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Jerome Powell just warned that the US housing market needs a 'difficult correction' so that folks can afford homes again — but here's why it'll look nothing like 2008
Yahoo ^
| September 23 2022
| Jing Pan
Posted on 09/23/2022 12:35:01 PM PDT by NeverCheney
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To: NeverCheney
7.069 on 30 year fixed.
Yeah, you do your thing so-far-behind-the-curve-not-even-funny-anymore PowellIdiot.
2
posted on
09/23/2022 12:37:04 PM PDT
by
cranked
To: NeverCheney
YAHOO: Don’t worry, the disaster about to wipe you out won’t be as bad as the last time the government wiped you out, probably...
3
posted on
09/23/2022 12:38:58 PM PDT
by
frogjerk
(I will not do business with fascists)
To: frogjerk
4
posted on
09/23/2022 12:40:34 PM PDT
by
cranked
To: NeverCheney
The bankers are doing their jobs.
The job of getting the bloat out of the equities & real estate markets.
5
posted on
09/23/2022 12:40:43 PM PDT
by
unclebankster
(Globalism is the last refuge of a scoundrel)
To: cranked
Yeah. Let’s keep the interest rate low so savers get no interest and inflation continues to spiral upward.
To: NeverCheney
Like I can believe anything yahoo prints
7
posted on
09/23/2022 12:45:16 PM PDT
by
NWFree
(Somebody has to say it 🤪)
To: NWFree
8
posted on
09/23/2022 12:46:25 PM PDT
by
NWFree
(Somebody has to say it 🤪)
To: cranked
“7.069 on 30 year fixed.”
Yikes.
If the refi market was not dead already that is a stake thru the heart.
Anyone in that industry is probably out of a job.
To: nomorelurker
You could find 30-year fixed lower but still around 6.4+.
10
posted on
09/23/2022 12:48:02 PM PDT
by
cranked
To: NeverCheney
A drastic slowdown in the housing market means a big slowdown, and layoffs, in the contruction industy, a big slowdown in sales of appliances and other home furnishings (layoffs in retail stores and in manfucturing). Meanwhile, the media will be spinning like crazy, telling us we’re not in a ‘real’ recession.
To: NeverCheney
The problem with housing that JPowell will face is that he's been making the dollar stronger. Foreigners will reap the benefits of bringing back their hoarded USD to the US market and buy up even more distressed assets, thus preventing some of this freefall. Not only that, but Hedgies, China, Multinationals, etc have also been proping up the market. RIP the yooth, they get to compete against all of that in a downturn economy while trying to get a mortgage.
12
posted on
09/23/2022 12:57:02 PM PDT
by
Theoria
To: NeverCheney
House prices need to be cut in half,
or salaries doubled.
That’s how skewed it all is right now.
2.5 - 3 times annual salary for a modest house, NOT condo or TownHouse, with a 5% mortgage.
That world my Fine Featherd Fiends is a land from long ago, and far, far away.
13
posted on
09/23/2022 1:00:40 PM PDT
by
Macoozie
(Handcuffs and Orange Jumpsuits)
To: NeverCheney
I always Believe a probably CCP plant named Jin Pan at Yahoo Left Wing
Biden news network .
14
posted on
09/23/2022 1:03:41 PM PDT
by
ncalburt
( Gop DC Globalists are the evil )
To: cranked
“”7.069 on 30 year fixed.””
I suspect there are many ‘old-timer’ FReepers who wished they could have gotten a 7% rate on a fixed 30 year mortgage.
To: NeverCheney
It’s not the job of an unelected private bank to regulate home prices.
They destroyed the value of our cash savings and are now wrecking our assets’ value. Part of the Reset/GloboHomos/Soros/Schwab plan.
To: nomorelurker
“7.069 on 30 year fixed.”
That’s cheap. Remember the 80’s?
17
posted on
09/23/2022 1:22:56 PM PDT
by
fretzer
To: Macoozie
Doing either will destroy the American Economy.
Which is saying something.
18
posted on
09/23/2022 1:23:52 PM PDT
by
redgolum
(If this is civilization, I will be the barbarian. )
To: Presbyterian Reporter
Our first house we were at 7+%. Albeit, prices were more reasonable on homes.
19
posted on
09/23/2022 1:51:55 PM PDT
by
snork55
(theirs is not to wonder why, theirs is but to do or die... )
To: fretzer
I remember the 80's. 10.5% was the market in 1987-88.. that's over 1000/month in interest on a 120k home.. I have a neighbor who just put their house up for sale do to an HOA full of Karen's and Kevins.
Got zero offers in 3 weeks. Last year homes in this hood were selling above asking price sight un-visited.. people saw pictures and videos and bought.
20
posted on
09/23/2022 1:56:28 PM PDT
by
Ikeon
(My fellow americans would put you in shackles if it meant they could not be bothered for one day. )
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