Real Estate Backstory is your weekly update for real estate news, changes, and trends relevant to the Atlanta area and surrounding markets. Topics covered this week include:
- Recession does not mean falling prices.
- U.S. pending home sales index.
- Atlanta area rail expansion planned.
- Homeownership difficulties and regrets.
- Mortgage rates continue to trend down.
- 2023 FHA single family loan limits for metro Atlanta.
- Mortgage rate spread should normalize.
- Home buying demand collapses.
- Competition returns to pre-pandemic trends.
The following is a synopsis of the latest episode of ” The Real Estate Backstory.” You can watch the video in its entirety below.
Who is the Conference Board?
The Conference Board is a leading research group in the US that provides information on the economy and other important topics. In December, they reported a decline in economic activity, which could be a warning sign of a recession. However, this does not mean that people should panic. In this blog post, we will discuss what this means for the US economy and what to expect in the near future.
Jobless Claims are Improving
Despite the decline in economic activity, the jobless claims in the US are at pre-pandemic levels, which is a positive sign for the economy. This is particularly good news for the real estate market, as employment is a major driver of the real estate market.
Impact on Real Estate
The decline in economic activity does not mean that real estate prices will fall or that the market will crash. However, it does mean that there will be more negotiation power for buyers and sellers. It also means that interest rates will start to moderate, which will balance out the market.
Pending Home Sales are Trending Up
In January, pending home sales started trending up again. This is a positive sign for the real estate market, as it shows that there is still interest in buying homes.
Rail Expansion in Atlanta
There is also some exciting news for the Atlanta area, as there are plans for a rail expansion that will connect Atlanta and Dallas. This will help reduce traffic and boost the local economy.
Conclusion
In conclusion, the decline in economic activity reported by the Conference Board is a warning sign of a potential recession, but it does not mean that the US economy is in trouble. Jobless claims are improving, real estate prices are stable, and pending home sales are trending up. The rail expansion in Atlanta is also a positive sign for the local economy. Overall, the US economy is in a good place, and there is no need to panic.
Watch the entire video for more information here:
