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In this edition of StockCharts TV‘s The Final Bar, Dave recaps a brutal day for retailers as ANF, FL, and BBWI drop on earnings misses. He also highlights the bullish primary trend for hold, shares two breakout names in the consumer staples sector, and breaks down key names in the technology sector as the market braces for earnings from NVDA, CRWD, and CRM.

This video originally premiered on August 28, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

Today’s MarketCarpet was a sea of red with just a few dabs of green. Financials took the lead, followed by Health Care and Utilities. 

FIGURE 1. A SEA OF RED. Today’s stock market action was dominated by selling pressure, but some sectors saw more buying.Image source: StockCharts.com. For educational purposes.

The Technology sector, yesterday’s leader, is at the bottom today. The three stocks with the largest market cap in this sector, Apple (AAPL), Nvidia (NVDA), and Microsoft (MSFT), sold off, with NVDA trading 2.10% lower. This is ahead of NVDA’s earnings, which were reported after the close. Even though NVDA beat estimates and provided strong guidance, the stock was extremely volatile, with more selling pressure.

Given that NVDA makes up about 7% of the S&P 500 ($SPX) and 8% of the Nasdaq Composite ($COMPQ), the indexes follow NVDA’s path. We’ll have to wait till tomorrow’s open to see if things settle down.

Finding Investment Opportunities

In the meantime, let’s pinpoint areas in the stock market that show stability. The one sector that stands out is Financials. In yesterday’s post, the focus was on the Financial Select Sector SPDR Fund (XLF), which continues to hit all-time highs. The Financials quadrant in today’s MarketCarpet shows that Discover Financial (DFS) led the pack with a 1.94% rise.

The daily chart of XLF below shows that XLF is trading above its 5-day exponential moving average (EMA) and its 20-day simple moving average (SMA).

FIGURE 2. DAILY CHART OF FINANCIAL SELECT SECTOR SPDR FUND (XLF). Relative to the SPDR S&P 500 Fund (SPY), XLF is starting to gain strength. The ETF is also trading above its one-week EMA and 20-day SMA.Chart source: StockChartsACP. For educational purposes.

Also, note that, relative to the SPDR S&P 500 Fund (SPY), XLF is gaining strength. It’s now outperforming SPY by a modest 1.06%.

While all the attention was on technology, communication services, and consumer discretionary stocks, financial stocks were quietly gaining strength. Given the next FOMC meeting is a few weeks away, XLF could continue rising higher. After Fed Chair Jerome Powell’s speech in Jackson Hole on August 23, where he suggested that the Fed is prepared to cut interest rates, XLF has consistently been hitting new all-time highs. With interest rate cuts expected this year—there’s a possibility of a target rate of 4.25%–4.5% by December according to the CME FedWatch Tool—think of how high XLF could go!

If you’re weary of investing in exchange-traded funds, consider selecting a handful of stocks in the Financial sector. Click the Financials header in the MarketCarpet to see the stocks in the sector.

FIGURE 3. FINANCIAL SECTOR MARKETCARPET. The largest squares represent the largest stocks by market cap, whereas the darkest green squares represent stocks with the largest gains.Image source: StockCharts.com. For educational purposes.

At the Close

The stock market can be extremely volatile, especially close to big earnings report releases. To avoid getting caught up in all the market noise, identify sectors that are showing stability. Right now, it may be the Financial sector. But that can change, so be flexible and, when you see things changing, be prepared to sell your positions.

StockCharts Tip.

Create a ChartList of the 11 sector ETFs StockCharts uses as sector proxies.

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

Netflix will launch a sports docuseries featuring behind-the-scenes footage of NBA stars, the streaming service announced Wednesday. 

The docuseries, titled “Starting 5” follows Jimmy Butler, Anthony Edwards, LeBron James, Domantas Sabonis and Jayson Tatum both on the court and in their personal lives throughout the 2023-24 NBA season.

“The series captures their battles on and off the court as they chase greatness, push through injuries and balance the demands of family and legacy,” Netflix’s synopsis read. 

All 10 of the show’s 45-minute episodes are scheduled to premiere Oct. 9 on Netflix. The series is produced by Uninterrupted, James’ media company, in association with the Obama family’s Higher Ground Productions and former NFL quarterback Peyton Manning’s Omaha Productions. 

