My one-hundred-and-ninety-first YouTube video: “Trend of the Week Housing Prices Fall, Finally” went up today.
This week’s Trend of the Week is “Housing Prices Fall, Finally.” We’ve recently seen a big increase in mortgage rates, but the housing market hadn’t really slowed, until July. According to the S&P CoreLogic Case-Shiller Home Price Index, the year-over-year housing prices went up 18.1% in June of this year, and 15.8% in July. While it’s still a big increase over last year, there is a noticeable deceleration. Month-to-month housing prices in the 20 cities in the Case-Shiller Index fell 0.4% in July, marking the first drop in month-to-month housing prices since 2012. If you look at Lennar Corporation (LEN), a good representation of the housing and building market, you can see the decline in mid-August where investors started to truly believe home and building prices are indeed going to fall. Watch the housing sector. It’s the first place where the Fed’s interest rate increase is having a tangible effect. We’ll continue to see housing prices fall as mortgage rates go up. And it’s an early sign that the Fed’s tightening is working to slow the economy.
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