US Home Prices Keep Rising, Imperiling Fed’s Inflation Fight
US home prices rose a fifth straight month in June, according to lagged data released on Tuesday.
This shouldn't come as a surprise. It's obvious by now that America's resale inventory shortage is putting a floor under the cost of roofs, if you will.
The irony is amusing: Elevated mortgage rates are constraining demand, but that's more than offset by what amounts to a seller's strike among existing homeowners. The net result is new records for prices in some parts of the country.
The S&P
For what it’s worth, mortgage insurer stocks are all acting well and those companies are feeling more macro-positive.