What’s scheduled for this week?
The following announcements, events, and reports are scheduled for this week and may have an impact on the financial or mortgage markets:
Monday, February 19th
None scheduled, President’s Day Holiday
Tuesday, February 20th
U.S. leading economic indicators – January 2024
Wednesday, February 21st
Atlanta Fed President Raphael Bostic delivers remarks
Fed Gov. Michelle Bowman speaks
Minutes of Fed’s January FOMC meeting
Thursday, February 22nd
Initial jobless claims – Week of February 17th
S&P flash U.S. services PMI – February 2024
S&P flash U.S. manufacturing PMI – February 2024
Existing home sales – January 2024
Fed Vice Chair Philip Jefferson speaks
Philadelphia Fed President Patrick Harker speaks
Fed Gov. Lisa Cook speaks
Minneapolis Fed President Neel Kashkari speaks
Fed Gov. Christopher Waller speaks
Friday, February 23rd
None scheduled
Where is the nation’s hottest housing market?
U.S. News and World Report recently reviewed housing data to determine which metro areas are the ‘hottest’ for home sales. The top performer? The Denver-Aurora-Lakewood metro area in Colorado came away as the hottest market in the U.S.
The Denver area was rated highly for its low local unemployment rate, low rental vacancy rates, and a positive ratio of building permits to job growth. Median home prices for the Denver metro area in December 2023 was $550,000. That’s well above the national median home price of $404,000.
Could the housing market see a ‘silver wave’ in 2024?
Meredith Whitney, known by some as the ‘Oracle of Wall Street’ for her warnings ahead of the 2007 financial crisis, is confident that older homeowners will start listing their homes. A ‘silver wave’ of home sales would open up opportunities for younger buyers across the country.
When it comes to when older homebuyers will start to move into the market, Whitney stated, “I say all this almost as a public service announcement in terms of, if people want to sell, be better positioned to sell earlier as opposed to later.”
Whitney also cited statistics from AARP that showed 51% of people over the age of 50 are planning to downsize to smaller homes. This has the potential to add 30 million homes to the housing market.
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