Posted on 09/19/2022 12:52:02 PM PDT by ChicagoConservative27
The US housing market is in the midst of a “deep recession” that could put pressure on the Federal Reserve to ease up on interest rate hikes, a prominent economist warned on Monday.
Homebuilder confidence declined for the ninth straight month in September as surging mortgage rates and steep prices pushed many buyers out of the market, according to the National Association of Home Builders.
Builder confidence fell to its lowest level since 2014 when excluding the early days of the COVID-19 pandemic, the index showed.
The prolonged downturn in confidence shows the housing market has been “in a tailspin for the whole of this year,” according to Pantheon Macroeconomics chief economist Ian Shepherdson.
“Activity tracks mortgage applications with a lag, and the early September numbers are grim, even before the full hit from the rebound in mortgage rates in recent weeks works through,” Shepherdson said in a note to clients on Monday.
(Excerpt) Read more at nypost.com ...
The mainstream media will do all it can to suppress what is really going on until after the Nov election - then they will have no choice but to get the bad news out as quickly as they can, and then 1.5 years later show how much better things are right before the 2024 election.
Rinse and repeat as necessary.
Unfortunately, dumb ass voters will save the Democrats.
Incoming housing bubble of 2008 2.0?
There is going to be a lot of bad news hitting soon after the election
Agreed.
Black Rock still wants to buy your house and make us a nation of renters.
Are you seeing prices drop? My son has been wanting to buy and has cash. I think he’s counting on making out like Elizabeth Warren did in ‘08.
I was checking housing prices this morning, still too damn high. Guess I’ll wait longer.
I’m sure I’m missing something.
I own two houses on acreage in Hawaii with ocean an mountain views.
I’d be happy if the accessed value of my place dropped to ZERO.
I’d have a place to live and no PROPERTY TAX.
what is wrong with you people?
Say builders and suppliers no longer living the dream brought to them at the expense of many others.
Life is great when you can only publicize your bias.
It’s tough when materials are up near 40%, tougher still when you can’t get workers to the job sites, tougher still when interest rates are rising.
The only thing they have going for them is a housing shortage.
Dying-or-going-in-assisted-living Boomers are going to continue to add houses to the available supply for the next decade at least, so it will be a long time before there is another housing boom.
It could well be like the 60s, where housing prices stayed the same because all the GIs had bought their homes in the 50s, and all the FDR generation was dying and leaving their old homes to children who didn’t want them.
Black Rock must be as dumb as a pile of black rocks.
The rental neighborhood won’t last as long as the houses will, but the area will be so dangerous the houses will become a public nuisance and then condemned.
If you want try this trick: go to Google Maps, zoom into any city (especially ones in the southeast where it is moist and hot and houses rot quickly), find the train tracks then type in “community center” in the search bar.
Now hit “layers”. You’ll find plenty of empty lots. The houses are in the landfill. After a while you get good at this and can spot the empty neighborhoods in roughly 10-20 seconds even in cities you’ve never been to.
The housing market needs to give up the silly gains of the last 2 years. All that fake “wealth” is going to go poof.
> Are you seeing prices drop? My son has been wanting to buy and has cash.
I’ve got cash, but am holding my powder until next year. It should be dismal come January.
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