{"id":35986,"date":"2015-08-24T12:15:02","date_gmt":"2015-08-24T19:15:02","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=35986"},"modified":"2020-10-06T17:08:28","modified_gmt":"2020-10-07T00:08:28","slug":"will-the-stock-market-correction-hurt-housing-market","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/will-the-stock-market-correction-hurt-housing-market\/","title":{"rendered":"Will The Stock Market Correction Hurt Housing?"},"content":{"rendered":"

\"housing<\/a>
\nOuch<\/strong>. Last week, Redfin’s Market Tracker<\/a> showed a huge jump in home sales and healthy price increases for July. Good good. But that was then, this is now, and all bets are off as markets tumble and\u00a0traders\u00a0load for a bear market. Quiz<\/strong>: What do your 401(k), a train wreck and Donald Trump have in common? Answer: It’s painful to look, you don’t want to look, but you look anyway. To see what the future holds for housing, watch this space. Tomorrow, the Redfin Demand Index<\/a> will forecast September home prices and sales. Also: Panda population growth.<\/p>\n

Run for the Hills!<\/h2>\n

Oh, stop it already. The housing market is in decent shape.\u00a0Home prices<\/a> were up 5.8 percent in July from a year earlier, our data show. We expect prices to continue rising, just at a slower pace than they have been.
\n

\"home<\/a>
Redfin July Market Tracker<\/figcaption><\/figure>
\nNow look at the next chart. Yes, home values and stocks have shared the same trajectory since the market peaked in 2006.<\/strong>
\n
\"housing<\/a>
S&P Dow Jones Indices LLC, S&P 500\u00a9 [SP500], retrieved from FRED, Federal Reserve Bank of St. Louis https:\/\/research.stlouisfed.org\/fred2\/series\/SP500\/, Aug. 24, 2015.<\/figcaption><\/figure>And yes, buyers sometimes use their stock market gains to purchase homes, especially in cities heavy with tech employers. But a stock market correction doesn’t mean a housing correction is next<\/strong>. Falling\u00a0share\u00a0prices can make us\u00a0moody and apt to spend less, which doesn’t bode well for the housing market. But falling share prices make traders and investors\u00a0uneasy too, and that usually makes it cheaper for homeowners to borrow.
\n“A\u00a0sustained market correction could spook would-be buyers,” Redfin<\/a> Chief Economist Nela Richardson said. “On the flip side, expect mortgage rates<\/a> to dip this week as investors flock to safe assets like Treasuries. It’s too soon to know how\u00a0the correction will affect housing, whether lower rates will be enough to overcome consumer unease.”<\/p>\n

The Fed Rate Hike in One Easy Chart<\/h2>\n

OK, it’s not exactly an easy<\/em> chart. Bloomberg’s algorithms and its thousands of obsessed Fed watchers like to put numbers on everything. Here’s the machine’s probability of a September rate hike.
\n

\"mortgage<\/a>
World Interest Rate Probability, Bloomberg<\/figcaption><\/figure><\/p>\n

<\/h2>\n

Etc.<\/h2>\n

No love for Fannie and Freddie.<\/strong> The Federal Housing Finance Agency (FHFA), which oversees mortgage giants Fannie Mae and Freddie Mac, set new goals for funding\u00a0affordable mortgages<\/a> and, for the first time, affordable rentals. Surprise, surprise, everyone threw shade on the FHFA<\/strong>. Housing\u00a0advocates (CAP<\/a><\/strong>) said the agency missed an opportunity to do more to help low-income and minority borrowers. Folks who want Fannie and Freddie to just go away already (AEI<\/a><\/strong>) accused FHFA of “doubling down on past policy failures” with its new apartment goal. The agency itself admits banks and thrifts are doing plenty of lending, but “conditions can change and both Enterprises must have the capability to serve the small multifamily market.”
\nPrivately, more than a couple people said\u00a0the FHFA threaded the needle just fine<\/strong> given these crazy times<\/a> for housing policy.
\nCash sales<\/strong> are at their lowest since 2008, says CoreLogic<\/a>.
\nBuilder Stock.<\/strong>\u00a0The housing sector took it on the chin last week along with everyone else. Housing Wire updates the HW30<\/a>.
\nRedfin<\/strong> is going to bat for the Buckeyes<\/a>. Hello, Columbus<\/a>.
\nHousehold formation<\/strong>. D.C. gets two new residents<\/a>. This is sort of housing-related, right? Check out the Giant\u00a0Panda Cam<\/a>.
\n

\"panda\"<\/a>
National Zoo’s newest resident<\/figcaption><\/figure>
\nHave a question about housing? Mortgages? Pandas? Just ask. Lorraine.woellert@redfin.com<\/p>\n","protected":false},"excerpt":{"rendered":"

Ouch. Last week, Redfin’s Market Tracker showed a huge jump in home sales and healthy increase in prices for July. Good good. But that was then, this is now, and all bets are off as investors load for bear. To see what the future holds for housing, watch this space. Tomorrow, the Redfin Demand Index will forecast September home prices and sales. Also: Pandas.<\/p>\n","protected":false},"author":13355,"featured_media":33527,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[8],"tags":[32,74],"coauthors":[],"class_list":["post-35986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-housing-market-news","tag-housing-market-tracker","tag-mortgage-tips"],"acf":[],"yoast_head":"\nWill the Stock Market Correction Hurt the Housing Market?<\/title>\n<meta name=\"description\" content=\"July saw a big jump in home sales but all bets now are off as investors load for bear. 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