Morning Roundup (9/27/2022) – New Home Sales, Price Growth

Good Morning! Today is Tuesday, September 27. Hurricane Ian made landfall in Cuba early this morning and is expected to hit the Tampa area as it moves north. Major evacuations are taking place in Florida. Congress last night released a stopgap funding proposal intended to avert a government shutdown and provide $12 billion more in aid to Ukraine. Vladimir Putin granted Russian citizenship to Edward Snowden.

The Mortgage Note Reports

New Home Sales: New home sales rose in August to a seasonally adjusted annual rate of 685,000, up 28.8% from July’s revised rate but down 0.1%% YOY.

Growth Decelerates: Home price appreciation cooled some in July though growth remained elevated from a year earlier.

What do you think will happen in the housing market in 2023? Share your opinion by emailing Editor Kimberley Haas at [email protected].

In other mortgage and housing news…

Incoming Damage: Hurricane Ian threatens a million homes on the Florida Gulf coast, with reconstruction cost value totaling nearly $258 billion.

Midwest Best: Chicago, Albany, and Milwaukee are among the markets holding up better than others as the U.S. faces high mortgage rates and an uncertain economy.

Rent Reporting: Fannie Mae launched a pilot program in which rent payment data is shared with the three major credit bureaus to increase a renter’s credit.

House Prices FallHouse prices fell nationwide in July, down 0.6% in the first month-over-month decrease in July since lockdowns began in May 2020.

HPA Index: 45 out of the 60 largest US metros experienced home price appreciation in August, though nationwide prices were down 1.6%.

Remote Work’s Impact: A report found that remote work played a significant role in home price appreciation as our work lives influenced our housing choices.

Foreclosure Fears: Though the foreclosure rate remains low, one million Americans are still at risk of losing their home, and some think it will be very soon.