Yet another sign of the weakening economy - home sales plummet to record low

[torbee]

Ahh, glad you can admit what I was calling you out for. No need for name calling when you get caught in a lie.

With that being said regarding real estate economic news, I just posted one positive indicator for consumers with rates going down on the 10 year and mortgage rates since Jan. But I guess what echo chamber you are in for positive and negative news.

This just dropped this morning which is good news:

The PCE report, the Fed's preferred inflation measure, is out. Here's what it says.

A large majority of Americans say their incomes aren't keeping pace with inflation. Here's what the numbers say.

www.cbsnews.com

So you are going to keep playing the slack-jawed ignoramus role.

Have fun with that!

 

[RileyHawk]

Ah yes, it was “the people’s” vision of the future economy that led to poor housing market numbers (even though he won the popular vote), and not a continuation of a trend that had already been established.

So you don't think people (including financial and housing experts) anticipate what will be happening in the future when considering real estate investment. Hmmmmm - I'll just say I disagree.

 

[Whiskeydeltadeltatango]

So you are going to keep playing the slack-jawed ignoramus role.

Have fun with that!

 

[torbee]

Speaking of inflation — Arnold Palmer's dick was intimidating when it would inflate.

Hey sailor, get a load of my long club!

 

[Greenway4Prez]

So you don't think people (including financial and housing experts) anticipate what will be happening in the future when considering real estate investment. Hmmmmm - I'll just say I disagree.

Again, maybe we wait to see what Feb-Apr numbers look like? Besides, what in the OP (high mortgage rates and high home prices) that were specifically singled out as reasons for slow sales are Trump’s fault? Are they Biden’s fault?

 

[BioHawk]

Do you guys just make up shit about me? When did I say I’m ok with letting him off the hook? When did I blame democrats on anything about the jobs being lost the past month?

You may not have typed those words but your tone certainly makes it seem like that's how you feel.

 

[torbee]

Again, maybe we wait to see what Feb-Apr numbers look like? Besides, what in the OP (high mortgage rates and high home prices) that were specifically singled out as reasons for slow sales are Trump’s fault? Are they Biden’s fault?

Are you really unable to look at multiple trends from a holistic view?

Home prices just took the worst drop since they started tracking the date more than two decades ago.

Inflation is increasing.

The stock market is slipping.

Consumer confidence is cratering.

Do you honestly think this is all just coincidentally happening at the same time as an unparalleled assault on the rule of law and while the foundations of the government are being dismantled?

Yes, let's check back in March and April. And if things look less grim, I will create an entire post saying

GREENWAY'S OPTIMISM WAS RIGHT AND TORBEE'S CYNICISM WAS WRONG!

But if economic indicators continue trending down, you must post

TORBEE WAS RIGHT AND I'M A POLLYANNA WHO REFUSES TO SEE REALITY!

Deal?

 

[RileyHawk]

Again, maybe we wait to see what Feb-Apr numbers look like? Besides, what in the OP (high mortgage rates and high home prices) that were specifically singled out as reasons for slow sales are Trump’s fault? Are they Biden’s fault?

Sure, but that has nothing to do with the discussion. You are claiming that people have been waiting until Trump took office to decide about real estate investments and did not consider his stated plans in their decisions.

I disagree.

Mortgage rates and home prices have been "high" for some time now yet the real estate market has been chugging along well until recently. Martgage rates and home prices didn't suddenly change. Other things did, though.

 

[BrunoMars420]

Sure, but that has nothing to do with the discussion. You are claiming that people have been waiting until Trump took office to decide about real estate investments and did not consider his stated plans in their decisions.

I disagree.

Mortgage rates and home prices have been "high" for some time now yet the real estate market has been chugging along well until recently. Martgage rates and home prices didn't suddenly change. Other things did, though.

Chugging along until recently lolz. You guys need to get out of your echo chambers

2024 U.S. home sales fell to the lowest level in nearly 30 years as prices and mortgages soared

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.06 million last year, a 0.7% decline from 2023.

www.pbs.org

“The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. The average rate on a 30-year mortgage surged to a 23-year high of nearly 8% in October 2023 and briefly fell to a 2-year low last September, but has been mostly hovering around 7%, according to mortgage buyer Freddie Mac.“

 

[Chishawk1425]

Chugging along until recently lolz. You guys need to get out of your echo chambers

2024 U.S. home sales fell to the lowest level in nearly 30 years as prices and mortgages soared

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.06 million last year, a 0.7% decline from 2023.

www.pbs.org

“The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. The average rate on a 30-year mortgage surged to a 23-year high of nearly 8% in October 2023 and briefly fell to a 2-year low last September, but has been mostly hovering around 7%, according to mortgage buyer Freddie Mac.“

We are all aware of the shit show its been due to the failed President and 2020. Nothing that the dipshit is doing now is helping this and will just make everything exponentially worse. Is this an act?

