How did home prices perform year-over-year?

Happy couple shopping for a home | mortgage rate news

National Home Price Index data released

The S&P / Case-Shiller National Home Price Indices for May 2023 were released on Tuesday. The numbers showed that while regional housing markets vary from metro to metro, national home prices were down 0.5% year-over-year.

The 10-city Composite showed a decrease of 1.0%, and the 20-city Composite showed a 1.7% decrease year-over-year.

The biggest gains were in Chicago (+4.6%), Cleveland (+3.9%), and New York (+3.5%).

What are the experts predicting for the today’s Federal Reserve meeting?

It’s widely expected that the Federal Reserve will announce another interest rate hike this week when they announce their decision today.

However, a hike after a pause would be a historical anomaly. The Fed has only hiked interest rates after a pause once in its history. They have been known to extend pauses followed by rate cuts, but it’s been incredibly rare for the Federal Reserve to hike rates after pausing.

The Fed raised interest rates 10 times before last month’s pause, and has seen recent success in its fight against inflation. In June 2023, inflation only rose 3% compared to June 2022. June was the smallest year-over-year increase since March 2021. On a monthly basis, inflation only rose 0.2% month-over-month.

The tone of the announcement will also matter today. If the Fed hikes rates again, but indicates that another pause is up next, the market may react more positively. However, a hawkish tone could illicit a negative response from market movers.

How tricky is it to turn unused office space into housing?

A growing trend in the current market is to take unused office space and convert it into a residential living area, but it’s not as easy as it sounds. NPR did a recent report on how tough it really is to turn commercial units into residential space. It’s not easy.

First, a building needs to have the right kinds of windows and structure to be allowed to change from commercial to residential. Most commercial spaces weren’t built with the right windows or structure in the first place. Next, getting through zoning restrictions and local laws can be a challenge to work around. Then, you have to add walls, plumbing, and build a living space.

However, converting unused commercial space to residential would go a long way towards revitalizing downtown areas, adding available units to the housing market, and it’s better for the environment to convert space instead of building new. It’s likely that a lot of cities will continue to update laws and cut through red tape to enable these spaces to be used for housing instead of sitting empty.

in 10 minutes?

The pre-approval process is lightning fast, and can be completed
in under 10 minutes. Grab a few important documents to get started.
  1. Tax Returns
  2. Copies of W-2s (or 1099s for independent contractors,
    freelancers and the self-employed)
  3. A payroll stub
  4. A bank statement
  5. Loan obligation info (student loans,
    auto loans and credit cards)

Applicant subject to credit and underwriting approval. Not all applicants will be approved for financing. Receipt of application does not represent an approval for financing or interest rate guarantee. Restrictions may apply. 

All information provided in this publication is for informational and educational purposes only, and in no way is any of the content contained herein to be construed as financial, investment, or legal advice or instruction. Guaranteed Rate does not guarantee the quality, accuracy, completeness or timelines of the information in this publication. While efforts are made to verify the information provided, the information should not be assumed to be error-free. Some information in the publication may have been provided by third parties and has not necessarily been verified by Guaranteed Rate. Guaranteed Rate its affiliates and subsidiaries do not assume any liability for the information contained herein, be it direct, indirect, consequential, special, or exemplary, or other damages whatsoever and howsoever caused, arising out of or in connection with the use of this publication or in reliance on the information, including any personal or pecuniary loss, whether the action is in contract, tort (including negligence) or other tortious action.