“April’s new home sales were also revised down to 425000. What does this mean? New home sales - a large engine in our economy - went from 425K to 442K to (unrevised) 408K. Flat, and trending downward. If this months number follows the usual pattern and gets revised down, new home starts are about dropping off a cliff. “
As housing drops off the cliff it takes with it the manufacturers of appliances, carpet, concrete, doors and windows, electrical and plumbing suppliers, all manufacturers of anything to do with houses. Further depresses the construction sector jobs, used home values and land values. Buying a house now is financial suicide, unless you can buy now so cheaply that you can absorb a 50% drop in value.
I know nothing about economics. So, if you can buy an inherited mortgage within a month (wishful thinking for sibling), at 2/3 the actual value of the house last month (I figure the whole market will drop?) would it be a good thing to do? Say the house was assessed at $120k at the time of death, mtg would be $80k. House is in great disrepair. Safe to live in with $2k improvements. LOL