September Home Prices Fall at a Slower Pace than July/August
According to Black Night, home prices fell at half the rate of July and August. Black Night is a leading provider of data and analytic solutions in the mortgage industry. FHFA’s report will be released at the end of the month, hopefully providing some confirmation on home price decreases leveling off.
Consumer Prices Rose 0.4% in October, Less Than Expected, as Inflation Eases
Although inflation remains a threat to the U.S. economy, the consumer price index (CPI) climbed less than predicted in October, suggesting that pressures may be beginning to ease. This also led to a massive rally in bonds and brought interest rates down by .62%! It was the biggest rally in over a decade. For those of you who are currently in the market for a home, it definitely is a good time to lock in an interest rate.
Next week’s potential market-moving reports are:
- Monday, November 14th – NY Fed 1-year Inflation Expectations
- Tuesday, November 15th – Real Household Debt, Real Mortgage Debt
- Wednesday, November 16th – NAHB Home Builders’ Index, Business Inventories
- Thursday, November 17th – Initial Jobless Claims, Building Permits, and Housing Starts
- Friday, November 18th – Existing Home Sales, Leading Economic Indicators
As your Oahu mortgage professional, I am happy to assist you with any information you may need regarding Hawaii mortgage or real estate trends or to provide you with a second opinion. Contact Elias Halvorson today!