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MarketMinute | Why Will It Be Harder To Get Homeowners Insurance?

Aug 11

5:31

AM

Category | Markets in a Minute

June's Consumer Price Index shows inflation rose only 3.2% from a year ago, possibly deterring the Fed from raising policy rates in September.

Jobless claims rose last week to the highest levels in a month, coming in higher than expected and signaling some softening to the labor market.

Many experts are backing off their predictions of a looming recession, with the latest economic data pointing to a possible soft landing.

Housing News

Available home insurance policies have dropped 53% this year. Companies are exiting states where they can't raise premiums to cover rising costs.

According to Fannie Mae, consumers are gaining confidence in their personal financial situations but are still pessimistic about buying a home.

Mortgage rates rose last week before falling again, leading to a 3% drop in purchase apps. It was the 3rd consecutive weekly decline.

MarketMinute | How much is a starter home these days?

Aug 4

3:02

AM

Category | Markets in a Minute

ADP reports the private sector added 324K jobs in July, landing well above expectations and signaling labor market strength.

Manufacturing stabilized in July with a gradual improvement in new orders, though factory employment dropped to a 3-year low.

Job openings hit their lowest level since April 2021 in June, while layoffs nudged downward, suggesting a softening but resilient labor market.

Housing News

Construction spending increased solidly in June, boosted by outlays in both single- and multi-family housing projects.

Foreign buyers bought 14% fewer homes in the U.S. in the past year, the least since tracking started but at the highest median price of $396,400.

Redfin reports a first-time homebuyer would need to earn $64,500/year to afford the typical starter home, which sold for $243K in June.

MarketMinute | Discover Signs Of Housing Market Recovery

Jul 28

3:24

AM

Category | Markets in a Minute

Consumer confidence hit a 2-year high in July, as inflationary pressures eased and the economy continued to show resilience.

The Fed raised its policy rate this week to a 22-year high, as expected. Fed actions do not directly impact mortgage rates.

The economy picked up unexpectedly in the 2nd quarter, steering clear of a recession despite Fed rate hikes.

Housing News

The FHFA reported a 2.8% year-over-year home price increase in May. This was the 4th straight month of gains despite a jump in mortgage rates.

New home sales fell in June after 3 months of increases. The drop was attributed to tight inventory rather than lack of buyer demand.

Pending home sales rose in June for the first time since February, suggesting the housing market is recovering from recent declines.

MarketMinute | What's the deal with homeowners insurance these days?

Jul 7

5:42

AM

Category | Markets in a Minute

Manufacturing contracted for an 8th month in June, slipping to the weakest level in 3 years.

Payroll company ADP reports businesses added the most jobs in a year in June, underscoring the ongoing strength of the labor market.

The service sector expanded in June at its fastest pace in 4 months, pointing to a resilient economy.

Housing News

Mortgage applications dropped to the lowest level in a month. Purchase apps fell 5% for the week and 22% year over year.

Homeowners insurance rates are soaring. Some companies are pulling out of states with high losses from natural disasters, including CA and FL.

Pending home sales fell in May to the lowest level in 5 months. The chronic shortage of houses on the market weighed on activity.

MarketMinute | Prices, new home sales and apps are on the rise!

Jun 30

5:27

AM

Category | Markets in a Minute

Consumer confidence jumped in June, reaching its highest level since January 2022. A strong labor market and economy helped.

The 3rd and final estimate of 1st quarter GDP showed economic growth at 2.0%, up from the previous estimate of 1.3%.

Unemployment applications fell last week by the most since October 2021. Despite the drop, demand for workers has slowly eased.

Housing News

House prices rose slightly in April, up 0.7% from March, according to the FHFA. Prices rose 3.1% year over year.

New home sales surged in May, up 12%. Buyers turned to new construction due to the low inventory of existing homes for sale.

Purchase mortgage applications rose 3% for the week. Apps were 21% lower year over year due to lack of inventory rather than demand.