30 Year high

GM, this is Mortgage Nuggets. The email that tells you what's going on in the mortgage industry, in plain jane english.

Roses are red, violets are blue, and the rates are also red. Boo hoo.

Welcome to the 328 new folks joining us since Monday :)

Today's newsletter is 250 words, a 2-minute read. Brief!

 🚚 Where Americans moved in 2022

This was part of a broader trend of Americans moving South. The +868k domestic migration gain in the South CRUSHED any previous record set over the previous 30 years.

Meanwhile, the Midwest, West, and Northeast all lost people.

Texas (+231k) & Florida (+319k) accounted for over 60% of Migration to the South.

But states like Tennessee and South Carolina also set records for people moving in in 2022. 📈

The losses in the West were mainly related to California.

Overall Population Growth in America rebounded to +1.26 Million in 2022.

👀 Case-Shiller Home Price Index Continues Decline

With the release of the October S&P/Case-Shiller Home Price Index, we learned that seasonally adjusted home prices for the benchmark 20-city index saw a 0.5% decrease month over month.

The non-seasonally adjusted national index saw a 9.2% YoY increase.

The MoM is reduced to -1.1% after adjusting for inflation

 Chart of the day

💲 Pandemic housing boom gains are deflating

At its June 2022 peak, the Pandemic Housing Boom saw U.S. home prices rise 41.4%.

The 2.4% dip between June 2022 and Oct 2022, brings total gains to 38.1%.

Meme of the day

That's a wrap for today. Happy Holidays to you all and see ya on Friday!

p.s. If you like this newsletter, your friends may too. Forward it to a friend, and let them know they can subscribe here. Written by Ian M.