Celebrity Real Estate News, World Series Pressure Intensifies, Mortgage Rates and How to Stay Ahead

Full Count Podcast

Nov 2 2023 • 52 mins

A lot going on with the economy! Concern increases as treasury yields soar and mortgage rates rise to 8%!

The unknown of whether inflation will continue to increase. CPI increased 0.4% in September, and over the last 12 months it increased to 3.7%. Barry Sternlicht, billionaire of Starwood Capital, private equity firm- who specializes in real estate - sounded the alarms

MORTGAGE RATES

  • Average mortgage rate for the last 3 months is about 7%
  • There were 1.13M homes for sale at end of September, down more than 8% from a year ago (inventory)
  • Lowest levels since Great Recession

Sales of previously owned homes in September dropped 15.4%, compared to September 2022. CA house payment risen 127% since right before pandemic, while house prices has rose 45%

  • First time home buyers made up 27% of sales; All cash sales 29% - up from 27% in September and up from 22% in sept last year
  • End of year is the best time to buy - less competition since buyers go on vacation and enjoy the holidays
  • It is likely the Fed will not raise rates Nov. 1 - “our economy is resilient, unemployment is low and inflation is in check/sticky” - but rates are hanging high.
  • Prices fell last year from June 2022 til Dec 22 due to rapid deterioration in home affordability because of higher mortgage rates that hit about 7.4% in Oct. Expected market time went up during this time as well.
  • Right now about the avg. days on market is about 80 days, and buyers market is about 120 and more days.

** Sources & Credits to **

• Rates in the U.S. will come down, Sta...

https://www.reuters.com/world/us/us-h...

https://tradingeconomics.com/united-s...

https://www.cnbc.com/quotes/US10Yhttp...

https://therealdeal.com/national/2023...

Steven Thomas Reports on Housing

• Andrew Bustamante - CIA Spy / World W...

• President George W. Bush throws out f...

• President Bush throws the first pitch...

https://nypost.com/2023/09/12/powerba....

https://www.mansionglobal.com/article...

*note: current events, data and information are based on the recording date of October 2023

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