MBA : the total number of loans now in forbearance remained unchanged at 0.22% as of April 30, 2024.
Philip Jefferson : Lags in Housing Services Inflation
The primary reason for this lag is that market rents adjust more quickly to economic conditions than what landlords charge their existing tenants.
Calculated Risk : As Jefferson notes, rents for existing tenants are still increasing, even while new leases are mostly flat year-over-year. A key point is that Fed policy can not change what happened a year or two ago, and that is why we need to look at inflation ex-housing.
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