Weekly Review
Newsletter - 08/08/2022

Week of August 1, 2022 in Review

July’s Jobs Report was much stronger than expected, but what’s really going on? Plus, the Fed’s take on the labor sector and the latest scoop on home price appreciation. Here are the key headlines:

• July Jobs Report a Big Surprise
• The Fed’s Take on the Labor Market, Inflation and Recession
• Initial Jobless Claims Continue to Creep Higher
• Home Prices Still Forecast to Appreciate at Meaningful Level

July Jobs Report a Big Surprise

The Bureau of Labor Statistics (BLS) reported that there were 528,000 jobs created in July, which was more than double the expectations of 250,000 new jobs. In addition, there were positive revisions to the data for May and

•          Buyer opportunities have returned to the Puget Sound market
•          Active listings have nearly doubled from a year ago
•          The market balance is favoring buyers
•          “We are seeing builders moving their price points down and providing incentives to buyers in closing costs and buydowns to help     borrowers obtain lower interest rates.”
•          Overpriced listings have missed the market.

KIRKLAND, Washington (August 4, 2022) – New statistics from Northwest Multiple Listing Service confirm reports of a shifting housing market, prompting one industry leader to suggest “all parties involved in a transaction today have to recalibrate.”

“Today’s buyers have their cups finally overflowing with options as

•          Buyer opportunities have returned to the Puget Sound market
•          Active listings have nearly doubled from a year ago
•          The market balance is favoring buyers
•          “We are seeing builders moving their price points down and providing incentives to buyers in closing costs and buydowns to help borrowers obtain lower interest rates.”
•          Overpriced listings have missed the market.

KIRKLAND, Washington (August 4, 2022) – New statistics from Northwest Multiple Listing Service confirm reports of a shifting housing market, prompting one industry leader to suggest “all parties involved in a transaction today have to recalibrate.”

“Today’s buyers have their cups finally overflowing with options as residential

Growing Number of Experts Calling for Substantial Home Price Declines

• Significant price declines lie ahead, many experts argue.
• Insider recently spoke with three experts calling for median home prices to fall.
• Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
• Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But what

The FTC just slapped Opendoor with a $62 million fine for 'misleading' customers about the true costs of its home buying business

The Federal Trade Commission is fining home buying company Opendoor $62 million for "cheating" home sellers. In a settlement announced on Monday, the FTC said Opendoor told customers that they could make more money selling their homes to the company than they by selling homes traditionally. The FTC found that, in fact, most people who sold their homes to Opendoor made less money than they would have selling to regular buyers via a real-estate agent. Opendoor, which bought 36,908 homes in 2021, is an instant buyer, or "iBuyer", which buys homes directly from owners and then resells them, sometimes making small renovations to

Growing Number of Experts Calling for Substantial Home Price Declines

• Significant price declines lie ahead, many experts argue.
• Insider recently spoke with three experts calling for median home prices to fall.
• Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
• Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But

Growing Number of Experts Calling for Substantial Home Price Declines

• Significant price declines lie ahead, many experts argue.
• Insider recently spoke with three experts calling for median home prices to fall.
• Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
• Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But what

The Fed’s newest rate hike hits the market.

Weekly Review
Newsletter - 08/01/2022

Week of July 25, 2022 in Review

The last week of July was jam-packed with news, including a Fed rate hike, hot inflation numbers, crucial housing data and a negative reading for second quarter GDP. Here are the key headlines:

• Fed Hikes Rates Another 75 Basis Points
• Consumer Inflation Reaches 40-Year High in June
• Signed Contracts on Existing and New Homes Slowed in June
• Home Price Appreciation Still Hot in May
• Does the Negative Second Quarter GDP Reading Signal a Recession?
• Initial Jobless Claims Top 250,000 for Second Straight Week

Fed Hikes Rates Another 75 Basis Points

As expected, the Fed hiked its benchmark Fed Funds Rate