What I'm Reading Topping Out: Active housing inventory for sale is up 29% year over year. However, it has been sitting at this level for three weeks now after soaring earlier in the year. Per Bill McBride: "This might be noise, or it might suggest a slowdown in inventory increases."...
July 20th – Bad Vibes
What I'm Reading Bad Vibes: Homebuilder sentiment dropped 12 points to 55, according to a monthly survey from the National Association of Home Builders, the largest drop in the survey's 37-year history with the exception of April 2020. Sentiment is also declining at a far faster rate than it did...
July 9th – Cause and Effect
Charts of the Day Home prices are now around 35% higher than they were at the peak of the housing bubble. http:// At the same time, average 30-year mortgage rates have fallen from around 6.75% in 2006 to just under 3%. http:// Additionally, real disposable personal income is up by...
March 2nd – Backroom Deal
What I'm Reading Locked and Loaded: Private Equity firms’ global real estate funds are now sitting on more than $300 billion of unspent cash, according to Preqin data. Their attention is now turned to what happens when government support and bank forbearance expires. Most of this capital is looking for...