According to the 2023 fourth quarter release of the Federal Reserve Z.1 Financial Accounts of the United States , the market value of household real estate assets fell from $45.21 trillion to $44.84 trillion in the fourth quarter of 2023. Over the year, household real estate assets were 5.28% higher. Between the third and fourth…
As examined in a previous post, homeownership plays an integral role in a household’s accumulation of wealth. This article further discusses the role of homeownership and examines the difference between homeowner and renter household balance sheets across assets, debt, and net worth. Households who own a primary residence (homeowners) build primary residence equity, while renters…
In February, job gains continued despite elevated interest rates. The unemployment rate increased while the labor force participation rate held steady. February’s jobs report shows that the labor market remains resilient but shows signs of slowing. Additionally, wage growth slowed slightly in February. On a year-over-year basis (YOY), wages grew 4.3% in February, following a…
The volume of total outstanding acquisition, development and construction (AD&C) loans posted a decline during the fourth quarter of 2023 as interest rates increased and financial conditions tightened. However, AD&C loan conditions will improve in 2024 as the Fed begins easing monetary policy. The volume of 1-4 unit residential construction loans made by FDIC-insured institutions…
Per the Mortgage Bankers Association’s (MBA) survey through the week ending March 1st, total mortgage activity increased 9.7% from the previous week, and the average 30-year fixed-rate mortgage (FRM) rate fell two basis points to 7.02%. The 30-year FRM has risen 22 basis points over the past month as rates remain right around seven percent….
Due to tightened monetary policy, the count of total job openings for the entire economy has trended lower in recent months. This is consistent with a cooling economy that is a positive sign for future inflation readings. The number of open jobs for the aggregate economy was relatively unchanged in January. In January, the number…
