HUD Articles
Consumer prices jumped 6.2% in October
November 11, 2021
The Economy
Consumer prices jumped 6.2% in October, the biggest inflation in 30 years. core inflation, stripping out food and energy, increased 4.6%, the fastest gain since 1991. Wholesale prices rose 8.6% year over year in October, tied for the highest ever. With the big increase in inflation, markets are speculating the Fed will raise policy rates sooner. Jobless claims last week fell to pre-pandemic norms, demonstrating the labor market's continuing recovery from last year's downturn.
Housing News
A brief drop in the mortgage rates helped boost refinance demand, with refi applications rising 7% over the previous week. purchase applications were up 3% for the week. Despite Zillow's move out of the iBuyer game, Opendoor and offer and posted strong quarterly reports that gave investors confidence in the model. Homeownership continues to be a great way o build wealth. Accounting for inflation, home prices have jumped 118% since 1965, while income has increased by only 15%.
Source Surefire