 

[DogBoyRy]

Show us a positive indicator.

I'll wait.

Besides Jan PCE?
Got anything more important?

 

[HawkeyeShawn]

Project 2025 playbook was revealed in the Presidential campaign.

Everything has played out pretty much as predicted.

Elections have consequences.
The only surprise so far is Musk being involved this much.

Wrong thread. This thread is about the weakening economy. As much as I hate Trump, let’s get real. He’s not responsible for 3 of the 4 weeks in Jan. It could and should be argued that he’s not responsible for the economy in the 4th week as well.

Look, Trump is a complete shit show. Somehow you all will turn this into me voting Trump and defending him. I didn’t and I’m not. But JFC, blaming the Jan economy on Trump is ridiculous.

 

[torbee]

Wrong thread. This thread is about the weakening economy. As much as I hate Trump, let’s get real. He’s not responsible for 3 of the 4 weeks in Jan. It could and should be argued that he’s not responsible for the economy in the 4th week as well.

Look, Trump is a complete shit show. Somehow you all will turn this into me voting Trump and defending him. I didn’t and I’m not. But JFC, blaming the Jan economy on Trump is ridiculous.

The point isn't about assigning blame, it's about where trends are heading and what is being done to improve it.

Are you confident that the economy will improve under Trump's plans regarding trade, immigration and monetary policy? Is it inspiring CONFIDENCE in consumers?

 

[HawkeyeShawn]

The January 6th ho hummer chimes in yet again showing the stupidity.

And you wonder why people bring up your criminal record and make things personal. You always claim you never start it, but yet here you are, the instigator.

 

[TennNole17]

Not that I’m in residential real estate…but aren’t January / winter months always slow for home sales? Seems like a bit of an overreaction

 

[Greenway4Prez]

Are you really unable to look at multiple trends from a holistic view?

Home prices just took the worst drop since they started tracking the date more than two decades ago.

Inflation is increasing.

The stock market is slipping.

Consumer confidence is cratering.

Do you honestly think this is all just coincidentally happening at the same time as an unparalleled assault on the foundations of the government are being dismantled?

Yes, let's check back in March and April. And if things look less grim, I will create an entire post saying

GREENWAY'S OPTIMISM WAS RIGHT AND TORBEE'S CYNICISM WAS WRONG!

But if economic indicators continue trending down, you must post

TORBEE WAS RIGHT AND I'M A POLLYANNA WHO REFUSES TO SEE REALITY!

Deal?

Eh, let’s just bump this thread. Maybe a round or two of beers if/when you’re in IC and I can get out of the house, which is hard right now with 2 kids under 2.

 

[torbee]

Eh, let’s just bump this thread. Maybe a round or two of beers if/when you’re in IC and I can get out of the house, which is hard right now with 2 kids under 2.

Ahh, don't have the courage of your convictions I see!

I prefer public sig/post bets as I'm going to have a few beers regardless of being right or wrong.

For the record, I HOPE you are right on this one and I am wrong. But unfortunately my track record is like 90% accuracy.

 

[HawkeyeShawn]

The point isn't about assigning blame, it's about where trends are heading and what is being done to improve it.

Are you confident that the economy will improve under Trump's plans regarding trade, immigration and monetary policy? Is it inspiring CONFIDENCE in consumers?

No. I have zero confidence in Trump and what he’s doing. It must be critical the discussion to bring project 25 and Jan 6th into the discussion. Neither which I support or supported.

I’ve said this many times, but it’s really freaking impossible to have open dialogue with some of you. It’s the same group. You, Tom, Chis, Mitchell, Huey, etc. You all jump to conclusions, assume everyone is a Trumper or a closet Trumper. You assume other’s positions on certain topics.

 

[torbee]

No. I have zero confidence in Trump and what he’s doing. It must be critical the discussion to bring project 25 and Jan 6th into the discussion. Neither which I support or supported.

