Hiring improved in September as the employment components of both @ISM Manufacturing (blue) and Services (orange) rose … latter bounced back into expansion for the first time in three months
Financing costs rose in August … average interest rate on credit cards with assessed interest reached 22.36%; average interest rate on a 5-year new car loan rose to 7.54%
Homebuyers are getting squeezed from BOTH sides…
New York home prices rose 5.8% YoY in July. Miami rose 3.5%.
Meanwhile, Mortgage News Daily’s latest 30-year fixed average hit 7.58%, with jumbo mortgages at 7.60%.
You’re trying to save for a bigger down payment while borrowing the rest gets MORE expensive too.
You can work, save more and still find the same home harder to afford. Fucking insane.
August construction spending rose +0.9% m/m vs. 0.0% est. & -0.1% prior (rev up from -0.5%) … private residential construction +1.1%; private nonresidential +1.0%
August new home sales rose +6.4% m/m vs. +1.3% est. & -4.3% prior (revised up from -10.5%) … median new home price +0.4% m/m to $393,700; average selling price at $478,700