“Starting 5” is the latest of Netflix’s behind-the-scenes sports series. The service launched similar shows “Quarterback” and “Receiver” last year featuring NFL players during the 2023 season and has released several documentaries covering a range of sports, such as “Sprint” and “Formula 1: Drive to Survive.” 

Netflix also recently announced a new documentary covering the 2024 Olympic men’s basketball competition, set to premiere in 2025.

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The 2024 fantasy football season is here, with players all over readying their draft-day cheat sheets and their best smack talk as they assemble their rosters.

The fantasy football world used to lean heavily on running back-centric draft strategies, but those days are long gone. As the position has become less predictable, what used to be one of the easier positions to sort through has become a serious way to separate fantasy champions from the also-rans.

Especially in an era where the ‘every-down’ running back is becoming more and more rare, running back has become a truly volatile position for fantasy players. Everyone knows how valuable big stars like Christian McCaffrey and Jonathan Taylor can be, and you’re not going to get 2023 breakout players like Breece Hall and Bijan Robinson in the middle rounds of your draft.

However, that means that the successful fantasy teams are going to have some less-heralded running backs putting up numbers week-in and week-out. Past standouts might be in more of a timeshare than in years past, while some uber-efficient running backs may fly under the radar due to injuries in 2023, play-calling changes, or trades elsewhere on the roster. Being able to go a few running backs deep before hitting the free agent wire is crucial.

NFL STATS CENTRAL: The latest NFL scores, schedules, odds, stats and more.

Here are five running backs who could end up being sleeper picks in 2024.

Fantasy football 2024: Running back sleepers

Average draft position (ADP) and position ranking sourced from FantasyPros data.

De’Von Achane, Miami Dolphins (ADP20, RB10)

2023 stats (11 games): 800 rushing yards, 197 receiving yards, 27 receptions, 11 touchdowns (eight rushing/three receiving) | 163.7 fantasy points

Achane is going late in the second round or even early in the third in 10-team leagues, which boosts his appeal for anyone focusing on wide receivers or rolling the dice on a quarterback early in drafts. The lightning-quick Dolphins running back’s stats from 2023 are deceptive (he missed six games as a rookie), but he still scored 11 touchdowns and barely missed topping the 1,000-total-yard threshold.

With Raheem Mostert still atop the depth chart and a lack of clarity over who will get Miami’s goal-line carries, there’s an element of risk in taking Achane. However, Achane posted 7.77 yards-per-carry last year, and Miami’s team YPC in 2023 (5.1) was the best in the NFL. Head coach Mike McDaniel’s offense isn’t going to lean on Achane for 20-plus carries per game, but it’s about the quality of that play-calling creating big openings for the second-year back over the quantity of carries.

James Cook, Buffalo Bills (ADP33, RB14)

2023 stats (17 games): 1,122 rushing yards, 445 receiving yards, 44 receptions, six touchdowns (two rushing/four receiving) | 188.7 fantasy points

Cook is going in the third or fourth round depending on league size, and that’s an opportunity for savvy fantasy players. The third-year running back saw his usage tick up noticeably once the Bills installed Joe Brady as offensive coordinator, getting nearly as many touches and targets in the team’s final seven games of the regular season as he did in its first 10 games under Ken Dorsey.

The other players in your league might not know about that positive late-season trend, and they might not take note that Stefon Diggs’ departure means that Buffalo has more targets to shift to Cook. With the Bills featuring one of the better offensive lines in the NFL and a widely-feared quarterback, Cook will have room to operate, and he’s always made efficient use of his touches.

Keep Cook on your radar, and let your opponents reach for Isiah Pacheco or Rachaad White instead.

Jerome Ford, Cleveland Browns (ADP108, RB38)

2023 stats (17 games): 813 rushing yards, 319 receiving yards, 44 receptions, nine touchdowns (four rushing/five receiving) | 167.2 fantasy points

That’s why you should keep Ford in mind. The clear no. 2 back for the Browns was solid if unspectacular stepping in for Chubb last season, and Cleveland finished fourth in the NFL with 518 rushing attempts on the season. That signals that head coach Kevin Stefanski isn’t going to shy away from running the ball in Chubb’s absence. Ford’s ADP means he’s going after the 10th round in 10-team leagues, meaning you might well be able to nab someone putting up solid RB2 numbers as your third or fourth option at the position.

