Real Talk Capital CEO Ron Luna and Capitalist Pig hedge fund manager Jonathan Hoenig discuss what's propelling the stock market sell-off on the first trading day of 2023 on 'Cavuto: Coast to Coast.'continued to sap demand from the housing market.
Prices in November increased 8.6% from the year-ago period, the smallest gain in two years, according to new data published on Tuesday by CoreLogic. Prices are now about 2.5% below their spring 2022 peak and are expected to continue falling this year, eventually tumbling into negative territory before rebounding to around 2% or 3% in the spring.
hovered around 6.42% last week, according to the latest data from mortgage lender Freddie Mac. While that is down from a peak of 7% in September, it's still more than double just one year ago, when rates stood at 3.10%.Combined with high home prices, the rapid rise in borrowing costs has pushed many entry-level homebuyers out of the market.
A separate report released last month by the National Association of Realtors showed that U.S. existing home sales slowed for the 10th straight month in November, tumbling 7.7% from the prior month to an annual rate of 4.09 million units. On an annual basis, home sales plunged 35.4% in November.