Confidence in the Economy Drops to the Lowest Level Since the Great Recession
Economic confidence in the U.S. reached the lowest level since 2009, according to a Gallup poll conducted last month.
June 1, 2022 2 MIN
Economic confidence in the U.S. reached the lowest level since 2009, according to a Gallup poll conducted last month.
U.S. home prices gained 20.6% in March from a year earlier, the fastest national pace on record, according to S&P CoreLogic Case-Shiller Indices.
The share of offers for U.S. properties that had a competitive bid fell to the lowest level in more than a year, according to a Redfin report.
The decline in signed contracts came at the start of the so-called spring selling season, typically the busiest time of year for real estate transactions.
Mortgage rates fell to a one-month low on Tuesday, retreating almost a quarter of a percentage point after a stock market selloff last week.
Sales of new houses plunged 17% in April, the fourth consecutive decline, as a spike in mortgage rates chilled demand.
Sales of previously owned homes in April dropped to the lowest level since the start of the pandemic, the National Association of Realtors said.
The evolution of remote work will play a role in determining future home-price growth, according to a report from NBER.
A jump in mortgage rates is shifting builders' focus to rental homes, chilling the for-sale market, said Lawrence Yun, NAR's chief economist.
Homebuilder confidence declined to a nearly two-year low in May as higher mortgage rates discouraged buyers and inflation resulted in more expensive material costs for builders.