Bucky Irving, Tampa Bay Buccaneers (ADP171, RB56)

Rookie (Fourth-round pick in 2023 draft)

Irving, a fourth-round pick out of Oregon, is listed second on Tampa’s depth chart, and put together 80 yards on 18 preseason carries (scoring one touchdown). Given that starter Rachaad White could only convert 272 carries (tied for second-most in the NFL last year) into 990 yards amid ball-security issues, Irving may have found himself in a great position to make an impact right away. If White continues to struggle to make more of an impact, it’ll be all the more reason to shift more of the touch share to Irving. Tampa’s schedule is considered very favorable for running backs, and the environment seems promising for his skillset.

Should the Bucs shift to more of a two-back model, Irving is a prototypical passing-down option. He led all running backs in Power 5 conferences with 413 receiving yards in 2023 and posted 6.0 yards per carry during his NCAA career. Irving may not possess elite speed, but his elusiveness and reliable hands will have some serious appeal on a team where the offensive line has struggled to give Baker Mayfield time to look further downfield.

Jordan Mason, San Francisco 49ers (ADP215, RB65)

2023 stats (17 games): 206 rushing yards, 31 receiving yards, three receptions, three touchdowns (all rushing) | 41.7 fantasy points

Mason is a smart pick if you’re looking for a running back to stash. Elijah Mitchell was placed on the season-ending IR on Tuesday, meaning Mason is now the primary backup to superstar Christian McCaffrey. His ADP is probably going to drop quickly in the coming days as a result.

One factor here is McCaffrey’s durability. The reigning NFL Offensive Player of the year missed major time in 2020 and 2021, and enters the 2024 season working through a calf strain. The 49ers had no compunction about giving McCaffrey an old-school bell cow role last season, with the 28-year-old finishing second in the NFL with 272 carries (or 54.5% of San Francisco’s rushing attempts as a team). That means few opportunities for other running backs, but it also means a higher risk of injury for McCaffrey.

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House Republicans are claiming vindication after Meta CEO Mark Zuckerberg admitted his company was pressured by the Biden-Harris administration to ‘censor certain COVID-19 content’ during the pandemic.

‘For too long, the Harris-Biden admin pressured social media companies to censor Americans’ views online. This was a deliberate abuse of power to stifle free speech,’ Rep. Richard Hudson, R-N.C., chair of the National Republican Congressional Committee (NRCC), the House GOP’s campaign arm, said on X. 

House Majority Whip Tom Emmer, R-Minn., the No. 3 Republican leader, said on the site, ‘Mark Zuckerberg’s letter to [the House Judiciary Committee] leaves no room for doubt: this was an intentional assault on our First Amendment rights. This abuse of power must end now.’

Zuckerberg wrote to House Judiciary Committee Chairman Jim Jordan, R-Ohio, earlier this week that he wished he and his company had been more outspoken about government censorship concerns in 2021.

‘Ultimately, it was our decision whether or not to take content down, and we own our decisions, including COVID-19-related changes we made to our enforcement in the wake of this pressure,’ the billionaire Facebook founder said. ‘I believe the government pressure was wrong, and I regret that we were not more outspoken about it.’

Zuckerberg said the administration ‘repeatedly pressured our teams for months,’ though he noted, ‘We regularly hear from governments around the world and others with various concerns around public discourse and public safety.’

Jordan has been conducting a monthslong investigation into whether the Biden administration colluded with social media companies to suppress free speech, something the White House has pushed back against.

But Republicans now say Zuckerberg’s letter is proof their suspicions were correct.

‘Zuckerberg admitted that the Biden-Harris regime pressured him to censor conservative voices. There must be accountability within the federal government,’ Rep. Andy Biggs, R-Ariz., wrote on X.

Rep. Vern Buchanan, R-Fla., said, ‘Wow. If it wasn’t glaringly obvious enough already (it was), Zuckerberg is now coming clean and admitting that Facebook censored information at the request of the Biden-Harris WH. It’s time to finally hold Big Tech accountable for their blatant censorship of conservatives.’

