As we are entering or as some say, already in a housing correction, one group in particular that is affected the most with rising interest rates and lagging prices are home flippers:

• In Q2, 8.2% of transactions were home flips, down from the record share of 9.7% of transactions in Q1

Impact of Hurricane Ian on Florida:

• Thousands of homes in Key West, Naples, Fort Myers, and Sanibel Island are now uninhabitable, leaving tens of thousands of residents displaced
• Less than 20% of the homes in evacuated counties have flood insurance, which means these homeowners will have to cover their own repair and rebuilding costs out of pocket. That takes hundreds of homes out of the housing supply while increasing demand in these areas

Fannie Mae sees a “modest recession” coming in early 2023. Here are Fannie Mae's Q4 and beyond predictions:

• The Fed will raise rates another 0.75% in November, which will have a direct impact on mortgage interest rates
• Single-family home sales will decline 18.1% in 2022 and 20.8% in 2023
• Home prices will drop a full 1.5% nationwide in 2023, and year-over-year home price growth will turn negative by Q2

Sources:

The Blueprint

Fanniemae.com

Attomdata.com