “implications for the U.S. economy are highly uncertain” from the Ukraine war. Powell…
Mortgage rates plunge just as home prices set another record.
The average rate on the popular 30-year fixed mortgage had risen close to a full percentage point from the start of this year up until last Friday, when it hit…
Economic sanctions cripple Russian economy as ruble plunges, interest rates soar
Economic sanctions levied by the U.S. and allies have sent everyday Russians flocking to ATMs to wait in lines dozens deep in the hopes of withdrawing cash. Russians want to…
Stocks slide, oil jumps as Russia orders troops to Ukraine regions
SINGAPORE (Reuters) – Oil jumped to a seven-year high, safe-havens rallied and U.S. stock futures dived on Tuesday as Europe’s eastern flank stood on the brink of war after Russian…
Lumber prices on the rise again
Source: National Assn. of HomebuildersLumber prices are climbing once again, adding thousands of dollars to the cost of a new home. Builders and consumers thought relief had arrived when the…
California lays out plan to live with Covid for the long-term.
California’s plan aims to pick up rising viral transmission early and rapidly sequence new variants to determine whether vaccines and therapeutics are still effective. The state also aims to rapidly…
U.S. mortgage interest rates top 4%
(Reuters) – The interest rate on the most popular U.S. home loan surged by the most in nearly two years last week, shooting above the 4% level for the first…
Fed ready to raise rates, shrink balance sheet soon
Federal Reserve officials outlined plans for interest rate hikes and a reduction in the asset holdings on their balance sheet at their last meeting. Minutes released Wednesday from the January…
Inflation surges 7.5% on an annual basis
The consumer price index for all items rose 0.6% in January, driving up annual inflation by 7.5%. That marked the biggest gain since February 1982 and was even higher than…