Posted on 10/18/2022 11:15:58 AM PDT by ChicagoConservative27
The US housing market remains in “free fall” after a survey showed a “disastrous” decline in homebuilder confidence, a prominent economist warned on Tuesday.
Homebuilder confidence plunged for the 10th consecutive month in October, falling to its lowest level since 2012, according to the National Association of Home Builders’ monthly survey. The latest downtick came as mortgage rates spiked to levels not seen since the Great Recession.
The survey’s results were “disastrous” and indicated there is “no bottom yet” for the housing market’s current slump, according to Ian Shepherdson, chief economist at Pantheon Macroeconomics.
“The plunge in the NAHB index makes it clear that the reported jump in new home sales in September was much more noise than signal,” Shepherdson said in a note to clients. “In short, housing is in free fall. So far, most of the hit is in sales volumes, but prices are now falling too, and they have a long way to go.”
(Excerpt) Read more at nypost.com ...
I watched The Big Short and Margin Call just yesterday...
Margin Call was fantastic, I could watch Jeremy Irons all day in that movie.
Thank goodness it will be a soft landing.
Just an observation from my neighborhood:
all spring and summer, houses for sale were sold within a week or 10 days and usually over list.
There are 3 that now have been on the market for a month plus, with some already dropping their prices.
Well, now might be a good time to get a major kitchen reno done if you have some money put aside.
Everything under Dementia Joe regime is in free fall, apart from inflation that is.
Chuckle.
Yeah, he was a solid character in it.
I liked the blonde haired guy as well. I liked when he asked what time it was twice...
He was in a show, I think called The Mentalist.
With the cost of materials up all over the place I’m not so sure.
No workers, costs through the inflation roof, and interest rates rising - homebuilders don't have confidence in Biden.
My daughter and son-in-law sold their beautiful home in N. Idaho in two days for $20k over the asking price. That was last year. I was devastated, but thay were extremely smart. They were 40 miles away from me then, now they are 80 miles away. Big sigh.
Lots of illegal aliens are going to be out of jobs americans don’t want to do.
Financial experts can talk all they want, but it all boils down to energy prices, and Brandon has locked in high prices for the foreseeable future.
The whole cast was great. As slimy as Kevin Spacey is in real life, the guy can act.
Everybody has been saying housing prices are out of control and much too high. Everybody should be happy now that prices are dropping.
Sell your house for more, pay more for the next house.
Sell your house for less, pay less for the next house.
Hmmm....
Definitely. His Usual Suspects performance was awesome.
Same observation here. All summer it was 3 days to a week at most and a house was sold. Now its 3 weeks or more.
And Glengarry, Glen Ross.
Renters can finally buy after the “crash”.
It’s hard for a situation to be good for everyone involved.
I’m interested to see how this affects the banks thought bought a ton of real estate.
frogjerk wrote:
“Thank goodness it will be a soft landing.”
what will make it a soft landing?
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