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Started By
Message
US Home Sales Crashed in October
Posted on 11/26/24 at 10:57 am
Posted on 11/26/24 at 10:57 am
8
Posted on 11/26/24 at 10:58 am to John Barron
Posted on 11/26/24 at 10:59 am to John Barron
Good. Maybe people will be able to afford one soon.
Posted on 11/26/24 at 10:59 am to John Barron
Good
Posted on 11/26/24 at 11:00 am to RogerTheShrubber
The only way that happens is if we get Wall Street out of the house buying business
Posted on 11/26/24 at 11:02 am to John Barron
That should help with demand and bring down prices.
Posted on 11/26/24 at 11:02 am to John Barron
quote:
The only way that happens is if we get Wall Street out of the house buying business
And stop deficit spending.
Which puts wealth in the hands of investors who use it to buy investment property.
Posted on 11/26/24 at 11:02 am to John Barron
Not selling is one way that happens
Posted on 11/26/24 at 11:04 am to John Barron
Busted bubble works for me.
Blood on the streets n such
Blood on the streets n such
Posted on 11/26/24 at 11:05 am to John Barron
About damn time. Homes aren't investment vehicles
Posted on 11/26/24 at 11:06 am to John Barron
Trump is like the new CEO who comes on board to discover that all the books have been cooked.
Posted on 11/26/24 at 11:06 am to GalvoAg
quote:
Not selling is one way that happens
Good job. You spotted the dog that is not barking.
Who wants to bail on a mortgage under 3% for one that is over 7%?
Posted on 11/26/24 at 11:38 am to RogerTheShrubber
quote:
Good. Maybe people will be able to afford one soon.
That's not going to happen "soon" without a lot of pain.
Too many buyers got low rates (4.5% or lower) with prices a lot lower than they are now. These are buyers whose equity hasn't yet reached a level making it worthwhile for them to upgrade at current rates and prices (and this is in light of the average equity being at a historically high dollar amount).
Unless they are going to do some considerable down-sizing, the combination of continued 6%+ rates and stubborn pricing is keeping them from putting their homes on the market (thus restricting supply). As long as they can keep affording their current mortgages and can manage in the homes they are in, they aren't very likely to sell just to get into a more expensive situation for the same-sized or smaller home while moving to something even slightly larger is generally going to be far more expense than their current situation.
As long as Congress continues to run up the debt, the Treasury will have to continue offering higher yields to attract/keep buyers. As long as the Treasury is still having to offer higher yields, the yield on the 10yr is going to remain above 4%. As long as the 10yr yield remains high, so too will mortgage rates.
Posted on 11/26/24 at 11:40 am to Bard
quote:
without a lot of pain.
I'm ok with the pain. Without it, we just kick the can down the road. The Stock Market might be our biggest welfare group.
This post was edited on 11/26/24 at 11:41 am
Posted on 11/26/24 at 11:42 am to John Barron
quote:
Trump has no idea of the epic rugpull that is coming
He may never get re-elected if the economy craters. Of course, I’d rather a successful businessman lead the country through troubled economic times than a politician.
Posted on 11/26/24 at 11:45 am to John Barron
It's is simple math:
high price X high interest rate = cannot afford house
high price X high interest rate = cannot afford house
Posted on 11/26/24 at 11:45 am to Mid Iowa Tiger
quote:quote:
Trump has no idea of the epic rugpull that is coming
He may never get re-elected if the economy craters.
Posted on 11/26/24 at 11:49 am to GoblinGuide
quote:
Homes aren't investment vehicles
They are and have been forever for individuals.
Posted on 11/26/24 at 11:52 am to John Barron
Shouldn't October be initial, i.e. BLUE?
How would they go straight to revised?
How would they go straight to revised?
Posted on 11/26/24 at 11:53 am to AUauditor
quote:
They are and have been forever for individuals.
Moreso today. People used to live in the same home most of their lives.
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