What’s on the financial calendar for this week?
The following announcements, events, and reports may have an impact on the financial or mortgage markets this week:
Monday, April 8th
Chicago Fed President Austan Goolsbee speaks
Tuesday, April 9th
NFIB optimism index – March 2024
Wednesday, April 10th
Consumer price index – March 2024 & year-over-year
Core CPI – March 2024 & year-over-year
Fed Gov. Michelle Bowman speaks
Wholesale inventories – March 2024
Chicago Fed President Austan Goolsbee speaks
Minutes of Fed’s March FOMC meeting
Monthly U.S. federal budget
Thursday, April 11th
Initial jobless claims – Week of April 6th
Produces price index – March 2024 & year-over-year
Core PPI – March 2024 & year-over-year
Fed Gov. Michelle Bowman speaks
Boston Fed President Susan Collins speaks
Chicago Fed President Austan Goolsbee speaks
Atlanta Fed President Raphael Bostic speaks
Friday, April 12th
Import price index – March 2024
Import price index minus fuel – March 2024
Consumer sentiment – April 2024
Atlanta Fed President Raphael Bostic speaks
San Francisco Fed President Mary Daly speaks
When will home prices start to come down?
A recent survey from Forbes magazine asked real estate experts when they thought home prices will start to cool off.
According to Doug Duncan, senior vice president and chief economist at Fannie Mae, elevated home prices are likely to stay throughout 2024. Duncan stated, “The housing market is likely to continue to face the dual affordability constraints of high home prices and elevated interest rates in 2024. Hotter-than-expected inflation data and strong payroll numbers are likely to apply more upward pressure to mortgage rates this year than we’d previously forecast.”
When asked what a housing recovery would look like, Keith Gumbinger, vice president at HSH.com, said, “For the best possible outcome, we’d first need to see inventories of homes for sale turn considerably higher. This additional inventory, in turn, would ease the upward pressure on home prices, leveling them off or perhaps helping them to settle back somewhat from peak or near-peak levels.”
When asked about predictions for the year, Bill Adams, chief economist at Comerica Bank, stated, “Comerica forecasts that national house prices will rise 2.9% in 2024.” While Orphe Divounguy, senior macroeconomist at Zillow Home Loans, said, “In 2024, I expect we’ll see home appreciation take a step back but not plummet.”
Is it possible to buy into a Ghost Town?
Have you dreamt about living in the Wild West? A recent article from Realtor.com detailed what its like to buy and live in a true western Ghost Town.
In 2018, Brent Underwood was sent a listing to buy a whole town. Cerro Gordo, CA was an abandoned mining town. The buildings still stood, but no one had lived there for decades. After a small bidding war, Underwood was able to purchase the 360-acre property for about $1.4 million.
He still owns the property today, and just completed a book on ghost town living, and he’s still working on restoring the town.
It’s uncommon to see entire towns listed for sale, but parcels are often available. For example, a 2-acre parcel in Cisco, UT will get listed for sale that includes a cabin, a few buildings, and an old post office.
Folks who take on these older properties know they’re in for an adventure and a lot of work, but they often find it to be rewarding.
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