I’ve got a SHOCKER for you… housing inventory fell, again!
|Nov. 26 - Dec. 2||Prev 4 Week Avg.||% Change||Nov. 19-25|
|New Pending Sales||525||722||-27.26%||575|
|30 Year Fixed Mortgage||3.11%||3.08%||1.06%||3.10%|
We’re definitely going to break below that 2,000 mark before the end of the year.
The three-headed monster of Omicron, inflation, and the end of friendly Fed policy is NOT bringing Holiday cheer to investors.
Public Service Announcement:
California’s housing crisis (no supply) is a direct result of government policy, judicial intervention, and NIMBY (not in my backyard) movements that make it next to impossible to build in California.
Case in point, check out this legal challenge that is holding back development in San Diego’s Midway District. And just a side note…this was a VOTER APPROVED measure from back in 2020, yet it’s still being halted by the courts.
If this irks you then please keep this in mind next time we have the opportunity to vote for our representatives who set policy and appoint judges.
- Conforming loan limits just jumped to nearly $1 million for San Diego borrowers.
- San Diego drops out of top 3 US rankings for home price gains.
- According to this Federal Reserve metric, US real estate just entered “bubble” territory.
- Omicron, Omicron, and more Omicron. Oh, and the Consumer Price Index report drops on Friday which can always shake up mortgage rates.
Stay tuned next week for our big monthly round-up for November.