Existing home sales sank 1.0% in December compared to the previous month, falling 6.2% annually, with 4.09 million homes being sold for the year, according to a report from the NAR. The slump in sales follows a year of rising prices due to inflation, constrained supply and sky-high mortgage rates, which at one point neared 8%, suppressing demand and Americans’ ability to buy in the housing market.
Wednesday, January 24, 2024
Home Sales in 2023 Were the Lowest in 28 Years as Affordability Crisis Plagued Americans
Sales for existing homes, which make up a majority of the housing market, slumped to the lowest level since 1995 as rising prices and sky-rocketing mortgage rates increased unaffordability, according to the National Association of Realtors (NAR).
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Yet more evidence of Joe "Building Back Better".
ReplyDeleteKarine Jean Pierre would explain this away by saying "We have more work to do".
Translation: "Re-elect Joe so we can burn it all down to the ground while our wealth increases exponentially ".
Are these figures reflecting the Black Rock and a few other mega companies who are scooping up thousands of single-family houses and turning them into high priced rentals? Do I hear the call of the "You will own nothing and you'll be happy" Schaub penguin? I see lots of single-family small farms here in Western North Carolina being bought up and almost all are developed into apartments to rent out to Yankee retirees and relocators, not single-family homes.
ReplyDeleteIn Texas we see entire subdivisions bought out by big companies and turned into rentals as soon as they go on market and individual buyers can't out bid them.
DeleteThe U S is not alone in these troubles, it's happening alll over in many places
DeleteDude try harder. I remember 18% and the invention of variable rates that destroyed peoples IRA's to pay off the balloon.
ReplyDeleteSame. We bought on '83. We paid "only" 11.5%, but it was a "graduated payment mortgage". Translation: in the beginning we weren't paying all the P&I each month, with the difference being tacked on to the original loan amount, increasing the amount we owed.
Delete18% interest on how much though?
DeleteA Rep. from Washington state is trying to line up support for a law prohibiting the likes of Blackrock from buying up homes then monopolizing the rental market. Blackrock will be given 10 years to unload those properties. No updates in the last two weeks. Fingers crossed.
ReplyDelete