Morning Roundup (3/30/2022)– Home Prices In Perspective

Good Morning! Today is Wednesday, March 30. US job openings totaled 11.3 million in February, barely budging from January. The F.D.A. authorized a second booster shot for anyone 50 or older. Russian missile strikes destroyed a government building in Mykolaiv, a port city in the south of Ukraine.

The Mortgage Note Reports

Home Prices In Perspective: Homes are less affordable than they were a year ago, but they largely remain more affordable than at the peak of the 2006 housing boom.

Corcoran CIO: Jason Crawford has been appointed Chief Innovation Officer (CIO) of Corcoran Global Living, the company announced.

And in other mortgage and housing news…

Home Price Appreciation: The S&P Corelogic Case-Shiller Index shows home price appreciation up 19.2% in January 2022.

Abnormal Behavior: A blog post by the Dallas Federal Reserve bank says home prices are becoming “unhinged from fundamentals,” similar to prices in the early 2000s.

“Dreaming Of Home”: A survey commissioned by Coldwell Banker found that 44% of Gen Z and 35% of Millennial homeowners plan to sell in the next 12 months.

Confidence Index: Consumer confidence rose in March, but the proportion of people planning to purchase homes over the next six months fell as interest rates have risen.

Commercial Gains: Multifamily and industrial prices rose by more than 10% YOY while sales prices on retail and office properties rose at a modest pace of less than 5%.

“Inflation Is The Killer”: Homeowners’ insurance premiums are up by between 3% and 30% depending on location, with Texas seeing the biggest hike.

Opinion: Edward Pinto and Tobias Peter argue that Biden’s PAVE Action Plan is a wasted opportunity that won’t be enough to raise housing outcomes for minorities.

FHFA HPI: January home prices rose 1.6% from December and 18.2% YOY, according to FHFA’s Home Price Index.