Posted on 08/02/2023 5:07:03 AM PDT by Kaiser8408a
Inflation under Biden has been very painful for the US middle class and low wage workers. That inflation has resulted to surging mortgage rates thanks to The Fed’s counterattack.
The result? Mortgage rates are up 134% under Bidenomics, while mortgage purchase demand is down -45% since Biden was selected. And mortgage refinancing demand is down a staggering -90%!
Mortgage applications decreased 3.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending July 28, 2023.
The Market Composite Index, a measure of mortgage loan application volume, decreased 3.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 3 percent compared with the previous week. The Refinance Index decreased 3 percent from the previous week and was 32 percent lower than the same week one year ago. The seasonally adjusted Purchase Index decreased 3 percent from one week earlier. The unadjusted Purchase Index decreased 3 percent compared with the previous week and was 26 percent lower than the same week one year ago.
US interest expenses have surged by about 50% in the past year, to nearly $1 trillion on an annualized basis.
Oddly, Biden is not talking about about putting US government policies up for sale to the highest bidders. But don’t worry. Biden is the King of Corruption in the District of Corruption (Washington DC).
(Excerpt) Read more at confoundedinterest.net ...
Biden is vacant, alright.
And yet we hear repeatedly Ole Joe isn’t given credit for his “economic accomplishments.”
As planned. Destroy the housing market and dominoes everywhere begin to fall.
The 'elties' and their lackeys in the press love the Sniffer... it's weird.
If you luv Joe Biden, you hate the US...
And if you love Joe Biden you're probably a groomer or pervert too.
Yet, we are still doing 1.4 million in US housing starts and permits. Even with 7% mortgage rates. Which will probably reach 7 1/2 to 8% by the end of the year. Then they will stay there most likely for a year or more unless inflation comes down.
This gives the average current home owner very little incentive to switch houses unless they are forced. The only thing that could change that dynamic is an increase in unemployment. HOWEVER, roughly 1/3 on recent home purchases were for 100% CASH offers. So, 1/3 of home purchases are people that do not care about mortgage rates because they are not taking out a loan.
Lastly, the multifamily type home purchases are being sold with ten or more offers in many cases. I personally tried to buy a three family house here in southern NH just recently. It had a three bedroom, two bedroom and one bedroom apartment in a hundred year old house. They were asking $525K. They had over ten offers at or more than their asking price. The highest was $595 all cash.
The complete real estate industry is under attack, individuals, corporations , brokers, realtors, mortgage brokers, lenders, bankers, insurance companies-who are also lenders and real estate investors, builders, investors,,,, who did I miss?
There’s going to be a massive wipeout.
"In other news, crack sales are hitting record highs and prostitutes say they are busier than ever (particularly in the DC metro area).""Oddly, a kind of spot market has developed in Rehoboth Beach Delaware for cocaine and prostitutes. This market waxes and wanes depending on whether the President's family is in town."
"As an aside, parents in Rehoboth Beach are cautioned to keep their children (mostly little girls) inside when the Biden Family is visiting."
The dim party is working to destroy several industries all at once. Who benefits from all this? Joe’s boss, China.
The problem is they have driven the property values through the roof. My property value shot up so taxes went up with the value of the property. County is making a killing until reality sets in. My house was never worth more than what I paid for it and I believe I paid $10k too much in 2006 right before the last bust. That was another period where it was a sellers market. Right now if I were leaving the area I could sell my property for a $100k profit. But we would have to move out of the area because there is nothing available here. Recently a quarter acre lot, with an uninhabitable dilapidated double wide, over grown with shrubs and weeds sold for $60k, and that was considered a bargain.
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