Posted on 11/21/2023 9:17:01 AM PST by Kaiser8408a
Even Biden’s press secretary Karine Jean Pierre admitted that all the slogans and hype about Bidenomics is a losing message. The economy is terrible for the middle class and low-wage workers. But excellent for the 1% donor and political elite class. But housing is very important to the middle class … and housing is simply unaffordable.
With housing affordability at its lowest since at least the early 1980s, (and homebuilder sentiment slumping as mortgage rates rose), it’s no surprise that analysts expected existing home sales in October to tumble 1.5% MoM.
Sales actually fell 4.1% MoM (far worse than expected and down for the 20th time in the last 23 months) with September’s 2.0% MoM decline revised even lower to -2.2% MoM. That decline left existing home sales down 14.6% YoY.
Source: Bloomberg
The total existing home sales SAAR plunged to 3.79mm – the lowest since the tax credit expired in Aug 2010…
Finally, the percentage of homes that are vacant fell to the lowest level on record in August, and ticked up only slightly in September…
Ever the optimistic,Lawrence Yun, NAR’s chief economist, suggested that:
Yun added that nearly a third of homes sold above their list price, indicating that multiple offers are still occurring with the median selling price climbed 3.4% from a year earlier to $391,800, the highest for any October in data back to 1999.
Even though the number of homes for sale ticked up from a month earlier to 1.15 million, it’s still the lowest for any October in the series.
Finally, first-time buyers made up a historically low 28% of purchases in October.
After all, the US economy and housing markets are addicted to goverment. (Addicted To Gov!)
(Excerpt) Read more at confoundedinterest.net ...
AND it really has to frustrate people seeing illegal aliens get out up in houses paid for by the taxpayers. Unfortunately most of the people who complain the loudest about the democrats will always vote for them.
A house is almost always affordable to some people.
If the house needs to get sold it will be, and at an affordable price for the person/people buying it.
If every American could afford to live in the Los Angeles Basin, why would any American choose to live in Utica, NY?
House prices have to give up a big chunk of the massive run up in price from 2021. Until they do, the housing market will remain dead.
Bidenomics Baby !
Still very active here in Scottsdale, AZ.
Nearly everyone is moving in from CA, Chicago or NY.
Still very active here in Scottsdale, AZ.
Nearly everyone is moving in from CA, Chicago or NY.
“If the house needs to get sold it will be, and at an affordable price for the person/people buying it.”
There was a hilarious/pathetic caller to the Dave Ramsey show last week.
The young couple overpaid to get into a new house a couple of months ago—mortgage was 34% of their gross income—and now they realize they hate the house.
It was in a ghetto.
Now they have to find some other sucker to rescue them and buy it.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.