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3/15/2022 – MetroIntelligence Economic Update by P. DUFFY

MetroIntelligence Economic Update by P. DUFFY

 

Consumer sentiment index falls 4.9 percent in March and 29.7 percent year-on-year

Consumer Sentiment continued to decline in March (down 4.9% from February and 29.7% year-on-year) due to falling inflation-adjusted incomes, recently accelerated by rising fuel prices as a result of the Russian invasion of Ukraine. Personal finances were expected to worsen in the year ahead by the largest proportion since the surveys started in the mid-1940s.

Consumers held very negative prospects for the economy, with the sole exception of the job market.

http://www.sca.isr.umich.edu/

 

Value of owner-occupied real estate surges by record amount

From $36.8 trillion in the third quarter of 2021, the value of owner-occupied real estate increased by $1.3 trillion (3.5%) to $38.1 trillion in the fourth quarter. Households’ real estate’s year-over-year gain in the fourth quarter was 15.5%, the largest post-Great Recession increase of its kind.

https://eyeonhousing.org/2022/03/household-real-estate-in-the-fourth-quarter/

 

Number of U.S. homeowners with negative equity drops to lowest level in over 12 years

U.S. homeowners with mortgages (which account for roughly 63% of all properties) have seen their equity increase by 29.3% year over year, representing a collective equity gain of over $3.2 trillion, and an average gain of $55,300 per borrower, since the fourth quarter of 2020. The appreciation helped push the national negative equity figure to the lowest in over a dozen years, with just 1.1 million homeowners underwater on their mortgages.

https://www.corelogic.com/press-releases/number-of-u-s-homeowners-in-negative-equity-dropped-to-lowest-level-in-over-12-years-corelogic-reports/