SoCal Multifamily Sales Pulse - September 25, 2022 - October 1, 2022

• 03 October 2022
• Mike Lembeck

Disclaimer: All information contained herein is obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only. We make no claim(s) as to the accuracy or reliability of the information presented. If you wish for us to analyze your specific property or situation please feel free to call or email us anytime.

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Here's What's Happening In The Market, Here’s What This Means For You

Buckle up, America: The Fed plans to sharply boost unemployment
https://www.cbsnews.com/news/fed-interest-rates-unemployment-inflation-layoffs/

Painful signs emerge that Fed is moving too far, too fast with aggressive rate increases. https://finance.yahoo.com/news/column-painful-signs-emerge-fed-203318804.html

Case-Shiller Index Shows U.S. Home Price Gains Continuing to Slow https://www.connectcre.com/stories/case-shiller-index-shows-u-s-home-price-gains-continuing-to-slow/?utm_medium=email&_hsmi=227514260&utm_content=227514260&utm_source=hs_email  

Economist: US ‘Housing Recession’ Could Send Prices 20% Lower By Mid-2023

The U.S. housing market stares down an even bigger economic shock—mortgage rates jumps to 7.08%. The highest rate since 2002.

The bad news for mortgage brokers and builders? This housing correction is far from over.

47% jump in Orange County house payments cuts prices 6.6% from their peak. August sales were 31% below a year ago.
https://www.ocregister.com/2022/09/27/47-jump-in-orange-county-house-payments-cuts-prices-5-1-from-their-peak/

San Bernardino County home sales plunge 31%, payments jump 45%. 5th slowest-selling August since 1988.

Jobless claims hit five-month low despite Fed’s efforts to slow labor market.

Home prices are selling for more than 9 times the median income. This is the highest ratio EVER! Yes, more than even what it was in 2006 before the housing bubble burst.

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