Industry News: Record Buyers Backing Out Of Deals, Inflation Falls, and a Surge In Refinancing
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Episode Overview
Ryan Glick is joined by Charles Covey for an industry news episode that dives deep into three key headlines impacting the real estate market today.
First, they discuss the record number of homebuyer cancellations in July, analyzing why so many deals fell through despite falling mortgage rates. Charles sheds light on how the upcoming election year historically cools the market and what we can expect as the political climate continues to heat up. The conversation also touches on the role of new home construction in these cancellations and how builders are navigating the current economic landscape.
Next, Ryan and Charles examine the latest inflation data, noting a drop below 3% for the first time since 2021. However, they highlight the ongoing challenge of rising housing costs and the complex relationship between inflation, interest rates, and housing supply. Charles argues for the need for a national housing strategy to address these persistent issues and predicts how future rate cuts might influence the market.
Lastly, the episode covers a significant surge in mortgage refinancing, signaling potential shifts in consumer confidence and market trends. The duo explores what this could mean for the housing market’s future, particularly for new home sales and existing homeowners with low-interest rates. They also speculate on the potential impact of these trends on the broader real estate market as we move closer to the post-election period.