Which events may move the mortgage market for the week of 7/17 – 7/21?
The following events, announcements, and reports may have an impact on the mortgage rate market or the greater economy this week:
Monday, July 17th
Empire State manufacturing survey – July 2023
Tuesday, July 18th
U.S. retail sales – June 2023
Retail sales minus autos – June 2023
Capacity utilization – June 2023
Industrial production – June 2023
Business inventories – May 2023
Home builder confidence index – July 2023
Wednesday, July 19th
Housing starts – June 2023
Thursday, July 20th
Initial jobless claims – July 15th
Philadelphia Fed manufacturing survery – June 2023
Existing home sales – June 2023
U.S. leading economic indicators – June 2023
Friday, July 21st
None scheduled
East Coast mayors called for more office-to-residential conversions
With the recent programs launched in Boston, other mayors on the U.S. East Coast are also looking to provide tax incentives or subsidies for property owners to convert office space into residential living areas.
Cities such as New York City, Washington D.C., and Philadelphia could be next to offer similar programs to the one recently announced by Boston. While development costs related to building standard and zoning codes may need to be updated to accommodate, finding a use for underutilized office space could help solve the current lack of affordable homes in downtown areas.
Which markets have the least risk of a housing market correction?
While the housing market continues to struggle with a lack of inventory, some markets may start to see a correction in the housing market. A recent report from researchers at Morningstar, a leading investment research firm, has surveyed the current housing market and has worked out which markets they believe are most and least likely to see a correction in the coming months.
The researchers used home affordability, population growth, home inventory, and average days on market as factors for a potential correction.
According to Morningstar, the housing markets with the least risk are predominantly on the East Coast or in the Sun Belt. Metro areas in the Northeast such as Hartford, CT, Syracuse, NY, and Allentown, PA were rated as having a lower level of correction because they’re expected to stay affordable and continue to be in demand. Areas like Augusta, GA, Virginia Beach, VA, and Baton Rouge, LA were rated similarly.
Markets with the greatest risk of a correction were predominantly on the western half of the U.S. Several markets in California including San Diego, San Francisco, San Jose, Oxnard, and Los Angeles were rated by Morningstar as carrying a greater risk of contraction.
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