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Market Trends - Developers need cost relief to continue building despite falling home prices [1]

“Cape Coral is the worst housing market in America right now,” says José Echevarria, a Realtor. Home prices for Cape Coral-Fort Myers in Florida have tumbled 11% in the two years through May, the most of any major metro area. https://t.co/N6r6trKyW0 ...

“Cape Coral is the worst housing market in America right now,” says José Echevarria, a Realtor. Home prices for Cape Coral-Fort Myers in Florida have tumbled 11% in the two years through May, the most of any major metro area. https://t.co/2CQXxNExkG ...

Welcome back to Power Lunch. Some new data out this morning. Pretty gloomy picture of the housing market as new home sales fell nearly 14% in May.High mortgage rates and affordability are continuing to challenge buyers. And that was the biggest monthly drop in almost three years. Let's get some more insight on what's going on here with power broker Ryan Sirant, the founder and CEO of Sirand.And uh Ryan, I I can't res. So I mean we've we got all the developments in New York City in particular today, right. I ...

Ugly picture for new home sales this morning, hitting a seven-month low. Market doesn't like it. Diana Ol has the numbers and the why.Diana. Yeah, Kelly, you stole my word. I was going to say ugly report.No question. Look, sales of newly built homes dropped nearly 14% in May from April. The street was looking for a 6% decline.This count is based on signed contracts. So, people out shopping in May when mortgage rates remain stubbornly high. The average on the 30-year fixed mortgage started May at 6.83% 83% r ...

Market Overview - The stock market shows positive momentum with the Dow up +265 points (+0.62%), S&P 500 up +42 points (+0.70%), Nasdaq up +213 points (+0.97%), and Russell 2000 up +18 points (+0.87%) [1] - Bond yields remain stable with the 10-year yield at +4.35% and the 2-year yield at +3.85% [2] - Oil prices are stable, with WTI at $65 per barrel and ICE Brent crude at $67 [2] Housing Market - The Case-Shiller Home Price Index reports a +2.7% year-over-year increase in home prices, which is below the expected +4% growth [3] - New York City leads in price growth at +7.9%, followed by Chicago at +6.0% and Detroit at +5.5%, while Tampa shows a decline of -2.2% [4] - Thirty-year fixed mortgage rates were in the mid-6% range for most of April, with expectations of further challenges as rates approach 7% [4] Federal Reserve Insights - Fed Chair Jerome Powell is scheduled to testify before the House Financial Services Committee regarding the economy's health and potential interest rate cuts [5] - Powell's previous statements indicate a steady Fed funds rate of 4.25-4.50% for the fourth consecutive meeting, with no significant changes expected in his upcoming appearances [6] Consumer Confidence - The June Consumer Confidence index is anticipated to rise to a consensus of 99.5, following a previous increase to 98.0, after a significant drop to 85.7 due to "Liberation Day" tariffs [7] - Historical data shows Consumer Confidence peaked at nearly 140 in 2018 and fell below 30 during the 2009 financial crisis [8]

For those who purchased a home during the Covid epidemic when home prices were extraordinarily high, the reality could mean they are underwater with how much they owe on their mortgage vs. the current market value of their home. https://t.co/oCe9bwy71D ...