Inflation Numbers are Finally Starting to Cool
Some good news this week... inflation showed signs of cooling and the mortgage delinquency and foreclosure rates remain at historic lows. Overall prices still increased, year over year, by 4.9%. A few reasons for this, even though inventory levels increased, 28% of buyers were investors buying up single family homes and, overall, still not enough inventory. Corelogic is forecasting a year over year home price increase of 3% nationally. Between inflation cooling and jobless rate going up, analysts and Jerome Powell, Fed Chair, are thinking September for a Fed rate cut of 25 basis points.
Mortgage rates have been down a little, but we really need some rate cuts and for the 10 year treasury bond rate to decrease as mortgage rates are directly tied to that metric. Market stats below show mixed signals depending on the area.
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