Bidenomics At Work! US Pending Home Sales Crash -14.8% YoY As Fed Pushes Rates Up, Negative Growth For 24 Of Last 25 Months (Is Fed Chair Powell Actually Mr. Freeze?)

Confounded Interest ^ | 07/27/2023 | Anthony B. Sanders

[Kaiser8408a]

The Biden Administration is gushing about Q2’s Real GDP report of 2.4% QoQ. Wow, after trillions of dollars of stimulus spending and The Fed going wild with monetary stimulus, all we got was 2.4% growth??

But let’s turn the cameras on the housing market.

Pending home sales crashed -14.8% YoY in June.

Is Fed Chair Jay Powell actually Mr. Freeze? Here is Jay Powell looking at his printing press.

[Kaiser8408a]

Biden and Powell are Mr Freeze for housing.

[Fido969]

[Caipirabob]

Home sales in places like Florida are still popular however there is now the challenge of prequalifying with the additional increase in HO insurance costs.

So that may slow down some buyers, but supply and demand on housing is still dictating higher prices. Cash buyers may be inconvenienced but self-insurance is always an option. There's always Citizens as a last resort.

I love Florida. Hope this issue can be resolved. Seems more akin to a concerted attack rather than a reaction to risk. I do need to consider inflation, construction supply and demand and hostility of FedGuv in this which may play a role in the decisions by insurers.

[Brian Griffin]

What Florida might do is to allow insurance companies to import out-of-county/state roofers to repair the storm-damaged roofs of their customers.

[Brian Griffin]

There is going to be a shortage of existing homes for sale since most mortgages are less than 4% and few people are willing to give up their cheap mortgages.