Posted on 11/18/2022 7:47:44 AM PST by Kaiser8408a
As I mentioned on Varney and Company on Fox Business, housing is going to suffer when The Fed starts to tighten their monetary policy. And here we are, folks!
US existing home sales fell a staggering -28.43% YoY in October as M2 Money growth grinds to almost a halt.
The median price of existing home sales slowed to 6.6% YoY. Inventory of EHS remains below pre-Covid levels.
Unrelated to housing, Prince Imhotep (Federal Reserve Bank of Minneapolis President Neel Kashkari) said Friday that the whole idea of cryptocurrency is “nonsense” after the implosion of FTX revealed the industry’s shortcomings. “This isn’t case of 1 fraudulent company in a serious industry,” Kashkari said on Twitter, commenting on an article about how investors fell for FTX. “Entire notion of crypto is nonsense. Not useful 4 payments. No inflation hedge. No scarcity. No taxing authority. Just a tool of speculation & greater fools.”
Or it could be that investors don’t trust The Fed or Federal government to act in their best interest.
Here is a crypto investor (in red fez) being lectured by Minneapolis Fed President Neel Kashkari.
(Excerpt) Read more at confoundedinterest.net ...
I’ve said for over a decade, “you think this year is crazy, just wait’ll next year.” I laughed when people lamented over how bad 2020 was and they were so thankful it was over. And then came 2021. And then 2022.
Next year is gonna be a doozey. Trump even hinted strongly at it in his speech a couple of days ago.
Buckle up.
Good, that’s progress in the right direction.
The Fed hates crypto until they start issuing their version—then it will be wonderful.
You heard it here first.
“Good, that’s progress in the right direction.”
Many people will not understand why you made this correct statement. They may even discard it without a thought.
It also doesn’t change the fact that a continuation of cheap money policies, will only lead to more bloat in real estate and equities to the detriment of other sectors of the economy.
Both sectors mentioned are vital to wealth creation and wealth maintenance.
“Artificial or fictional valuations won’t do any of us any good, moving forward.”
“The Fed hates crypto until they start issuing their version—then it will be wonderful.
You heard it here first.”
Maybe or maybe not.
The market for cryptos has had a ton of noise and promotion, mostly on how good and wonderful they are.
Now investors will revalue them accordingly.
While the Joetato admin has created a lot of this problem...homes sales generally slow quite a bit after school starts at the end of summer. Thanksgiving to Christmas is usually no man’s land for home sales.
Yes, and I’ve sold a lot of real estate in the last couple of years. I want some more rural land with water rights, just watching my favored area for now. It tends to lag the price movement in the urban areas here, so have to be patient.
Am Express Bank has raised its interest rate on liquid accounts from 1.65 to 3.00% in the last 10 weeks, haven’t seen anything like that since you-know-when. Marcus, Ally and others making similar moves. Together with the quantitative tightening good progress should be made going forward. Seems like a good time for small bank startups too, but I’m not in that loop anymore, my contacts have all retired or passed on. Cheers.
Since the republicans now own the house, it is time to ramp up the “republicans caused this” propaganda campaign to volume 11
👍
Like you’ve said before on this forum.(I’m paraphrasing)
“People lose money in ‘the boom’ and ‘get rich’ during the bust.”
This 51 year old likes your approach to business and listens accordingly.
It’s their party plan you can’t have socialism while capitalism is alive.
Just wait until the prices of existing houses drops 10-20%. It’s going to happen. Going to be lots of foreclosures.
If you are looking to buy, find a house with an assumable loan.
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