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20.10.26 - 23:36
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PGIM′s Bryan McDonnell on 2027 Real Estate Credit Market (Bloomberg)
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Bryan McDonnell, Head of Real Estate Credit Strategies at PGIM, says investors should adjust business models to a higher-rate environment rather than count on rates falling. He describes the market's recent uncertainty as a gap between rate expectations and reality, with Treasury yields rising above 5% after expectations briefly converged around 4%. He speaks with Romaine Bostick & Jess Menton on "The Close." (Source: Bloomberg)...
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20.10.26 - 17:33
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US Pending Home Sales Collapse To Record Lows In September (ZeroHedge)
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US Pending Home Sales Collapse To Record Lows In September
And the housing market's annus horribilis continues (existing home sales near COVID lows, mortgage rates at three year highs, homebuilder confidence at GFC lows, homebuyer confidence at record lows, housing starts near COVID lows)...
After a very small rebound (+0.3% MoM) in August, US Pending Home Sales collapsed (-7.3% MoM vs -3.9% MoM exp) in September. That dragged
“Market conditions weakened in September due to fast-rising mortgage rates,” says Lawrence Yun, NAR's chief economist.
“Although job growth and income gains can support home purchases, housing affordability is more affected by changes in mortgage rates...
...Buyers and sellers may simply be holding back until mortgage rates move favorably.”
September's slump smashes the Pending Home Sales Index to a record low...
But Yun believes - ever the optimist - that the rapid run-up in mortgage rates over the last month may be nearing the end.
“Given that mortgage ...
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20.10.26 - 15:03
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Housing Starts Collapse Near COVID Lows As Homebuilder Confidence Crashes (ZeroHedge)
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Housing Starts Collapse Near COVID Lows As Homebuilder Confidence Crashes
Following the collapse of Homebuilder confidence (due to mortgage rates, war, and immigration apparently) and the still vast gap down to homebuyer confidence...
...it should be no surprise that homebuilders are unwilling to Start building (Housing Starts -5.2% MoM in September and August revised down to a 5.9% MoM plunge) or even more forward looking, get Permits ( -0.2% MoM)...
On a SAAR basis, Starts are back near post-COVID lows while Permits are holding near the lows of a four year range...
Starts of single-family home construction decreased to the lowest level in a year.
Finally, circling back to where we started, Homebuyers have never been less enthusiastic about the American Dream... perhaps this is why...
The gap between current mortgage rates (7.5%) and the average mortgage across all of American homeowners (4.33%) is extreme to say the least, trapping sellers and buyers...
Who blinks first? With inventories of...
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