Housing Market Update: More Homes for Sale, Prices Still Rising
Published: 2024-08-23
Status:
Available
|
Analyzed
Published: 2024-08-23
Status:
Available
|
Analyzed
Predictions from this Video
Incorrect: 0
Prediction
Topic
Status
Despite a drop in mortgage rates, there has not been a significant increase in mortgage applications, which the Federal Reserve is monitoring.
"we haven't seen a big jump in mortgage applications yet and this is what the Federal Reserve Bank wants to keep their eye on"
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The supply of homes for sale has increased by nearly 20% compared to the previous year.
"Supply is higher there are more homes available for sale today than before still there's not that many homes but it's almost 20% more homes available for sale today than just 12 months ago"
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An increase in the supply of homes relative to demand will lead to a decrease in home prices.
"if you have more sellers than buyers if you have more Supply than demand then that pulls home prices lower"
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When there are more buyers than sellers, home prices are likely to increase.
"if you have more buyers than sellers that pulls home prices up"
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A hypothetical drop in mortgage rates to 4% would significantly increase demand for homes.
"if mortgage rates were to hypothetically fall to 4% tomorrow you bet that a lot of people would wake up and want to buy a home again"
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An increase in home buying activity will likely lead to an increase in home prices.
"if more people then start to wake up and say I want to buy a home well that can definitely impact the prices of homes"
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An increase in home refinancing, leading to more money being pulled out of home equity, could boost the economy but also destabilize the housing market.
"if more people start to refinance more people start to pull money out of their home that could boost the economy but it could put the housing market on a little bit more choppy Waters"
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Increased home refinancing activity could stimulate the economy as homeowners access their equity.
"if more people start to refinance more people start to pull money out of their home that could boost the economy"
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The Federal Reserve will be meeting with international central bankers at Jackson Hole to discuss future interest rate policy.
"the feder Reserve Bank is meeting at Jackson Hall with Central Bankers from around the world and they're going to be talking about what they want to do with interest rates"
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Aggressive interest rate cuts by the Federal Reserve could lead to a significant increase in demand.
"if the Federal Reserve Bank gets aggressive with interest rate cuts that could really boost demand"
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The extent of the Federal Reserve's aggressiveness in cutting interest rates and the number of cuts expected this year and next are key factors.
"how aggressive will The feder Reserve Bank B and how many times will the cut interest rates this year and next year"
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A reduction in mortgage rates to 6% or below due to further interest rate cuts could trigger a significant increase in refinancing activity.
"if we start to see more interest rate cuts and mortgage rates fall to say 6% or under 6% that could create another boom in refinancing"
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Mortgage rates have decreased in recent months due to anticipation of the Federal Reserve cutting interest rates.
"we have seen mortgage rates fall over the last number of months because people are anticipating the feder Reserve Bank cutting interest rates"
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A drop in mortgage rates to 4% would likely lead to a surge in home buying demand.
"if mortgage rates were to hypothetically fall to 4% tomorrow you bet that a lot of people would wake up and want to buy a home again"
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If interest rates are cut and mortgage rates fall to 6% or below, a boom in refinancing is anticipated.
"if we start to see more interest rate cuts and mortgage rates fall to say 6% or under 6% that could create another boom in refinancing"
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Changes in housing and rental prices will impact overall inflation.
"how will that affect inflation because housing prices rental prices all these things affect inflation"
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Falling interest rates and increased home buying could lead to more bidding wars and a faster rise in home prices, which the Federal Reserve hopes to avoid to manage inflation.
"if interest rates begun to fall and if more people start to wake up and start to buy homes could that create more bidding wars could that create more offers could that create an increase in home prices even faster again this is where the Federal Reserve Bank is hoping no"
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If increased home buying activity exacerbates inflation, it will present a significant challenge in 2025.
"if that makes the inflation problem worse well that will create a new interesting conundrum for 2025"
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Consumers are running low on funds and maxing out credit cards, leading to hope that the Federal Reserve will cut interest rates to stimulate the economy and spending.
"people are running out of money they're being tapped out and they're maxing out their credit cards and so they're hoping for the Federal Reserve Bank to start cutting interest rates to start stimulating the economy to start stimulating spending again"
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Increased spending ability among the population would be beneficial for the overall economic system.
"that means that more people will have spending ability which is good for the economic system because more people will have the ability to go out and buy the extra guac and the BMW"
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A decline in home prices, combined with aggressive refinancing to extract cash, could lead to more homeowners being underwater on their mortgages.
"if then home prices Begin to Fall for whatever reason that could push more people to potentially be underwater if you're refinancing every bit of cash that you can"
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Certain actions related to refinancing could provide a short-term boost to the economy.
"that would help the economy in the short term"
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Home prices have increased for 13 consecutive months as of July.
"home prices went up for the 13th straight month in July"
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Home prices have been on an upward trend for the past 13 months.
"home prices went up for the last 13 months"
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Home improvement retailers like Lowe's and Home Depot are experiencing reduced sales as customers with low mortgage rates are waiting for interest rates to fall before undertaking renovations.
"both Lowe's and Home Depot the Home Improvement stores said the same thing that they're seeing smaller sales and they're anticipating smaller sales because all their customers have these low mortgage rates and they're waiting for interest rates to fall before they find an upgrade to their kitchen"
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Mortgage refinance applications have seen a much larger increase than purchase applications over the past year.
"mortgage refinance applications have boomed significantly faster than mortgage purchase applications over the last 12 months"
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Mortgage refinance applications have increased by approximately 120%.
"we have seen mortgage refinance applications Boom by almost 120%"
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Further interest rate cuts leading to mortgage rates of 6% or lower could spark another surge in refinancing.
"if we start to see more interest rate cuts and mortgage rates fall to say 6% or under 6% that could create another boom in refinancing"
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In a market with more sellers than buyers, sellers will be forced to lower their prices to attract interest.
"if you have more sellers than buyers now the ERS have to compete against each other by cutting their prices"
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When there are more buyers than sellers, buyers will compete by offering higher prices.
"if you have more buyers than sellers now the buyers have to compete against each other by offering higher prices"
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