Thoughtful Money with Adam Taggart "People Are Waking Up" And Becoming Motivated Home Sellers | Melody Wright
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Jul 28, 2024 Melody Wright, a housing analyst, reveals alarming trends in the housing market, including record-low transactions and a nearly 30% increase in inventory. Delinquencies are spiking, reminiscent of the 2008 crisis, raising concerns about a potential housing collapse. Despite an all-time high in median home prices, she questions whether we're sleepwalking into another crisis. The conversation also covers the impact of government involvement in the mortgage market and the struggles of homeowners amidst rising costs.
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Housing Market Peak and Inflection Point
- The housing market peaked in 2022, but the decline is slow.
- The inflection point, where decline is widespread, is now.
Significant Spike in Mortgage Delinquencies
- 30+ day mortgage delinquencies increased by 19% in June 2024.
- This significant jump is concerning and hasn't been seen since 2007/2020.
Disingenuous Spin on Delinquency Data
- Black Knight attributed the delinquency spike to the month ending on a Sunday, claiming late payments.
- Melody countered this, noting March also ended on a Sunday but saw decreased delinquencies.