SA: Home prices in the spotlight amid recession talk

SEEKING ALPHA reports:

The housing market comes into focus on Tuesday morning as the S&P CoreLogic Case-Shiller National Home Price Index releases trends for the end of the second quarter. The data for June will highlight resales of single-family homes in 20 metropolitan regions across the nation at the start of the typically hot summer buying season. Many have recently weighed in on the industry, especially as the Fed continues its aggressive rate hiking cycle, though some say the fundamentals are still intact despite current volatility.

Quote: “We still will have, even for the deals that are under contract, a very high cancellation rate. It’s just hard to put deals together because the economy is [in] a remarkably uncertain time,” noted Redfin (NASDAQ:RDFN) CEO Glenn Kelman. “In 2007, we predicted there would be a crash. We were selling homes to people who couldn’t afford them, where they couldn’t even make the first mortgage payment. And that’s just not the case. Right now, there are trillions of dollars, and people who are buying homes have great credit scores.”

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PS: Now read: “Home prices rise less than expected in June, S&P CoreLogic Case-Shiller says“.