The State of the Real Estate Market: Insights with Ed Parcaut on Real Estate Jerky Daily

Welcome to a new episode of "Real Estate Jerky Daily!" I'm your host, Ed Parcaut, and today I have the studio all to myself as my co-host, Mike Kelly, is attending some board meetings. So, get ready for 100% Ed Parcaut today! Before we dive into today's market news, I want to take a moment to thank all our listeners. If you haven't already, please hit that subscribe button, as we bring you this podcast live every weekday morning at 8:30. Now, let's get to the updates. While today's news is relatively light, next week will be a major week for the market. We can expect important releases like PCE (Personal Consumption Expenditures), which is a key indicator for the Federal Reserve. Speaking of the Fed, they recently announced a pause in their rate hikes, causing some turbulence in the market. However, a survey of economists reveals that the majority believe the Fed will have to take further actions, including rate hikes, to stabilize the economy. In the real estate market, mortgage rates have ticked up slightly, with Fannie Mae reporting an average rate of 7.19% for a 30-year loan with 20% down. This is higher than last year, but the bigger concern is the overall increase from 3% to 7% over the past few years. As a result, existing home sales have been impacted, particularly from those who absolutely need to sell due to life events like death, divorces, and job transfers. When it comes to inventory, we're still seeing a shortage, with only a slight increase compared to last year. This trend suggests that we might fall below the typical 4.5 million homes sold annually mark for the fifth or sixth time in recent years. This shortage also affects new home sales, as delays and cancellations due to a shortage of electric transformers hinder construction projects. With all these factors in play and the impending recession, predicted to hit around December or January, it's vital to stay informed and understand the impact on the housing market. So, grab your coffee, sit back, and get ready for today's market update on "Real Estate Jerky Daily!" #RealEstateJerkyDaily #MarketUpdate #FridayEdition #EdParcaut #PodcastLife #HousingMarket #InterestRates #HomeSales #InventoryLevels #EconomicNews #FinancialMarket #GovernmentSpending #InflationConcerns #HousingShortage #RecessionPredictions #GasPrices #RealEstateTrends #MarketAnalysis #ExpertInsightsBecome a supporter of this podcast: https://www.spreaker.com/podcast/real-estate-jerky-daily--6413899/support.