Analysis and Data
Down 14.4% in July from a year earlier, declining home sales are a symptom a cooling housing market.
MBA economist says purchase activity may pick up if mortgage rates continue to move lower.
Originators and lenders need to pay heed to possible impacts.
Sinking builder confidence leads to fewer starts but more completions.
In reverse of pandemic trend, competition for mid- and high-priced homes not as white hot among buyers.
About 16% of home-purchase agreements called off in July, highest rate in 2 years.
Both Fannie & Freddie are sufficiently capitalized, FHFA says.
NAHB chief economist says Fed policy & high construction costs will cause first decline in housing starts since 2011.
The New York Federal Reserve Bank says Americans now hold more than $11 trillion in mortgage debt
While new listings dropped 12%, overall housing supply is growing, giving buyers more choices.