Home prices rose 3.8 percent year-over-year in January, according to the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index. That's down from a 5.6 percent annual increase in December in another sign that the red-hot housing market of 2021 and early 2022 is fading in the rearview mirror.
Indeed, the index actually declined 0.5 percent month-over-month, as higher mortgage rates continued to put downward pressure on the housing market.
"January’s market weakness was broadly based," said Craig J. Lazzara, managing director at S&P DJI in a press release. "Before seasonal adjustment, 19 cities registered a decline; the seasonally adjusted picture is a bit brighter, with only 15 cities declining. With or without seasonal adjustment, most cities' January declines were less severe than their December counterparts."
Cities such as Miami, Tampa, and Atlanta are still seeing huge price gains, however, with Miami leading the pack at 13.8 percent year-over-year. Tampa came in second at 10.5 percent, and Atlanta in third at 8.4 percent.
Despite these standouts, S&P DJI is anticipating more headwinds.
“Financial news this month has been dominated by ructions in the commercial banking industry, as some institutions’ risk management functions proved unequal to the rising level of interest rates," Lazzara said. "Despite this, the Federal Reserve remains focused on its inflation-reduction targets, which suggest that rates may remain elevated in the near-term. Mortgage financing and the prospect of economic weakness are therefore likely to remain a headwind for housing prices for at least the next several months.”
Learning about money is a skill that should be learned at an early age. OneMain Financial is now offering a financial course called 'Credit Worthy' across several high schools across the country, along with some scholarships. Doug Shulman, CEO of OneMain Financial, joined Cheddar News to discuss the importance of learning and understanding credit. "Over half of high school students graduate without knowing the basics about credit," Schulman said. "It really helps establish a great foundation to being an independent adult, to have a healthy and happy life, and some financial security is part of that."
Mariah Carey is facing a second lawsuit claiming copyright infringement over her song, "All I Want For Christmas is You."
Apple posted better-than-expected results for the third quarter but continued to report soft revenue. Cheddar News breaks it all down.
Thousands of hospitality workers across 18 casinos in Las Vegas have announced they are set to strike if a new contract agreement is not reached by Friday, November 10.
Mariah Carey, the 'Queen of Christmas,' is teaming up with Victoria's Secret for a new holiday collection.
Stocks jumped Friday after a jobs report showed a higher slowdown in hiring, giving hope to an end in rate hikes.
A new study found greater productivity in companies with a higher gender balance.
Apple posted better-than-expected profit and revenue in the latest quarter but said sales dropped for the fourth straight quarter, including a drop in revenue for iPads and iMacs.
The Federal Trade Commission is accusing Amazon of using an algorithm to raise prices for some of its products, thereby causing other shopping sites to do the same.
The Labor Department reported the U.S. economy added 150,000 jobs in October, down from an adjusted 297,000 jobs added in September.
