Revelations 18:23:’For the merchants were the great men of the earth; for by thy sorceries were all nations deceived.’
Important Takeaways:
- Existing home sales unexpectedly fall in January for 12th straight month
- U.S. existing home sales slowed for the 12th consecutive month in January as high mortgage rates, surging inflation and steep home prices sapped consumer demand from the housing market.
- Sales of previously owned homes tumbled 0.7% in January from the prior month to an annual rate of 4 million units, according to new data released Tuesday by the National Association of Realtors (NAR). On an annual basis, existing home sales are down 36.9% when compared with January 2021.
- It is the slowest pace since November 2010, when the U.S. was still in the throes of the housing crisis triggered by subprime mortgage defaults.
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Rev 6:6 NAS “And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways:
- Surging mortgage rates add to Biden’s economic woes
- The combination of rising home prices and higher interest rates — driven largely by the Federal Reserve’s more aggressive efforts to curb inflation — hiked monthly mortgage payments on the typical U.S. home by 19.5 percent in the first three months of the year, according to real estate listing service Zillow. Payments are 38 percent higher than a year ago.
- Has your paycheck gone up by 38 percent over the past year?
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Rev 6:6 NAS And I heard something like a voice in the center of the four living creatures saying, “A quart of wheat for a denarius, and three quarts of barley for a denarius; and do not damage the oil and the wine.”
Important Takeaways
- Home prices skyrocketed last year. Two regions saw the biggest increases
- Home prices rose 18.8% in 2021, according to the S&P CoreLogic Case-Shiller US National Home Price Index, the biggest increase in 34 years of data and substantially ahead of 2020’s 10.4% gain.
- All regions saw price gains last year, but increases were strongest in the South and the Southeast, each of which were up over 25%.
- Phoenix, Tampa and Miami reported the highest annual gains among the 20 cities in the index in December. Phoenix led the way for the 31st consecutive month with prices 32.5% higher than the year before. It was followed by Tampa with a 29.4% increase, and Miami, with a 27.3% increase.
- “With home prices expected to continue rising, even at a slower pace, affordability will increasingly challenge 2022 buyers as a decade-long underbuilding trend has left the housing market 5.8 million homes short of household growth
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