‘When confronted with a deadly pandemic, this administration encouraged responsible actions to protect public health and safety,’ the White House said Tuesday of Zuckerberg’s letter.

‘Our position has been clear and consistent: We believe tech companies and other private actors should take into account the effects their actions have on the American people, while making independent choices about the information they present.’

Fox News’ Kate Sprague contributed to this report.

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A woman who suffered a gunshot wound at a Chicago White Sox game last year has filed a lawsuit against the team and the state agency that operates Guaranteed Rate Field, claiming that they failed to enforce a stadium ban on firearms and protect attendees from foreseeable dangers.

Attorney John J. Malm said last week that the suit was filed Thursday in Cook County Circuit Court on behalf of the woman, then 42, who is identified only as Jane Doe.

‘Our client, an innocent attendee, suffered serious injuries as a result of the failure to take proper security measures, we believe,’ Malm said.

The woman is seeking more than $50,000 in damages, personal injuries and losses.

The incident occurred in the fourth inning of an Aug. 25, 2023, game against the Oakland A’s. The plaintiff in the lawsuit was hit in the leg, while a 26-year-old woman sitting in the same section of the outfield bleachers also suffered a graze wound to her abdomen.

All things White Sox: Latest Chicago White Sox news, schedule, roster, stats, injury updates and more.

The law firm denied rumors that the woman smuggled a gun into the stadium and accidentally shot herself. 

When asked Tuesday by the Associated Press if detectives had determined where the shots came from, a Chicago Police spokesman would only say that the investigation remains open.

Representatives from both the White Sox media relations department and Illinois Sports Facility Authority were unavailable for comment.

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The Biden-Harris administration may be attempting to ‘Trump-proof’ the Department of Justice (DOJ) by hiring permanent appointees to some federal positions, according to findings from a watchdog group’s public records request. 

Freedom of Information Act (FOIA) documents obtained by Protect the Public’s Trust (PPT) and shared with Fox News Digital show the administration is using an ‘obscure hiring authority’ that bypasses normal hiring processes based on merit to secure DOJ positions that could thwart former President Trump’s agenda if he takes office in 2025. 

The Department of Justice (DOJ) is utilizing Schedule A hiring authority to fill hundreds of attorney and judge positions in career civil service roles without competitive selection, the watchdog group noted. 

‘The foundation of our democracy or our republic is the Constitution, and the Constitution vests decision making authority in the executive branch and the president, and then also in principal and inferior officers in the government agencies, so they are supposed to be representing the people,’ PPT founder and former U.S Department of Education worker Michael Chamberlain told Fox News Digital in an interview. 

‘The president is elected by the people. Now attempts to fight, whether it comes from career officials inside the government or others outside the government – especially inside the government – to undermine the ability of those principal and inferior officers to make those decisions, that seems to me to be very undemocratic,’ he said.

According to the Office of Personnel Management (OPM), while Schedule A is designed to hire individuals with disabilities or for specific roles like chaplains and scientists, it also secures positions beyond the current president’s term. 

Although federal law restricts Schedule A appointments from being ‘policymaking or confidential,’ they are being used to staff highly ‘politicized’ offices, such as the Environment and Natural Resources Division (ENRD), which plays a key role in advancing the Biden-Harris administration’s environmental policies and ensuring their continuity even under a potential future administration change.

According to the documents, more than 150 attorneys were placed inside the DOJ’s Anti-Trust Division, and more than 100 immigration judges. Immigration judges determine ‘whether a noncitizen may remain in the United States or must leave the country,’ according to the DOJ.

‘Until recently, anti-trust enforcement was a relatively technical and non-partisan division. But the Biden-Harris administration’s increasingly aggressive implementation has sparked complaints of politicized enforcement. The administration is also using Schedule A to install immigration judges – again, outside of the normal merit-based system – who will rule on cases of those in a position to benefit from the administration’s immigration policies,’ PPT said in a news release.

Schedule A was also used to hire attorneys for ENRD, which is responsible for enforcing environmental laws pertaining to the administration’s climate agenda, which includes the ‘collective pursuit of environmental justice,’ and upholding the interests of Native American tribes, according to its website.

‘The ENRD is a vital office in advancing the Biden-Harris administration’s energy and climate policies, and the placement of Biden-Harris loyalists is a means to defend those policies even if a future Trump (or other) administration seeks to change them,’ PPT said.

