October 3, 2024
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Recent data has revealed a startling statistic: 12.4% of all FHA loans are currently delinquent. This number is difficult to comprehend, but it raises important questions about the future of the housing market, especially in light of current events.
With a looming dock workers strike, we must consider its potential impact on home foreclosures. While it’s challenging to draw a direct line between the two, the ripple effects could be significant:
The big questions are: How many currently delinquent loans will move into foreclosure? And how many performing loans will become delinquent as a consequence?
Signs of inflation are becoming increasingly apparent in everyday life. For instance, Costco is once again experiencing shortages of essential items like toilet paper. This scarcity of durable goods is a clear indicator that inflation is back with a vengeance.
To illustrate the real impact of inflation, consider this eye-opening example: A consumer recently reordered an identical Walmart shopping list from 2022, consisting of 45 items. In 2022, the total cost was $126. In 2024, the same items cost a staggering $414. This dramatic increase paints a vivid picture of the inflation experienced by average consumers.
According to Redfin, only 2.5% of homes changed hands in the first eight months of 2024. Both home sales and listings are down by at least 30% compared to 2019. California metros lead the list of areas with the lowest turnover, while Sun Belt and New York commuter metros posted the highest turnovers.
Redfin attributes this trend to three main factors:
While these statistics may seem discouraging, it’s important to remember that all markets are cyclical. If we’re currently in a downturn, improvement is inevitable. However, we shouldn’t passively wait for market conditions to change.
Too often, we rely on external factors to determine our success, believing that a “better market” is the key to individual improvement. But what if we shifted our focus inward? Our business success is ultimately determined by our habits and actions.
Instead of being a bystander watching your business like a passing train, become the conductor. This transformation requires critical self-analysis and a willingness to break free from the traps of habit. It’s not easy, but it’s essential for long-term success in any market condition.
If you’re interested in discussing these topics further and working on personal growth strategies, consider joining our PODS group. We meet Tuesdays and Thursdays at 11:00 PM PST. It’s free to participate, but we do vet potential members to ensure a commitment to change and openness to feedback. Fill out the information below if you’d like to join us in this journey of self-improvement and business growth.