Market Update | AUG 09
Jon Granston | August 9, 2023
Jon Granston | August 9, 2023
Top Headlines: Delivered by Leonard Steinberg
August 09, 2023
01 The Fitch rating downgrade of the US due to political gridlock and growing debt should remind us all that there is a big cost to all of us: the 10-year Treasury - that is most closely relative to mortgage interest rates - was up by more than seven basis points to 4.1527%, trading around levels last seen in November 2022. (CNBC)
(NY TIMES)
03 International buyers purchased 84,600 U.S. homes in the year ended in March, 2023 down 14% from the prior year, according to NAR. The dollar volume of residential real estate purchased by these buyers fell 9.6% to $53.3 billion, also a record low since 2011. (WSJ)
04 U.K. house prices dipped in July by the most in 14 years with their home price index down 3.8% year-over-year. BREXIT has helped fuel skilled labor shortages (yup, making things locally costs LOTS more most times): add in persistent inflation (double that of the US), high interest rates and an energy crisis exacerbated by the Russia-Ukraine War.......(Morningstar)