This week on the Knowledge Brokers Podcast, Byron Lazine, Tom Toole, and Lisa Chinatti start the conversation with their outlook for the rest of 2023 and how today’s market compares to the last couple of years—as well as further back to 2017-18. They clarify why it’s important for agents to track their monthly sales data as well as each month’s share of annual sales activity.
Next up, they discuss a HousingWire headline saying 64% of Americans are waiting for mortgage rates to drop before buying a home, followed by predictions on what the Fed will do at the next FOMC meeting, and how that’s likely to affect the 10-year and the 30-year fixed.
The conversation then shifted to another HousingWire article saying only 25% of available homes are affordable to buyers with median incomes—followed by a Steve Harney Tweet responding to a headline on a “spike” in foreclosures.
ATTOM Data released its May 2023 U.S. Foreclosure Market Report, minutes ago. The headline used the word ‘spike’ so you know that will create some panic.
— Steve Harney (@SteveHarney) June 8, 2023
Of course the % of foreclosures will increase. We are coming off three years of some of the lowest numbers ever recorded.… pic.twitter.com/u6oDwVZN9q
Finally, they wrapped up some discussion on the rental market and how rents are down overall—but not everywhere.
Click on any of the timestamps below to watch:
01:08 Outlook for the rest of 2023
10:15 Momentum is easy to keep; it’s harder to generate
12:55 Tracking sales by month (+ monthly share of annual sales) and comparing to 2017-18
18:22 64% of Americans waiting for rates to drop
21:33 The spread between the 10-year Treasury and the 30-year fixed
23:33 Only 25% of available homes are affordable to buyers with median incomes
27:57 Responding to a commenter (last week) saying rates will go up
30:33 Steve Harney Tweet re: a recent headline on foreclosures
35:28 Rents down overall—but not everywhere
Click here to watch the full episode.
