Recap last week economic news:
Fed Chair reiterated the fight against inflation (Fed has raised the Fed FUnds Rate 25, 50, 75, and 75 Bps in the last 4 meetings
Pending home sales report was lower but Lawrence Yun, chief economist for the National Association of Realtors, said he believes we “may be at or close to the bottom in contract signings,”
Existing homes sit a 3.3 months of supply
New Home Sales dropped 12.6% from June to July
"Completed" new homes sit at less than 1 month supply
Supply should support home prices
PCE Year over Year dropped from 6.8 to 6.3. Core PCE dropped Year over year from 4.8 to 4.6 - basically inline with expectations
Differences between now and 2008
Home Equity (Insulates against foreclosure)
Reasonable lending practices
Limited inventory vs. record inventory
Looking ahead:
Case-Shiller and FHFA home price index comes out Tuesday
ADP Jobs Data Wednesday
BLS Jobs Report on Friday
Next Fed Meeting is Sept 20-21Let's Create Wealth and Design Your Dream Life with Short Term Rentals! #5StarSTRSuccess
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