Sellers Have Lost Control of the Housing Market, But What About Rent?
by Mish Shedlock, Mish Talk:
Pending home sales, mortgage application, and asking prices all say the same thing. But it’s rent, not home prices, in the CPI.
Mortgage Applications at 22-Year Low
“The MBA Mortgage Market Index in the United States decreased 6.5% to 288.40 points in the week ended June 3rd 2022. It is the lowest level in 22 years as applications to refinance a home dropped 5.6% and those to purchase a single family home went down 7.1%.”
TRUTH LIVES on at https://sgtreport.tv/
Homes for Sale Climbing
(1/5) The number of homes for sale is finally climbing but not because more homes are being listed…because more buyers are backing off.
As a result, more sellers are dropping prices. #housing
— Redfin (@Redfin) June 9, 2022
Sellers Losing Control
(2/5) Active listings (the number of homes listed for sale) fell 8% year over year—the smallest decline since January 2020.
Again, this was more a reflection of declining homebuyer demand than of more homes being listed. pic.twitter.com/7BXJJDrqlS
— Redfin (@Redfin) June 9, 2022
