Posted on 08/22/2023 9:17:39 AM PDT by Kaiser8408a
Bidenomics should be called Sovietnomics. Meaning the same type of command-driven economy that helped demolish the old Soviet Union instead of a western-style demand-driven economy. Biden’s reliance on “goin’ green” has been bad for the middle class (but a boon for the wealthy donor class like Tom Steyer, the donor when The Bidens are spending on their vacation at Lake Tahoe in California).
But back to the ravages being infliced on the US middle class due to 1) bad monetary policy and 2) insane levels of spending by Biden and Congress.
Existing home sales were expected to decline very modestly in July (-0.2% MoM) – after June’s drop (the biggest since Nov ’22). However, existing home sales tumbled more than expected (down 2.2% MoM), leaving sales down 16.6% YoY…
On a SAAR basis, that is the slowest pace of sales for July since 2010…
…and is worse than at the peak/trough of the COVID lockdowns…
Source: Bloomberg
On the bright side, at the margin, the inventory of unsold existing homes increased 3.7% from the previous month to 1.11 million at the end of July, or the equivalent of 3.3 months’ supply at the current monthly sales pace.
“Two factors are driving current sales activity – inventory availability and mortgage rates,” said NAR Chief Economist Lawrence Yun.
“Unfortunately, both have been unfavorable to buyers.”
For existing home sales, current transactions reflect a combination of mortgage rates, price, and willingness of consumers to speculate on rising home prices.
For new home sales, factor in ability and willingness of homebuilders to make homes more affordable with incentives or by building smaller homes. More incentives reduces profit.
At this rate, new home prices will drop below existing home prices for the first time since 2005 – when the last housing bubble peaked..
(Excerpt) Read more at confoundedinterest.net ...
And still the WH says, no problem here, move along ……
When Biden and his goons say ‘no problem’ then mean ‘no problem for elties’ living in some of the wealthiest ZIP codes in the country - those clustered around Washington DC...
The Biden’s and his friends are all doing well. That is all that matters to them.
General Austin has heated floors in his mansion so his feet don’t get cold walking to the bathroom in the morning...
Biden felt a small kitchen fire that threatened this cat and corvette was the equivalent of the fires in Hawaii that killed hundreds of people... and destroyed a whole city.
Biden wanted pity from the people who had lost everything.
Our grandkids, nephews and nieces with good educations, will
be in high demand from the Elites. Who will need to hire them for Planning, building, maintaining and hiring the elite’s enclaves’s in house staff.
Fourteen American cities are part of a globalist climate organization known as the ‘C40 Cities Climate Leadership Group,’ which has an ‘ambitious target’ by the year 2030 of ‘0 kg [of] meat consumption,’ ‘0 kg [of] dairy consumption,’ ‘3 new clothing items per person per year,’ ‘0 private vehicles’ owned, and ‘1 short-haul return flight (less than 1500 km) every 3 years per person.’
The organization is headed and largely funded by Democrat billionaire Michael Bloomberg. Nearly 100 cities across the world make up the organization, and its American members include Austin, Boston, Chicago, Houston, Los Angeles, Miami, New Orleans, New York City, Philadelphia, Phoenix, Portland, San Francisco, Washington, D.C., and Seattle.
General Austin has heated floors in his mansion so his feet don’t get cold walking to the bathroom in the morning...
I bet the soldiers under him are glad to know that.
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