Mortgage rates dropped after mid-June. Momentarily switching gears, given their role in cakes, breakfasts, custards, and breads, if eggs didn’t exist, would a food scientist have to had invented them? I mention this because the benchmark price of eggs in the U.S. was down to $2.16 a dozen two weeks ago, down 37 percent from the record high $3.38 a dozen in mid-July. These lower prices should be reflected at grocery stores with prices dropping by a dollar a dozen or so. The cause for the spike in the price of eggs was an avian flu that ravaged the U.S. population, killing 30 million commercial and wild birds, and the successful recent moves to repopulate the hens. The downward trend in prices is expected to continue. Homeowners and real estate agents don’t mind a return to “normal” inventory in markets and historical price appreciation rates. But this sensationalist headline will grab some readers: “Home prices plunging in ‘pandemic boomtowns’ as market slumps!” It seems that “plunging” has a different meaning than what I thought it meant as the article discusses slowing appreciation and some price cuts on the listing prices of houses. (Today’s podcast is available here and this week’s is sponsored by Richey May, a recognized leader in providing specialized advisory, audit, tax, technology and other services in the mortgage industry and in banking. Today’s has interview e1even’s Ryan Roberts on generating high value leads and calculating return on lead gen efforts.)
Source: Mortgage News Daily