‘We were struck mainly by the magnitude of the hires rather than by any individual names,’ Chamberlain said.

Chamberlain added that certain offices, including ATF, the Office of the Inspector General and the Civil Rights Division, denied sharing records under privacy or related exemptions.

Earlier this year, the Biden-Harris administration made it harder to fire federal workers. 

Biden deemed the rule to be ‘a step toward combatting corruption and partisan interference to ensure civil servants are able to focus on the most important task at hand: delivering for the American people.’ 

The Office of Personnel Management, the government’s chief human resources agency, implemented new regulations this year barring career civil servants from being reclassified as political appointees, or as other at-will workers, who are more easily dismissed from their jobs. It comes in response to Schedule F, an executive order Trump issued in 2020 that sought to allow for reclassifying tens of thousands of the 2.2 million federal employees and thus reduce their job security protections, according to The Associated Press. 

Fox News Digital did not hear back from the White House by publication deadline. 

Fox News Digital’s Danielle Wallace contributed to this report. 

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House Judiciary Committee Chairman Jim Jordan, R-Ohio, is issuing a subpoena for information on the political work conducted by the daughter of New York State Supreme Court Judge Juan Merchan.

Jordan sent a letter to Michael Nellis, the founder and CEO of Authentic Campaigns — a company that’s done political work for top Democratic clients like President Biden and Vice President Kamala Harris — accusing him of failing to comply with House investigators’ demands for any and all documents related to the prosecution of former President Trump.

The committee wrote to Loren Merchan, the company’s president and Judge Merchan’s daughter, earlier this month requesting documents in its probe into Manhattan District Attorney Alvin Bragg’s case against Trump.

Jordan pointed out in his Wednesday letter that Nellis himself rejected that request as well as a subsequent one later in the month.

‘As such, the Committee is left with no choice but to resort to compulsory process,’ Jordan wrote. ‘Popularly elected prosecutors, such as Manhattan District Attorney Alvin Bragg, have engaged in an unprecedented abuse of authority by prosecuting a former President of the United States and current nominee for that office. Of relevance to the Committee’s oversight is the impartiality of Judge Juan Merchan, the presiding trial judge, due to his refusal to recuse himself from the case in light of his apparent conflicts of interest and biases.

‘One such conflict is Ms. Merchan’s — daughter of Judge Merchan and President of Authentic Campaigns — work on behalf of President Trump’s political adversaries and the possible financial benefit that Ms. Merchan and Authentic Campaigns received from the prosecution and conviction of President Trump.’

Jordan said public reports indicated to him that both Nellis and Loren Merchan were ‘closely involved in the presidential campaigns of both President Biden and Vice President Harris.’

‘During Ms. Merchan’s employment with the Harris campaign, Authentic Campaigns received over $7 million in compensation for its services. You also worked for then-presidential candidate Harris and it appears you continue to do so. Authentic Campaigns conducted work for the 2020 Biden-Harris campaign and, according to public records, was paid just over $2 million in a one-month period for its work,’ he wrote.

The subpoena is narrower in scope than Jordan’s previous request for information. His Aug. 1 letter demanded Loren Merchan hand over documents related to any work for Biden and Harris, in addition to any work that refers to Trump’s prosecution or indictment.

Jordan is giving Nellis until Sept. 13 to comply, according to the subpoena viewed by Fox News Digital.

Nellis reacted to the subpoena in a post on X on Wednesday afternoon, saying the company was ‘thoroughly reviewing the subpoena with our legal team and will provide updates as soon as we have more information.’

‘Let us be clear: these allegations against our company are completely false and purely politically motivated,’ Nellis wrote. ‘This is a blatant attempt to intimidate us and divert attention from Donald Trump’s conviction. We refuse to be bullied, and we will not allow House Republicans or MAGA extremists to spread lies about our work. We remain steadfast in our mission and are deeply grateful for the unwavering support of our friends and family during this time.’

Republicans have accused Judge Merchan of political bias over his daughter’s political work. Trump’s legal team asked Merchan to recuse himself before the trial began, which he did not.

A New York state ethics panel backed Merchan’s decision in a June 2023 decision.

