Which housing markets are showing signs of heating up? Cooling?
Industry analyst CoreLogic has updated its interactive map of housing markets with new data. When asked about home prices, CoreLogic’s deputy chief economist, Selma Hepp, stated that, “home prices continue to face significant pressure in light of surging costs of borrowing. Pullback in buyer demand will continue to weigh home prices down, bringing them in line with local incomes.”
Of the 392 markets in the survey, zero markets have ‘very low’ odds of falling home prices in the next 12 months. This means that CoreLogic is predicted that every market they survey will see home prices come down in the next 12 months.
Action in the mortgage rate market takes an early holiday
Mortgage rates remained sideways for the second straight day with virtually zero movement in the market. Thanksgiving week tends to have low activity due to traders taking time off and fewer traders willing to take large positions ahead of the holiday. Mortgage rates haven’t moved much since heading lower after the last Federal Reserve meeting and will likely require additional inflation data or guidance from the Fed before making another dramatic move.
How does Guaranteed Rate celebrate Thanksgiving?
Thanksgiving came early for employees at Guaranteed Rate. For the eighth straight year, every employee was offered a complimentary turkey as a ‘thank you’ from the company. This year, approximately 28,000 lbs. of turkey were given away.
In addition to thanking employees, Guaranteed Rate also hosted a company-wide food drive through November 30th. Last year, Guaranteed Rate collected and donated over 46,000 lbs. of food. The goal this year is to go over 50,000 lbs.
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