There’s an immense amount of real estate news and data to sift through every week—not to mention the trends that are happening in your local market.
That’s why BAM started the Hot Sheet—to break down the last 24 hours’ worth of news in the industry every morning the markets are open.
But, let’s face it, with your busy schedule, it’s not always feasible to tune in at 9:30 am EST.
So here’s a quick recap of what you may have missed this week.
U.S. Banking Crisis
Alright, we know you didn’t miss this—it’s safe to say that in every industry, all eyes have been on what’s happening with banks right now. But we couldn’t leave it off a weekly recap.
Since Monday, host Byron Lazine has started each Hot Sheet with an update on the U.S. banking system, from the initial SVB collapse and additional banks in trouble to how it’s affecting the stock market and mortgage rates, and how it could affect the Fed’s meeting next week.
And as of Friday afternoon, the latest rumor was Bank of America might step in and buy Signature Bank, according to a Bill Ackman Tweet. But we may just have to wait until Monday to find out for sure.
I am hearing that @BankofAmerica is going to buy Signature Bank on Monday. Unless and until we can protect uninsured deposits, the cost of capital is going to rise for smaller banks pushing them to merge or be acquired by the SIBs. I don’t think this is good for America.
— Bill Ackman (@BillAckman) March 17, 2023
Inflation and Interest Rates
Along with the banking collapse, everyone wants to know what’s happening with inflation and interest rates.
On Tuesday, we learned that the consumer price index increased 0.4% in February, which is up 6% from a year ago and is in line with expectations.
Homebuilder Sentiment
Homebuilder sentiment improved for the third straight month, increasing two points to 44 in the NAHB/Wells Fargo Housing Market Index.
If builders are able to secure low interest rates, this could be good news for buyers.
Mortgage Applications and Housing Inventory
While mortgage applications did increase when rates dropped, the number of purchase applications remains historically low.
For the markets that continue to see multiple offers on properties, this is due to a lack of inventory rather than high buyer demand.
Seller Concessions
While it’s still a strong seller’s market, Redfin reported that seller concessions are on the rise. During the three months ending February 28th, over 45% provided incentives to buyers, with a record-breaking share of home sales involving both a concession and a price cut.
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