I’ve said this many times, but it’s really freaking impossible to have open dialogue with some of you. It’s the same group. You, Tom, Chis, Mitchell, Huey, etc. You all jump to conclusions, assume everyone is a Trumper or a closet Trumper. You assume other’s positions on certain topics.

Project 2025 is absolutely germane to the discussion. It is the playbook this administration is implementing, incuding economic policy.

As for Jan. 6, I mean, we re-elected the guy who tried to orchestrate a coup, so I *guess* we get what we deserve? I agree it's not germane to the economy discussion however.

 

[jonesy5960]

Not that I’m in residential real estate…but aren’t January / winter months always slow for home sales? Seems like a bit of an overreaction

It's relative to last year's numbers.

 

[HawkeyeHitman]

No. I have zero confidence in Trump and what he’s doing. It must be critical the discussion to bring project 25 and Jan 6th into the discussion. Neither which I support or supported.

I’ve said this many times, but it’s really freaking impossible to have open dialogue with some of you. It’s the same group. You, Tom, Chis, Mitchell, Huey, etc. You all jump to conclusions, assume everyone is a Trumper or a closet Trumper. You assume other’s positions on certain topics.

They’re all bathhouse buddies.

 

[torbee]

Not that I’m in residential real estate…but aren’t January / winter months always slow for home sales? Seems like a bit of an overreaction

I feel like this:

Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001.

is worthy of some cause for alarm.

 

[HawkeyeHitman]

Ahh, don't have the courage of your convictions I see!

I prefer public sig/post bets as I'm going to have a few beers regardless of being right or wrong.

For the record, I HOPE you are right on this one and I am wrong. But unfortunately my track record is like 90% accuracy.

You don’t have the courage to go out and get a job. You prefer being a bathhouse bitch rather than adding value to society.

 

[jonesy5960]

Wrong thread. This thread is about the weakening economy. As much as I hate Trump, let’s get real. He’s not responsible for 3 of the 4 weeks in Jan. It could and should be argued that he’s not responsible for the economy in the 4th week as well.

Look, Trump is a complete shit show. Somehow you all will turn this into me voting Trump and defending him. I didn’t and I’m not. But JFC, blaming the Jan economy on Trump is ridiculous.

So, normally I would agree with this perspective, but these aren't normal times. Everything coming out of the White House over the past month and a half is counterproductive and is definitely impacting confidence in the economy and business activity. In terms of the markets, the only thing worse than bad news is uncertainty. This is being reflected in the plunging consumer confidence numbers, inflation expectations, a faltering stock market, and downward revisions of growth estimates for 2025.

 

[Joes Place]

Are you really unable to look at multiple trends from a holistic view?

Home prices just took the worst drop since they started tracking the date more than two decades ago.

Inflation is increasing.

The stock market is slipping.

Consumer confidence is cratering.

Do you honestly think this is all just coincidentally happening at the same time as an unparalleled assault on the rule of law and while the foundations of the government are being dismantled?

Yes, let's check back in March and April. And if things look less grim, I will create an entire post saying

GREENWAY'S OPTIMISM WAS RIGHT AND TORBEE'S CYNICISM WAS WRONG!

But if economic indicators continue trending down, you must post

TORBEE WAS RIGHT AND I'M A POLLYANNA WHO REFUSES TO SEE REALITY!

Deal?

 

[Joes Place]

Wrong thread. This thread is about the weakening economy.

Project2025 IS about weakening the economy.

 

[TennNole17]

I feel like this:

Pending sales, which are based on signed contracts for existing homes, dropped 4.6% from December to the lowest level since the National Association of Realtors began tracking this metric in 2001.

is worthy of some cause for alarm.

4.6% doesn’t move my needle

 

[Joes Place]

4.6% doesn’t move my needle

Lowest level since 2001?

Uh...that's inclusive of the mortgage meltdown years from 2007-2009.
I sold my place off right before that and made some nice bank.

Bought near the bottom in 2013, for less money than I sold for (another state, nicer property)

I sure would not be buying right now if I wasn't certain I could remain in place for 5-7 yrs.

 

[HawkeyeShawn]

So, normally I would agree with this perspective, but these aren't normal times. Everything coming out of the White House over the past month and a half is counterproductive and is definitely impacting confidence in the economy and business activity. In terms of the markets, the only thing worse than bad news is uncertainty. This is being reflected in the plunging consumer confidence numbers, inflation expectations, a faltering stock market, and downward revisions of growth estimates for 2025.

