This Is What 5% Mortgage Rates Mean Now For The Housing Market
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 11 April 2022
⏱️ 53 minutes
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Summary
For much of the last two decades, housing has been the consummate macro asset. It was at the heart of a huge boom. Then there was the crash and the Great Financial Crisis. Then there was slow comeback and return to normal. And then amidst the pandemic, housing became insanely hot for a variety of reasons. But now housing is also a micro story, as the housing supply chain -- not a topic many people have put much thought into previously -- is a key reason why home construction is slow. So where does this all stand, now that mortgage just broke 5%? Do understand the state of the market, we speak with Conor Sen, a Bloomberg Opinion contributor and the founder of Peachtree Creek Investments as well as Dustin Jalbert a senior economist at Fastmarkets, with a specialty on the lumber market. We examine housing from both the macro perspective as well as the supply chain.
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| 0:42.7 | Hello and welcome to another episode of the Odlots podcast. I'm Joe Wyzenthall. |
| 0:59.2 | And I'm Tracy Alloway. So Tracy, you bought a house recently. That's kind of like winning the lottery |
| 1:04.7 | in this economy. I know. Well, okay. So first of all, we put in three offers for different houses |
| 1:10.6 | and we got gazumped on all of them. We got out bid. And then finally, we found a house that we |
| 1:16.2 | really liked and it happened to be a probate sale. So the owner had actually died and it was going |
| 1:21.9 | through this probate process. So no one else wanted it because no one else wanted to deal with that. |
| 1:27.2 | So we actually got that house and it's been really amazing. It's kind of like an odlots of housing, |
| 1:32.8 | right? I mean, like a literal, like here's like this like asset that didn't go through. It's not |
| 1:36.8 | the normal thing. And you have to put it a little extra work to move it. It took advantage of that. |
| 1:41.0 | That's right. We did our due diligence. And we were we were very patient at a time when a lot of |
| 1:45.2 | people kind of are worried about missing out. No, it really has been an extra, I mean the last two |
| 1:51.2 | years have been extraordinary for all kinds of reasons, particularly with housing. We've done a |
| 1:55.9 | we've done a handful of housing episodes before. But it feels like maybe we're in some sort of |
| 2:00.9 | turning point because rates have just seen one of the biggest upward move mortgage rates just hit |
... |
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