prosecute the criminals. reform. that s what a lot of that is about. however, it seems to have led to more difficulties with crime, neil. yeah, don t hold your breath. to your point, thank you for that. some good news and bad news on the housing front. mortgage rates dropped for the fourth rate in a row. the bad news, people are not taking advantage of that after this. (customer) hi? (burke) happy anniversary. (customer) for what? (burke) every year you re with us, you get fifty dollars toward your home deductible. it s a policy perk for being a farmers customer. (customer) do i have to do anything? (burke) nothing. (customer) nothing? (burke) nothing. (customer) nothing? (burke) nothing. (customer) hmm, that is really something. (burke) you get a whole lot of something with farmers policy perks. see ya. (kid) may i have a balloon, too?
not the caribbean, this is the pacific just off the southwestern coast of mexico. this is going to be targeting mexico here in the next coming days. you see a strong category four storm making that big turn running in probably just to the north of puerto vallarta. this is one to pay attention to because this is a powerful storm as it makes that move. but pretty quickly, neil, as you hit land, it does track up north and we ll probably eventually see some rain in the united states, but it will not be a hurricane at that point. this will weaken quickly, but a storm that folks in those areas really need to pay attention to. neil: thank you, my friend, very much. in the meantime, following what s happening on the housing front. some surprises here that had some folks saying, all right, if not a crash or a meltdown, how about a serious correction in you get that when you talk of 7% interest rates and nearly a year straight of decrooning home declining home sales. we re on it after this.
not going to realize that they have overdone it until it s too late. i think that s what s worrying the market, the idea of a potential slow down, and recession, and the fed could keep raising rates. the hope is that, oh, well, maybe we ve gotten through it. right, we started to see the eases in headline inflation, but we all knew that was because of energy coming down. when you look under the hood of inflation reports, you saw inflation accelerating for important categories like food, shelter, shelter by the way, makes up 3/4 of top line inflation, and that will still accelerating. so the same old problems had persisted but we got good news on the top line, and maybe that sort of had led to, as matt points out, feeling like there s a little bit of a party, but clearly the music has come to an end at least today. there are reports coming out this week, what indicators are you going to be looking for to determine if the party can continue. there are a lot of reports this week, rig
could complicate the sales pitch. fresh reports on consumer confidence and home prices. matt eagan has the latest on the data points. matt, tell us more. john, the high cost of living continues to past a shadow over the economy. new numbers out today show consumer confidence fell in may. didn t fall as much as feared but it still is well below precovid levels and one in four consumers expect economic conditions to get worse. this is about three things. gas, food, and housing. for many families, these are the three most expensive items of their monthly budget, and all three continue to get more expensive. on the housing front, new numbers out today show that home prices in the united states rose by a record 20.6 % year over year in march. that means home prices are rising faster than they did even during the mid 2000 housing bubble, supply of homes just cannot keep up with demand. important to remember that this kind of cuts unevenly. if you own a home, you re