Bluebid Buzz: January 12
As a benefit to the homeowners and homebuyers using our platform, I share a regular summary of housing market news and data driving our decision-making here at Bluebid Homes. We call it the Bluebid Buzz.
Disclaimer: Views expressed here are my own and not the views of my coworkers or anyone else. I am not a financial advisor, investment advisor, or housing expert. I’m just a guy who cares deeply about saving the American Dream of homeownership.
Here's the buzz for the week of January 12, 2023…
This morning’s CPI report from the U.S. Bureau of Labor Statistics shows that inflation declined 0.1% in December to a year-over-year rate of 6.5%. While the headline data suggests the Fed’s efforts to wrangle inflation are paying off, the cost of shelter rose 0.8% and continues to put upward pressure on prices.
Boston comes in at #12 on Yahoo’s list of heavily populated cities where home prices fell the most in 2022.
CNBC reports refinancing demand is surging as homeowners look to take advantage of lower interest rates.
Business Insider says more buyers and sellers are suing real estate agents in an attempt to recoup lost home value, as many expect prices will continue to slide in 2023.
Redfin’s CEO says he expects a ‘terrible consolidation’ of the real estate sector before things start to normalize on a recent segment of Barron’s Live, and the executive goes on to sympathize with younger Americans priced out of the market.
According to CNN, Wells Fargo is retreating from the mortgage industry it once led.
While home prices have remained surprisingly (or unsurprisingly, given existing marketplace design) elevated, HousingWire says seller concessions have reached pre-pandemic levels.
The latest version of our iPhone app (1.0.5) is now available for download in the App Store, and our new Android app (1.0.7) can also be downloaded from Google’s Play Store. The release features new filters and a host of design enhancements, and our apps provide easy access to the 650+ homes now listed on Bluebid Homes.
Have a great week.