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  • Writer's pictureChris Mackey

Bluebid Buzz: October 13

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 October 13, 2022…

  • The Bureau of Labor Statistics released new inflation data on Thursday morning with core inflation rising to a 40-year high and housing costs (i.e. the shelter index) accounting for more than 40% of the increase.

  • Reuters reports the average rate for a 30-year fixed-rate mortgage rose to 6.81% last week (highest average rate since 2006), and loan application volume fell 2% from the previous week and roughly 69% year-over-year.

  • Rates moving higher has been difficult on home flippers faced with higher carrying costs according to Bloomberg. Flips made up 10% of transactions at the start of the year, 8.2% in the second quarter, and recent monthly data suggests shares are shrinking further still.

  • Even with many markets at risk of falling home prices, CoreLogic predicts national home prices will rise another 3.2% between August 2022 and August 2023.

  • Fortune looks at where home prices are falling the fastest and uses the aforementioned CoreLogic data to determine the likelihood of regional prices dropping moving forward.

  • In the face of a housing shortage, the NYT reports on the disturbing trend of perfectly good starter homes being torn down.

  • Finally, we launched estimates on Bluebid Homes this week. We’re excited about this new feature and hope you have a chance to check it out. As always, we value your feedback!

Have a great week.


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