How did the July 2023 inflation report look?
“The July CPI report offered more convincing evidence that inflation pressures are abating,” EY-Parthenon senior economist Lydia Boussour said on Thursday. According to the report, fuel prices forced inflation up for the first time in 13 months, but when looking at the Core Consumer Price Index, prices rose at their slowest pace since October 2021.
On a monthly basis , the core CPI was up 0.2% for the second straight month. This is the first time since February 2021 that core CPI rose just 0.2% in consecutive months.
Shelter costs contributed to 90% of total inflation in July 2023, but some experts say that a turnaround is ahead. Researchers at the San Francisco branch of the Federal Reserve created models that indicate that shelter inflation is likely to slow significantly over the next 18 months, in line with the evolving effects of interest rate hikes on housing markets.
In recent guidance, the research team wrote, “Monetary policy famously operates with ‘long and variable lags,’ and our forecasts imply that this guidance is relevant when looking at housing markets and shelter inflation.”
U.S mortgage delinquency rates at all-time low
Given that inflation appears to be easing and unemployment is low, it makes sense that American homeowners delinquent on their mortgage payments fell to an all-time low in Q2 2023.
In a recent report from the Mortgage Bankers Association delinquency rates on mortgages are only 3.37%. That’s the lowest quarterly mark recorded since data started being tracked in 1979.
Seriously delinquent loans, which are 90 days or more past due or in the process of foreclosure, fell to the lowest non-seasonally adjusted rate in 23 years at 1.61%.
What does it cost to own a massive lake house in Missouri?
If you’ve ever considered living off of Lake Winnebago in Missouri, a fantastic property has just come onto the market that may be what you’re looking for.
Featuring a three-story, spiral staircase, a 1,000 bottle wine room, and a 900-gallon aquarium, this lake house has a lot more to offer than your standard summer home.
The 16,814-sq. ft. home sits on a third of an acre located right next to Lake Winnebago. Custom built between 2007 and 2009, the home also comes with a wall of windows, 26 ft. ceilings in the great room, six full bathrooms, five bedrooms (most with lake views), an elevator, a gym, game room, media room, and dining room with intricate woodwork.
The price tag on this amazing property? It’s currently listed at only $12.6 million.
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