Real Estate & Mortgage Lending Market Update (11.28.22)
I'll do the deep research so you don't have to.
What You Need To Know Today:
•James "Jim" Bullard, president and CEO of the Federal Reserve Bank of St. Louis and member of the Federal Open Market Committee (FOMC), is scheduled to be interviewed by MarketWatch today at 11:00 AM CT. Consider listening in and looking out for hints as to what the Fed will be doing next regarding rates.
•Federal Reserve Bank of New York President, John Williams, is also scheduled to speak today at 11:00 AM CT via an online event hosted by the Economic Club of New York. Essentially any time members of the Fed speak publicly it is an opportunity to gain insight as to what group sentiment is like currently.
•The latest Dallas Fed Manufacturing Index reading came in at (-14.4), beating the previous reading of (-19.4). This index measures the performance of the manufacturing sector in the state of Texas. It is significant because Texas produces around 9.5% of all manufacturing output in the U.S. --- second only to California. It is a good indicator of national manufacturing health.
Chart Of The Day:
In Q3 2022 we saw a steep decline in home purchases by investors. This is a particularly dramatic decline relative to mid-2021 where we saw the year-over-year number of investors increase by ~141% (Q2 2021) & ~82% (Q3 2021). As this slowdown continues to develop it looks like investors are leading the way.
YoY Change In Number Of U.S. Homes Bought By Investors1
Source: Redfin analysis of county records.