Research & Insights: September 2023

Learn about the where the economy and housing market is heading through the Quarterly Economic & Housing Market Outlook. Here are some key highlights:

Economy: Growth Resilient Amidst Rising Rates

  • Growth remains resilient and is expected to remain stable in the second half of 2023.
  • Labor market cooling, but still tighter than pre-pandemic levels with unemployment rate equaling 50-year lows.
  • Inflation moderating, but still above the Fed target.

Housing Market: Affordability Challenged by Higher Rates – House Prices Resilient

  • Mortgage rates on the rise again as Fed continues to raise short-term rates.
  • High rates and high house prices continue to impact affordability, purchase applications and home sales.
  • Existing home sales declined, while new home sales increased; new listings declined due to the rate-lock effect.
  • Home prices rebounded on low supply.

Distressed Supply, Delinquencies & Foreclosures

  • Serious delinquency rate for credit cards and autos increased.

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