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Learn about local real estate and housing market trends from The Cascade Team Real Estate.

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Growing Number of Experts Calling for Substantial Home Price Declines

  • Significant price declines lie ahead, many experts argue.
  • Insider recently spoke with three experts calling for median home prices to fall.
  • Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
  • Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But what

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Growing Number of Experts Calling for Substantial Home Price Declines

  • Significant price declines lie ahead, many experts argue.
  • Insider recently spoke with three experts calling for median home prices to fall.
  • Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
  • Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But

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Growing Number of Experts Calling for Substantial Home Price Declines

  • Significant price declines lie ahead, many experts argue.
  • Insider recently spoke with three experts calling for median home prices to fall.
  • Recession fears and rising interest rates have started to cool interest in the U.S. housing market.
  • Poor consumer sentiment implies home prices may decline this year and next.

One of the most remarkable developments in the post-pandemic economy has been the sharp rise of the housing market. Despite initial pandemic fears, people with means rushed into the real estate sector in 2020, inherently driving up home prices. The Federal Reserve also dramatically reduced benchmark interest rates, spurring acquisitiveness.

But what

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The Fed’s newest rate hike hits the market.

 

Weekly Review
Newsletter - 08/01/2022

Week of July 25, 2022 in Review

The last week of July was jam-packed with news, including a Fed rate hike, hot inflation numbers, crucial housing data and a negative reading for second quarter GDP. Here are the key headlines:

  • Fed Hikes Rates Another 75 Basis Points
  • Consumer Inflation Reaches 40-Year High in June
  • Signed Contracts on Existing and New Homes Slowed in June
  • Home Price Appreciation Still Hot in May
  • Does the Negative Second Quarter GDP Reading Signal a Recession?
  • Initial Jobless Claims Top 250,000 for Second Straight Week

Fed Hikes Rates Another 75 Basis Points

As expected, the Fed hiked its benchmark Fed Funds Rate

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Weekly Review
Newsletter - 07/25/2022

Week of July 18, 2022 in Review

The latest housing data shows that while homebuyer activity may be slowing, demand remains strong. Meanwhile, homebuilders continue to face a backlog, and Jobless Claims are on the rise. Here’s what you need to know:

  • More to Existing Home Sales Data Than Meets the Eye
  • Builders Cautious About Future Sales
  • Construction Data Shows Continued Backlog
  • Initial Jobless Claims Top 250,000 for the First Time This Year

More to Existing Home Sales Data Than Meets the Eye

Related Links: Real Estate Weekly Report - Housing Market Remains Strong

Existing Home Sales fell 5.4% from May to June, coming in at a 5.12 million unit annualized pace and worse than

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Weekly Review
Newsletter - 07/19/2022

Week of July 11, 2022 in Review

Inflation continues to soar on the consumer and wholesale levels while there are more signs that our economy is slowing. Here are last week’s key stories:

  • Consumer Inflation Remains Blistering Hot
  • Producer Inflation Also Higher Than Expectations
  • Are Jobless Claims the “Canary in the Coal Mine?”
  • More Economic Slowdown Signals
  • Housing Market Remains Strong

Consumer Inflation Remains Blistering Hot

The Consumer Price Index (CPI), which measures inflation on the consumer level, rose 1.3% in June. This was even higher than the 1.1% increase expected. On an annual basis, inflation rose to a new cycle high from 8.6% to 9.1%, the largest 12-month increase since

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Weekly Review
Newsletter - 07/11/2022

Week of July 4, 2022, in Review

Week of July 4, 2022, in Review

The Jobs Report for June appeared strong on the surface, but that’s not the whole story. Annual home price appreciation remained over 20% in May. Here’s what you need to know:

  • A Tale of Two Jobs Reports
  • Do Jobless Claims and Job Openings Signal a Slowdown?
  • A Note on Private Sector Payroll Reporting
  • Home Prices Up 20.2% Annually in May

A Tale of Two Jobs Reports

 

The Bureau of Labor Statistics (BLS) reported that there were 372,000 jobs created in June, stronger than the expectations of 250,000 new jobs. However, there were negative revisions to the data for April and May removing 74,000 jobs in those months

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Weekly Review
Newsletter - 07/05/2022

Week of June 27, 2022 in Review

Consumer inflation remained near a 40-year high, and home purchase activity stayed strong in May. Home prices also continued to rise in April. Here’s what you need to know:

  • Consumer Inflation Remains Near 40-Year High
  • Home Purchase Activity Still Standing Strong
  • Home Price Appreciation Remained Hot in April
  • Final First Quarter GDP Reading Sparks More Recession Fears
  • Keeping an Eye on Jobless Claims

Consumer Inflation Remains Near 40-Year High

The Fed’s favorite measure of inflation, Personal Consumption Expenditures (PCE), showed that headline inflation rose 0.6% in May, slightly below the estimates of 0.7%. The year over year reading remained near a

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The NW housing market is changing - while we are not near a balanced market things are looking up for buyers as the market continues to correct itself - 

Compared to a year ago, Northwest MLS (NWMLS) brokers reported:

  •          Significant jump in inventory, 
  •          Double-digit drops in both pending and closed sales
  •          And the smallest year-over-year (YOY) increase in prices since June 2020.

What the changes mean in general terms are:

  •          More houses on the market
  •          Longer market times
  •          Stabilizing home prices
  •          Fewer showings and open house visitors
  •          Fewer offers at one time
  •          And more price adjustments

KIRKLAND, Washington (July 6, 2022) – Housing

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Compared to a year ago, Northwest MLS (NWMLS) brokers reported:

  •          Significant jump in inventory,
  •          double-digit drops in both pending and closed sales
  •          And the smallest year-over-year (YOY) increase in prices since June 2020.

What the changes mean in general terms are:

  •          More houses on the market
  •          Longer market times
  •          Stabilizing home prices
  •          Fewer showings and open house visitors
  •          Fewer offers at one time
  •          And more price adjustments

KIRKLAND, Washington (July 6, 2022) – Housing statistics from Northwest Multiple Listing Service for June show signs of a shifting market, creating opportunities for some buyers. Compared to a year ago,

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