Fools rush in … or at least investors rush into the US housing market. Investors made up 17% of existing home purchases in October.
Inventory of homes remains depressed and with investors picking up 17% of homes for sale, the median price of existing homes rose to 13.1% YoY.
While existing home sales rose 0.8% MoM, they fell -5.79% on a YoY basis as M2 Money slowed.
It is lonesome town for inventory. But it will be a poor little fool for those buying into this thin inventory market if home prices correct.
President Biden has decided to nominate Fed Chair Jerome Powell for a second term in an effort not to rock the boat. Lael Brainard is nominated for Deputy Chair.