QUICK HOUSING UPDATE

UPDATE – FEBRUARY 2, 2023 – The housing indicator that peaked in late 2021 and declined 38% while forecasting well ahead of time the market top has reversed directions. This indicator bottomed in October 2022 along with the stock market. It has now gone up 36% from its low. It remains 17% below its peak in late 2021. This is expected as it is unlikely the housing market will go to new highs anytime soon. However, the important factor is this indicator is forecasting a fairly strong rebound in the housing market this year. I haven’t seen anyone predict such to occur. As a side note, lumber futures are up 50% from their lows last year.

JANUARY 21, 2023 – The 30-year mortgage rate hit 6.15% this week. After some ups and downs over the past few months (as I had forecast to occur), the downturn has started again. We aren’t far from my original prediction of sub-6% rates.
Some other stats….Home sales are the lowest since 2010. I guess a low supply is fine when people aren’t buying homes:) Sales have declined for 11 straight months – the longest streak since 1999. Excluding the pandemic, home permits are the lowest since 2016.
That’s all for now.
Shalom,
The Mann