Posted on 05/30/2024 8:44:35 AM PDT by Kaiser8408a
With the terrible mortgage applications index from Wednedsay, we are seeing US pending home sales crashiing. As Joe Biden handles the economy his way.
After an unexpected jump in March, pending home sales were expected to drop 1.0% MoM in April as mortgage rates pushed back above 7.00% and stayed there.
Well, the analysts had the direction right but magnitude was way off as pending home sales plunged 7.7% MoM – the biggest drop since Feb 2021 (and below the lowest estimate), leaving sales down 0.7% YoY…
Source: Bloomberg
This is the 29th straight month of YoY declines for non-seasonally-adjusted pending home sales.
This MoM decline pushed the Pending Home Sales Index back to record lows…
Source: Bloomberg
The Midwest saw the biggest drop in pending sales, down 9.5% in April, followed by declines of 8.5% and 7.6% in the West and South, respectively. Contract signings in the Northeast fell 3.5%.
“The impact of escalating interest rates throughout April dampened home buying, even with more inventory in the market,” NAR Chief Economist Lawrence Yun said in a statement.
“But the Federal Reserve’s anticipated rate cut later this year should lead to better conditions, with improved affordability and more supply.”
All driven by affordability crisis as mortgage rates surged back above 7.00%…
Source: Bloomberg
“The prospect of measurable home price declines appears minimal,” Yun said.
“The few markets experiencing price declines will be viewed as second-chance opportunities for buyers to enter the market if those regions continue to add jobs.”
As a reminder, the pending-sales report tends to be a leading indicator of sales of previously owned homes, because houses typically go under contract a month or two before they’re sold.
(Excerpt) Read more at confoundedinterest.net ...
Jill Biden: “Not Joe’s fault!”
Some outlet, The View, CNN, MSNBC, etc...there will be a story that...
"with all of the bad news coming out at the same time is there a conspiracy against Biden being perpetrated by some right-wing money man or cabal somewhere?
Things are just going swimmingly, aren’t they, Deep State.
All according to your plan.
Another story destined to be buried in the MSM landfill
What did you think “Build Back Better” meant?
Joe is here for the Destruction Phase.
Joe Biden: “The economy is doing great. You deplorable peons don’t know how good you have it.”
I notice a lot of my neighbors (by the beach in Jupiter/Juno Beach) are renovating their homes. There is construction all over the place.
Probably means they’re looking to cash out w/ a cash buyer, and their $20-$40K cost will more then come back to them in the sale.
The source article is MSM ...
“I notice a lot of my neighbors (by the beach in Jupiter/Juno Beach) are renovating their homes. There is construction all over the place.
Probably means they’re looking to cash out w/ a cash buyer, and their $20-$40K cost will more then come back to them in the sale.”
We are renovating because we like our house and the 3% mortgage.
“Probably means ... “
We know our neighbors
This is the worst real-estate market in history. The last 12 months has less transactions percentage wise per population than ever. The average person can’t buy a house. Forget the poor. Thank the democrats voters for ruining real-estate.
We have criminals running the United States’ government with an iron-fist.
What do we expect?
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