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The Nomad Economist
Premiered Jan 15, 2022
Existing Home Sales Tumble In September, Despite Low Mortgage Rates. The mother of all crashes is coming on a global scale. And the Fed knows it. They are already starting QE. It’s like putting a bandaid before getting cut.
But it won’t matter when the whole arm is going to get cut off. In fact, this wound will be fatal to financials, but we already knew this, didn’t we? I’d say by the end of next year. We’ll be in the storm.
You already see the true health of the economy; the numbers are bad and heading lower in every sector. The Fed can’t spur optimistic sentiment in consumers
Despite historically low mortgage rates, sales have not commensurately increased. September existing-home sales in the Northeast fell 2.8% to an annual rate of 690,000, a 1.5% rise from a year ago.
The median price in the Northeast was $301,100, up 5.2% from September 2018. In the Midwest, existing-home sales dropped 3.1% to an annual rate of 1.27 million, which is nearly equal to August 2018.
The median price in the Midwest was $213,500, a 7.2% jump from a year ago. Existing-home sales in the South decreased by 2.1% to an annual rate of 2.28 million in September, up 6.0% from a year ago.
The median price in the South was $237,300, up 6.3% from one year ago. Existing-home sales in the West declined 0.9% to an annual rate of 1.14 million in September, 5.6% above a year ago.
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The median price in the West was $403,600, up 4.5% from September 2018.
There is a lack of supply because banks are sitting on inventory, and they have been doing so since the 08 crash. If they were to release the houses in their stock, it would surely bring down the market. It’s supply and demand engineering.
No different than the inventory car dealerships are saddled with at this time. Anyone out hunting for an affordable home today knows that the pickings are slim – and they are about to get slimmer.
https://www.youtube.com/watch?v=725JSGO4fhM
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