May Housing Starts Drop More Than 14%
Economists expected housing starts to fall last month, but the size of the drop was the steepest in more than a year. Building permits also declined by 7.0%.
Mortgage Rates: Highest Weekly Jump in 35 Years
The rate for a 30-year, fixed-rate mortgage jumped over half a percentage point in one week – from an average 5.23% seven days ago to this week’s 5.78%.
Biden Order: HUD to Study LBGTQ Protections
An Executive Order issued on LGBTQ protection requires HUD to identify housing issues, provide guidance and create training under a goal-specific timeline.
Fed Attacks Inflation, Largest Rate Hike Since 1994
With inflation up to a 40-year high of 8.6%, the Fed raised its key interest rate by 3/4ths of a point and suggested that more hefty rate increases are likely.
Fla.’s Investors Pull Back in 1Q 2022
Fla. has 4 of the top 10 cities for real estate investors, but they’re pulling back. U.S. investor purchases dropped 11.5% in 1Q 2022 compared to the previous quarter.
Recession Ahead? Most Economists Say ‘No’
Despite inflation, sinking stocks and Fed moves, most economists say consumers – the primary drivers of the economy – are still spending money at a healthy pace.
Redfin and Compass Announce Lay-Offs
Redfin said Tuesday it would lay off nearly 500 employees. In an SEC filing, Compass said it plans to lay off 10% of its workforce.
NAHB: Builder Confidence Dropped Further in June
The builder association’s measure of attitudes has dropped for six months in row, hitting 67 in June. But any number above 50 reflects optimism over pessimism.
Smart Appliances Are Even Smarter than You Think
In future smart homes – they already exist – the fridge may order groceries, the dryer could call a repair man, and everything can be controlled from a single location.
RE Investors See Opportunity in a Downturn
Under the “buy low, sell high” theory of investing, some larger single-family landlords see economic downturns as a chance to increase their inventory.