As housing prices continue to increase while interest rates remain steady, the great era of mortgage refinancing continues. More and more homeowners are seeking to lower their interest rates, lower their monthly payments, and/or pull equity out from their increasingly valuable home.
Cyber Monday is behind us and we are now firmly in that surreal space between Thanksgiving and New Year’s, where retailers go hog wild for in-store holiday decorations and Mariah Carey’s immortal hit makes some Scrooges wish for death. But before we all retreat to our winter wonderlands, we need to look back on an a unique Cyber Monday in our very unique era.
Home Depot is continuing its hot streak with yet another banger of a quarter—Q3 sales came in at $36.8 billion, easily beating Wall Street forecasts. Their year-over-year sales continue to climb, increasing 5.5% in the US and 6.1% globally; this year alone, their stock has soared nearly 50%, currently trading at a record high.
As we wrote last week, the housing market is still woefully overpriced, with supply nowhere near meeting demand, and Venture Capitalists pricing out potential primary home buyers. And yet, there are signs that there may be shifts in the near future, with an uptick in interest rates potentially chasing some of the Silicon Valley and Wall Street money out of the market. Check out last week’s blog if this doesn’t already sound familiar.