Monthly Mortgage Payments Just Hit All-Time High — And Prices Jumped The Most In 10 Months
Portfolio Pulse from AJ Fabino
The nationwide median home-sale price has surged to $380,000, a 5% year-over-year increase, according to a report by Redfin Corp. This has resulted in the typical monthly mortgage payment reaching an all-time high of $2,649. The price surge is driven by a severe inventory shortage, with new listings down 10% and the total number of U.S. homes for sale down 19%. This has implications for key players in the housing market such as Rocket Companies Inc, Lennar Corp, Wells Fargo & Co, JPMorgan Chase & Co, Ocwen Financial Corp, PulteGroup, Inc, and Bank of America Corp.
August 31, 2023 | 7:51 pm
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POSITIVE IMPACT
PulteGroup, Inc could benefit from the unique situation in the Miami real estate market, which is seeing a 17% YoY increase in median home-sale prices.
PulteGroup, Inc could benefit from the unique situation in the Miami real estate market, which is seeing a 17% YoY increase in median home-sale prices. This could potentially boost its sales and revenues.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Redfin Corp's report indicates a surge in home-sale prices due to inventory shortage, which could impact its business.
Redfin Corp's report indicates a surge in home-sale prices due to inventory shortage. This could impact its business as it may lead to fewer transactions.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Bank of America Corp could be impacted by the mixed signals in the housing market, affecting its home loan business.
Bank of America Corp could be impacted by the mixed signals in the housing market, potentially affecting its home loan business and revenues.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
JPMorgan Chase & Co could be affected by the decrease in mortgage applications due to the surge in home prices and mortgage payments.
JPMorgan Chase & Co could be affected by the decrease in mortgage applications due to the surge in home prices and mortgage payments. This could potentially impact its revenues.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Lennar Corp could be impacted by the surge in home prices due to inventory shortage, potentially affecting its sales.
Lennar Corp could be impacted by the surge in home prices due to inventory shortage. This could potentially affect its sales and revenues.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ocwen Financial Corp's revenues are likely to be affected by fewer mortgage applications due to the surge in home prices.
Ocwen Financial Corp's revenues are likely to be affected by fewer mortgage applications due to the surge in home prices. This could potentially impact its financial performance.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Rocket Companies Inc could be affected by the increase in home prices and mortgage payments, as it may lead to fewer mortgage applications.
Rocket Companies Inc could be affected by the increase in home prices and mortgage payments, as it may lead to fewer mortgage applications and thus lower revenues.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Wells Fargo & Co could see a decrease in mortgage applications due to the increase in home prices and mortgage payments.
Wells Fargo & Co could see a decrease in mortgage applications due to the increase in home prices and mortgage payments. This could potentially impact its revenues.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80