UNEXPECTED!..........................Do they ever ‘Expect’ anything right?..................
Success!
"Unexpected"
This is what will bring inflation down, but it’s going to be painful for a lot of people. Best thing would be to go back in time and not pass the ARP in spring of 2021.
My grocery bills are 30% higher than 18 months ago.Diesel (I drive a diesel) is almost 3 times what it was 18 months ago. My home is probably worth 20% less than it was 18 months ago. My electric rate (my home has electric heat and A/C) is 50% higher than it was 18 months ago.And my current income is about 4% higher than it was 18 months ago.
Could Americans be any worse off without the Fed?
They don’t know what they are doing. They cause problems and destroy the economy to”save” it. Then they move the goal posts and cherry pick so they can claim they accomplished something.
Why are Americans letting these unelected incompetent boobs destroy American prosperity?
Bad news is good news, I guess.
U.S.
DJIA 32,333.93
+300.65
S&P 500 3,825.58
+18.28
NASDAQ 10,858.78
+66.11
A friend of mine wanted to start flipping houses back in 2006 or so. He was going to build up his credit so he could buy multiple houses at the same time.
I told him housing prices were far more expensive relative to personal income than was historical. It was going to crash.
He said this time is different. The market is going up and will never go back down. Up up and away! The sky’s the limit! To the moon!
Last year I was talking to a young realtor. She’d been in the business for about a year. She said the housing prices were reflecting a “new normal” because this time it’s different.
I told her housing prices were far more expensive relative to personal income than was historical. It was going to crash.
Then she informed me the market is going up and will never go back down. Up up and away! The sky’s the limit! To the moon!
Probably about 20-30 years from now people will be saying the exact same thing again.
Maybe sales will decline less when sellers are willing to roll back some of the 30%+ recent gains in home selling prices. The market was way overheated and now needs to return to some sanity.
High inflation, high interest rates, energy shortages, incomprehensible, irrational byzantine restrictive rules and regulations and high taxes all lead to severe economic contraction in almost all sectors. Yep. Biden and his globalist green lunatic cabal did that in less than two years.
Oops! It looks like someone forgot to “adjust” the data to make it look like home sales actually increased.
C’mon man!
Why buy now if the price is going to be lower (on what may be the biggest purchase in someone’s life) in the next 6-12 months?
Home buyers under the age of 45 have never seen home mortgage rates this high. Back in the early 80’s, if you were lucky you could assume someone’s VA loan and get an 8% rate, and a 2nd for the difference... or, start fresh with a mortgage pegged at around 12%.
Rates have stayed low for so long, many potential buyers will walk. That 12% rate on a 50k home loan might have cost you an extra $100 then, but with the typical 250k loan today, it’s more like $300 a month. Yipes!
Cortez just did a presentati9n on Bannon that was good.
Using an average salary in the USA of $71,000, that a person could afford a mortgage payment 9f $1,875 per month.
Using the January 2022 mortgage rates, that $1,875 per month would allow a mortgage on a $425,000 house.
Using the current 7.25% mortgage rate, that same $1,875 per month would only buy a $290,000 house.
Thus the FMV of real estate is crashing.
See!! The Inflation Reduction Act is working!!!! Sales are down 10%. That will reduce inflation!
Impossible; best economy ever, Jack. Not kidding. Listen, I mean it. C’mon, man.
So happy to have a paid off farm, land, and no plans to move!
But, I bought my first home in 1986, and interest rates were running around 5%, and that was on a VA Home Loan. So, comparatively, it’s not THAT awful to finance a home right now, and you can always re-fi in the future.
Real Estate is always VERY psychological. And, your money needs to go to higher fuel and food prices, which makes it trickier.
My Realtor is as busy as normal, but Midwest Real Estate is a whole ‘nother ballgame than on either coast.
Everybody said housing prices were way too high so this must be good news.
More of President Trump's clever outreach to disaffected Latinos would put 2024 in the bag.