Spring sales season is here, folks. By wolf richter For wolf street, According to the National Association of Realtors, the median price for homes of all types sold in February was $363,000, down 0.2% from February 2022. This was the first year-over-year decline since February 2012, when the market emerged from the housing bust 1 … Read more
Year-on-year, home prices recorded the biggest decline as the seasonal increase in prices was much lower than a year ago. By wolf richter For wolf street, It’s the start of the spring sales season. So let’s see. Home sales in Canada rose 2.3% in January to February, but less than they should have, and on … Read more
Retail supplies of used cars and trucks declined for the second month in a row. Dealers increase prices to replenish their inventory. By wolf richter For wolf street, More trouble is brewing beneath the surface for inflation. Wholesale prices for used vehicles at auction rose 4.3% in January to February, seasonally adjusted, the largest month-to-month … Read more
The “pending sales jump” (still -24% year-over-year) was like January. It’s still a frozen housing market. By wolf richter For wolf street, Funny how it works with hype-and-hoopla shows. The hype about the housing market getting up in January – this Needed Pick up in January, and many more, because this is the beginning of … Read more
Even in Miami and Tampa, prices have declined for the 5th month in a row. By wolf richter For wolf street, Just for a preview, Housing Bubble 2 in Seattle: Not under pressure from the unemployment crisis, housing bubble 2 continues to deflate Far from it: Labor market still historically tight with highest wage growth … Read more
by Wolf Richter • February 26, 2023 , 59 comments Some markets are already deep into it, others are just getting started. An adventurous journey from the free-money decade in La-La-Land, back to normal. Enjoy reading WOLF STREET and want to support it? You can donate. I appreciate it very much. Click on the Beer … Read more
7% mortgage return possibilities. The jump in activity from a very low level in January has faded. By wolf richter For wolf street, Here we go again. Mortgage applications to buy homes fell to their lowest level since 1995, after jumping nearly 30% in January on low mortgage rates and the start of the spring … Read more
The market is still frozen, with potential sellers sitting on vacant properties, hoping this too shall pass. Cash buyers, investors, second home buyers and retreats. By wolf richter For wolf street, Spring sales season begins with 7% mortgage rates? In terms of closed sales, December and January generally mark the low-point of the year for … Read more
Mostly taxpayers, not banks. By wolf richter For wolf street, Mortgage balances jumped as home prices rose in recent years, requiring more debt to finance the same home, and so mortgage balances in Q4 grew 2.2% or $253 billion from the previous quarter, and 9% or $1 trillion has increased. From a year ago, even … Read more
In the first 10 months of Housing Bust 2 (now), median prices fell much faster than in the first 10 months of Housing Bust 1 (2007–11). By wolf richter For wolf street, Better be halfway through a good spring sales season that has supposedly already started in San Francisco and Silicon Valley, because it’s getting … Read more