This week, Manager of Economic Research George Ratiu discusses the latest data highlighting signs of a post-pandemic future. Economic momentum continues, leading to active real estate markets. However, clouds are gathering on the horizon, including inflation, consumer debt, and affordability challenges. George talks about growing consumer borrowing and record-high household debt. He also discusses accelerating inflation and the impact it’s having on consumers and small businesses and touches on declining initial jobless claims.
On the real estate front, George covers the sharp rise in mortgage rates and the accompanying decline in mortgage applications. He also talks about Realtor.com’s January housing report and the latest weekly housing update, which show strong demand and tight supply pushing prices higher. He discusses several reports released this week, which provide insights on new home supply shortage and the challenges faced by Black families in today’s housing markets.