Why are miller moths in my house?
“But the miller moth — which Harp said gets its name from early settlers who thought the moth’s scales (when shed) resembled grain mill dust — is mostly attracted to light and heat in homes and automobiles. Harp recommends shutting doors tightly and turning off lights to keep the insects out of homes.”
This is from the Kobeissi Newsletter. I follow this for its great ideas. What do you think of this one?
“The supply of new homes for sale is down nearly 30% since September 2022.
Millions of homeowners are locked-in to sub-3% mortgages and do not want to sell.
In result, rapidly rising rates have barely made a dent in the housing market.
Soon, the Fed will begin cutting interest rates again.
Once mortgage rates begin to pull back again, the housing market may be setting up for another run higher.
As long as mortgage rates are above 3%, supply is likely to remain tight.
The bubble gets bigger.”
From the… https://www.thekobeissiletter.com/
So, what happened in the Denver MLS this week?
New Listing (1244) This is a solid performance here. Give us some new clean inventory!
Coming Soon (275) This is up a bunch from last week!
Back On Market (205)
Price Increase (130)
Price Decrease (867)
Pending (1265) This is a solid number too!
Closed (1025) Once again, buyers and sellers are finding their way to the closing table…
Not bad numbers at all, with the total active listings of both attached and detached, there is still less than 5 weeks supply in the surrounding 11 counties.
What’s up next? In about 2 months, the Fed will meet again, if we see no change in the Fed Rate, we may be off to the races. If we have another painful increase. In my mind, everything will be done to keep the pain in 2023, because you know what?, 2024 is an election year, and the paint will be coming out to make everything rosie…
In spite of all the headwinds and Black Swans in the water, Dee and I continue to work successfully with buyers and sellers. Experience counts. Don’t be fooled…tc
The median length of time from the Fed’s last rate hike to the first cut, dating back to the 1957 rate rising cycle, is four months. The shortest gap was one month in 4/80 and 1/81, and the longest was 20 months in 11/70. As for the three worst recessions since the depression, namely 1974/75, 1981/82 and 2008/09, the cuts came after two months, one month, and 15 months respectively.