Home-price growth slows in third quarter
Quarterly numbers also show the smallest gain in appreciation since 2011, with values decreasing on an unadjusted basis, according to Fannie Mae.
Economic news
The hidden dangers in the Fed’s balance-sheet reduction
The central bank has recently stepped up its efforts to reduce its balance sheet, but doing that without forcing a liquidity crunch requires careful planning.
Fed’s John Williams says rates could hit 4.5% over time
During a visit to Buffalo on Friday, New York Federal Reserve President John Williams said the central bank may need to keep cranking up interest rates to gain greater control over high inflation.
Fed’s Brainard: Global rate hikes could threaten financial stability
Interest rate increases by central banks have compounding effects and could exacerbate weaknesses in the global financial system, Federal Reserve Vice Chair Lael Brainard argued in a speech Friday.
COVID effects drove homebuilders outside the city
Consumer demands for lower density and more affordable prices fueled a larger share of construction outside urban cores, but recent trends have led to slowdowns across the board.
Inflation talk pushes mortgage rates upward again
Comments from Federal Reserve officials in Jackson Hole last week have markets bracing for further tightening of monetary policy in the near term.
All-cash purchases hit an 8-year high, as seller profits surge
At the same time, homes bought with FHA-backed loans accounted for the smallest share since 2007, according to an Attom sales report.
Powell: Economy, banks can handle aggressive rate hikes
As the Federal Reserve implemented its second 0.75% rate hike in two months, the chair said the system is able to withstand any financial stability risks that rising rates might create.
Housing permits down, sale inventory up in reversal from early 2022
The slowdown in new single-family construction is one of several headwinds homebuilders find themselves facing this summer.
Credit conditions expected to weaken this year: Bank economists
The American Bankers Association’s credit conditions index fell sharply, as economists foresaw dampening loan demand. The weaker outlook lines up with major bank CEOs’ increased worries over a possible recession.
Bank economists advise caution but don’t expect a recession
An American Bankers Association panel of experts predicted much slower economic growth, but agreed that the U.S. economy will avoid a recession over the next couple of years.
Consumer attitudes about housing market reach a 2-year low
A larger share felt it was a bad time for both buying and selling, but a growing number expect price growth to slow.
UBS Wealth says too early to bet on recession, Fed’s failure
It’s not yet time to position for a recession and investors should instead focus on adjusting asset allocation to surging inflation, according to UBS Global Wealth.
Small banks doubt the Fed can avert a recession
In a recent survey, just over half of community bankers expressed concern that the central bank will harm the U.S. economy by raising rates too fast in its quest to contain inflation.
Despite stellar credit quality, small lenders expect economic headwinds
Although small banks and credit unions are enjoying healthier loan portfolios, they are also bracing for potential setbacks due to higher interest rates and inflation.
BlackRock strategists say traders are wrong on Fed’s rate path
An overly aggressive path of hikes to combat the spiraling cost of living may backfire. Bringing inflation down to 2% could push unemployment to nearly 10%.
People support higher housing density in theory, but not in NY ‘burbs
Suburban pushback against a proposal that would have loosened regulations of new units in New York State led to its removal from the state budget.
Atlanta homes have become unaffordable, Fed data show
While the median income rose 1% over the last year, the median price of a home rose a staggering 25%, according to the the Federal Reserve Bank of Atlanta.
U.S. producer prices rise 10%, reinforcing Fed’s rate-hike path
It’s the latest indication of rapid inflation in the U.S., and prices are poised to accelerate further after Russia’s invasion of Ukraine sent prices of some raw materials to new highs.
U.S. inflation hit fresh 40-year high of 7.9% before oil spike
The consumer price index jumped 7.9% from a year earlier following a 7.5% annual gain in January, Labor Department data showed Thursday. The widely followed inflation gauge rose 0.8%.
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