Posted on 03/18/2022 8:12:56 AM PDT by Browns Ultra Fan
US existing home sales fell -7.24% from January as mortgage rates soar. On a YoY basis, existing home sales declined by -2.43%.
The median price of existing home sales “slowed” to 15% YoY in February as inventory picked-up slightly. And yes, Fed Stimulypto is still around and hasn’t helped increase inventory for sale.
As I said earlier, we are seeing the Treasury yield curve plunging towards recession.
(Excerpt) Read more at confoundedinterest.net ...
20% of all home purchases are bought by $billionaire investment firms led by Larry Fink at Black Rock. Renters will eventually live in a company unit and they will be controlled and happy. But Putin!
This has more to do with the fact that homes AVAILABLE for sale is down 31%. In some markets inventory is down almost 50%.
That is why there are bidding wars over available homes for sale.
The cure for high prices is...high prices.
End all federal subsidies and loan guarantees for home ownership and student loans - not even Trump had the balls to do that.
Lockdowns for 2 years, millions lost their jobs, inflation at an all time high, fuel, electricity, gas, food and everything else at the highest in decades.
Might as well kill off the housing market too.
You will own NOTHING and like it!
the problem is these ‘zillionaires’ know full well that the swamp will save them with taxpayer dollars (bailout) if there is a meaningful correction in the housing market and they become underwater.
“End all federal subsidies and loan guarantees for home ownership and student loans - not even Trump had the balls to do that.”
That will never happen.
Yes indeed, Larry Fink and the boyz aren’t about to control inventory and regulate rent, they are solid citizens in the mold of Adam Smith.
“the problem is these ‘zillionaires’ know full well that the swamp will save them with taxpayer dollars (bailout) if there is a meaningful correction in the housing market and they become underwater.”
They didn’t get saved in 2008-2012, they got foreclosed right and left. I bought one of the foreclosures, rented it for 6 years, sold it for close to a triple, plus the rental income.
I would have to agree.
Trouble is without mortgage deductions many wouldn’t be able to afford to pay their county property taxes.
Buy a piece of cheap flat land and build on it. I did 20 years ago. But the good stuff is going fast. Do it today!
Of course not, but that shouldn’t matter - property is a commodity, not a moral imperative.
No it never will. Middle class welfare may not be as noxious as corporate welfare, but is just as difficult to get rid of.
Again, there is a cultural obsession with homeownership in the United States that borders on a sense of entitlement. That will never change but we should also not use the government to subsidize housing or restrict who can buy or sell in the market. This is where I break with the “populists” of the entitled l, er, “deserving middle class.” ;)
A commodity within a market subject to economic forces, unless manipulation enters the equation. With Black Rock as a landlord, rents will go in one direction. We live among economic gangsters who are protected by teams of lawyers and a well placed political family.
Unless you’re buying your home with cash, home ownership is a scheme to make banks rich. Yes, there are exceptions to that in certain markets if you actually sell the house and realize the gain.
By use of the term ‘entitlement’ I assume you are talking about those who look to the government to underwrite their home ownership. The wife & I busted our asses to own and pay taxes on our’s.
I do agree the government should be minimally involved in the industry.
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