If you want to blame February and the remaining part of his term on Trump, no issue there. Again, Trump was not president until Jan 20th. How does he get blamed for the declining home sales for the month? Does he deserve the blame for December’s numbers? How about November’s?

F Trump. I’m not defending him. I’m just not in the same category that he’s to blame for everything, negative or positive.

 

[torbee]

4.6% doesn’t move my needle

It's worse than it was in the 2008 Great Recession.

If that doesn't concern you, you are either very brave or very stupid.

 

[HawkeyeShawn]

Project 2025 is absolutely germane to the discussion. It is the playbook this administration is implementing, incuding economic policy.

As for Jan. 6, I mean, we re-elected the guy who tried to orchestrate a coup, so I *guess* we get what we deserve? I agree it's not germane to the economy discussion however.

I’d love to hear how Project 25 caused home sales to fall in January.

 

[Greenway4Prez]

Ahh, don't have the courage of your convictions I see!

I prefer public sig/post bets as I'm going to have a few beers regardless of being right or wrong.

For the record, I HOPE you are right on this one and I am wrong. But unfortunately my track record is like 90% accuracy.

I know, you love your public shaming of others . I prefer a more closed doors approach. And I didn’t make myself clear earlier, beers would be on my tab.

I’m not offering up any sort of prediction though, just willing to let dust settle and see where things go.

 

[RileyHawk]

Chugging along until recently lolz. You guys need to get out of your echo chambers

2024 U.S. home sales fell to the lowest level in nearly 30 years as prices and mortgages soared

The National Association of Realtors said Friday that existing U.S. home sales totaled 4.06 million last year, a 0.7% decline from 2023.

www.pbs.org

“The U.S. housing market has been in a sales slump dating back to 2022, when mortgage rates began to climb from pandemic-era lows. The average rate on a 30-year mortgage surged to a 23-year high of nearly 8% in October 2023 and briefly fell to a 2-year low last September, but has been mostly hovering around 7%, according to mortgage buyer Freddie Mac.“

JFC - the ignorance is strong from you today.

 

[torbee]

I know, you love your public shaming of others . I prefer a more closed doors approach. And I didn’t make myself clear earlier, beers would be on my tab.

I’m not offering up any sort of prediction though, just willing to let dust settle and see where things go.

You are a good poster and I'm not trying to pick a fight.

And I do sincerely hope you are correct and everything is just a normal economic cycle.

I sure wish I could believe that.

 

[RileyHawk]

Wrong thread. This thread is about the weakening economy. As much as I hate Trump, let’s get real. He’s not responsible for 3 of the 4 weeks in Jan. It could and should be argued that he’s not responsible for the economy in the 4th week as well.

Look, Trump is a complete shit show. Somehow you all will turn this into me voting Trump and defending him. I didn’t and I’m not. But JFC, blaming the Jan economy on Trump is ridiculous.

You never voted for Trump? I don't believe that.

 

[Greenway4Prez]

You are a good poster and I'm not trying to pick a fight.

And I do sincerely hope you are correct and everything is just a normal economic cycle.

I sure wish I could believe that.

 

[Joes Place]

I’d love to hear how Project 25 caused home sales to fall in January.

FUNFACT: Trump Cabinet advisors were being mentioned nominated during January. Markets could see what was coming.

 

[jonesy5960]

If you want to blame February and the remaining part of his term on Trump, no issue there. Again, Trump was not president until Jan 20th. How does he get blamed for the declining home sales for the month? Does he deserve the blame for December’s numbers? How about November’s?

F Trump. I’m not defending him. I’m just not in the same category that he’s to blame for everything, negative or positive.

No. I'm actually not blaming January numbers on Trump. I am however looking at everything that's happening since Trump took office with an eye towards how all of the noise coming out of the White House over the last month and a half is impacting what wasn't a bullet-proof economy to begin with. It looked like we had avoided a recession and inflation was under control. There was some confidence in the markets with businesses thinking that Trump was going to benefit them. Now all of that is pretty much out the window, and pretty much for one reason.

 

[HawkeyeShawn]

You never voted for Trump? I don't believe that.

I don’t care or expect you to. You’ve made it well known who you are over the years. Luckily, I’m not seeking your approval or judgment.

 

[sober_teacher]

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