Byron Lazine, Tom Toole, and Lisa Chinatti discuss their outlook for the rest of 2023, the 64% of Americans waiting for rates to drop, the shortage of homes for buyers with median incomes, why 7% is too high for today's market, the next Fed meeting, and a Steve Harney Tweet on foreclosures,
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Timestamps:
00:00–01:08 Intro
01:08 Outlook for the rest of 2023
10:15 Momentum is easy to keep; it’s harder to generate
12:55 Tracking sales by month (+ monthly share of annual sales) and comparing to 2017-18
18:22 64% of Americans waiting for rates to drop
21:33 The spread between the 10 year Treasury and the 30-year fixed
23:33 Only 25% of available homes are affordable to buyers with median incomes
27:57 Responding to a commenter (last week) saying rates will go up
30:33 Steve Harney Tweet re: a recent headline on foreclosures
35:28 Rents down overall—but not everywhere
Show Resources:
https://www.housingwire.com/articles/median-income-earners-can-only-afford-25-of-current-listings/?cx_testId=6&cx_testVariant=cx_1&cx_artPos=3&cx_experienceId=EXAPB9I50LOS#cxrecs_s
https://www.housingwire.com/articles/survey-high-mortgage-rates-are-keeping-many-americans-from-buying-a-home/
https://twitter.com/SteveHarney/status/1666887140834177025?s=20
https://www.inman.com/2023/06/07/doj-nar-commission-and-pocket-listing-investigation-should-resume/
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Connect with Byron Lazine: https://www.instagram.com/byronlazine
Connect with Tom Toole: https://www.instagram.com/tomtoole3rd/
Connect with Lisa Chinatti: https://www.instagram.com/lisachinatti/
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