Jordan argued in his letter, however, ‘Judge Merchan’s conflicts of interest and biases in the case against President Trump, the Republican nominee in the upcoming 2024 presidential election, implicate serious federal interests.’

‘Congress has a specific and manifestly important interest in preventing politically motivated prosecutions of current and former presidents, especially in venues in which real or perceived biases exist. Among other things, if state or local prosecutors are able to engage in politically motivated prosecutions of Presidents of the United States (current or former) for personal acts, this could have a profound effect on how presidents choose to exercise their powers while in office,’ the letter said.

Trump was convicted on 34 counts of falsifying business records in relation to claims he paid an adult film actress to keep quiet about their affair — which the ex-president has denied. His lawyers are appealing that ruling in light of the Supreme Court’s July decision fleshing out presidential immunity. 

His sentencing hearing is currently scheduled for Sept. 18.

Fox News Digital reached out to Authentic Campaigns for comment.

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In this exclusive StockCharts TV video, Joe shares four MACD patterns that he focuses on – Pinch, Reverse Divergence, Divergence, and Zero Line Reversal. These signals will help to improve the timing of your trades. He then shares which sectors are showing relative improvement vs the S&P 500, analyzes Bitcoin, QQQ, and IWM, and finishes up with symbol requests from viewers, including PYPL and more.

This video was originally published on August 28, 2024. Click this link to watch on StockCharts TV.

Archived videos from Joe are available at this link. Send symbol requests to stocktalk@stockcharts.com; you can also submit a request in the comments section below the video on YouTube. Symbol Requests can be sent in throughout the week prior to the next show.

Even as mortgage interest rates were rising, home prices reached the highest level ever on the S&P CoreLogic Case-Shiller U.S. National Home Price Index.

On a three-month running average ended in June, prices nationally were 5.4% higher than they were in June 2023, according to data released Tuesday. Despite being a record high for the index, the annual gain was smaller than May’s 5.9% reading.

The index’s 10-city composite rose 7.4% annually, down from 7.8% in the previous month. The 20-city composite was 6.5% higher year over year, down from a 6.9% increase in May.

“While both housing and inflation have slowed, the gap between the two is larger than historical norms, with our National Index averaging 2.8% more than the Consumer Price Index,” noted Brian Luke, head of commodities, real and digital assets at S&P Dow Jones Indices, in a release. “That is a full percentage point above the 50-year average. Before accounting for inflation, home prices have risen over 1,100% since 1974, but have slightly more than doubled (111%) after accounting for inflation.”

New York saw the highest annual gain among the 20 cities, with prices climbing 9% in June, followed by San Diego and Las Vegas with annual increases of 8.7% and 8.5%, respectively. Portland, Oregon, saw just a 0.8% annual rise in June, the smallest gain of the top cities.

Since housing affordability has been a major talking point in this election cycle, this month’s report also broke out home values by price tier, dividing each city’s market into three tiers. Looking just at large markets over the past five years, it found that 75% of the markets covered show low-price tiers rising faster than the overall market.

“For example, the lower tier of the Atlanta market has risen 18% faster than the middle- and higher-tiered homes,” Luke wrote in the release.

“New York’s low tier has the largest five-year outperformance, rising nearly 20% above the overall New York region,” he continued. “New York also has the largest divergence between low- and high-tier prices. Conversely, San Diego has seen the largest appreciation in higher-tier homes over the past five years.”

Prices in the overall San Diego market are up 72% in the past five years, but the high tier is up 79% versus 63% for the lower tier.

The increase in prices came even as mortgage rates rose sharply from April through June, which is the period averaged on the index. Usually when rates rise, prices cool.

The average rate on the 30-year fixed started April just below 7% and then shot up to 7.5% by the end of the month, according to Mortgage News Daily. Rates stayed over 7% before falling back under that level in July. The 30-year fixed is now right around 6.5%.

“Mortgage rates have fallen since June, but there is evidence that even the decline in rates has not been enough to bring buyers back into the market,” said Lisa Sturtevant, chief economist at Bright MLS. “Some buyers are waiting for home prices — and not just interest rates — to come down,”

While home prices should ease month to month going into the fall, due to seasonal factors and more inventory on the market, they are unlikely to drop significantly, and are expected to still be higher than they were last fall.

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