Yet another sign of the weakening economy - home sales plummet to record low
- Thread starter torbee
- Start date
Ever turn on a tv or read the daily financial papers?....10 yr. Treasuries are 40 basis points lower since Inauguration day...
I locked in my rate in December of 2020. I'm still patting myself on the back!Rates when Biden started 2.8
Rates at the end of December 6.2
I agree and there will be ownership for both Trump and Biden in all the happenings related to the housing market. It will be a rough period for a lot of people.
The updated prediction for 1st quarter GDP is NEGATIVE GROWTH.
So much winning.
It's overwhelming!😁
So much winning.
It's overwhelming!😁
- Sep 13, 2002
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Assume, I read these clueless takes and attempts at analysis by you and the Brunos. Irrelevant if a current day Trumper
It's the GDPNow metric.
Which is subject to unusual swings w/ quick changes in data.
What is projected to be happening, is that companies jumped to import stuff they need BEFORE tariffs kick in, artificially kicking that metric downward. Imports bump can make instant GDP look worse than it actually is.
That doesn't mean things aren't going South here, just that this metric is artificially sensitive to imports bumps like this.
- Sep 13, 2002
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And the American electorate threw it away on a gamble that an oft-bankrupted rapist conman would "fix" everything.
So sad.
On the other hand, about a dozen chicks-with-dicks won't be able to play college sports now, so I guess America wins?
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Well regardless of politics, GDP Now has a forecast of -1.5 percent for the first quarter. With additional tariffs and mass layoffs coming down the pipe, the near term outlook for the American economy is not good.
You and me both. I downsized at the right time.
I have 5 houses around me that I can look out a window and see. Around Thanksgiving last year they went up for sale. 1 sold and the other 4 did not get sold. 1 has a for rent sign which I've never seen before.
Not to nitpick, but chicks-with-dicks don't really exist. Instead they are dudes-with-tits.
- Sep 13, 2002
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Yeah I don't really care and normal people shouldn't either, but apparently the mere existence of this absolutely tiny amount of people plays a huge role in how low iq people vote. It's weird.Not to nitpick, but chicks-with-dicks don't really exist. Instead they are dudes-with-tits.
You guys are so weak and stupid and desperate for this country and President to fail. Answer the question I keep asking, but can't get answered: In Trump's first term, we listened to you idiots babble for nearly four years--until COVID--the good economy was due to the biden/0boma economy he was handed. Now, the biden/harris economy, couldn't even hold-up until Trump was sworn in? How does that work? Help me understand that phenomenon?? Next, explain how jo driving mortgage rates to 20 year highs in Trump's fault? Next, explain how jo filling the housing stock with ILLEGALS which drove up prices to record levels while taking inventory out of the market, is Trump's fault? Next, explain how jo drastically increasing every aspect of home ownership from insurance to utilities, is Trump's fault?FAFO Tour 2025 just keeps getting better and better!
Real Estate
Pending home sales drop to the lowest level on record in January
Published Thu, Feb 27 202510:02 AM ESTUpdated Thu, Feb 27 20251:15 PM EST
Diana Olick
High mortgage rates and elevated home prices combined to crush home sales in January.
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. Sales were down 5.2% from January 2024. These sales are an indicator of future closings.
“It is unclear if the coldest January in 25 years contributed to fewer buyers in the market, and if so, expect greater sales activity in upcoming months,” said Lawrence Yun, NAR’s chief economist. “However, it’s evident that elevated home prices and higher mortgage rates strained affordability.”
While weather may have been a factor, sales rose month to month in the Northeast and fell in the West, which would have seen the smallest impact of cold temperatures. Sales fell hardest in the South, which has been the most active region for home sales in recent years.
Mortgage rates were also higher in January. The average rate on the popular 30-year fixed loan spent the first half of December below 7% but then began rising. It was solidly above 7% for all of January, according to Mortgage News Daily.
Home prices have been easing over the last few months in certain areas, with more sellers cutting prices, but nationally they are still higher than they were a year ago.
This drop in sales also came despite the fact that the inventory of homes for sales in January, including houses that were under contract but not yet sold, increased by 17% compared with last year, growing on an annual basis for the 14th month in a row, according to Realtor.com.
“More for-sale inventory has the potential to generate more contract signings, but climbing home supply is not evenly distributed across the U.S.,” noted Hannah Jones, an economist with Realtor.com. “Moreover, many areas with high demand see relatively low for-sale inventory, which limits progress towards more home sales.”
I have not seen that. It will be interesting how the market reacts with the Budget reconciliation act coming down the line.
You are pretty level heading with the markets and the economy. I know a lot of uncertainty is happening right now but once the budget reconciliation bill gets passed with what they think will be in it, how do you believe this will effect the market and GDP growth the next couple of years?
I think a lot depends on Trump and the tariffs and how many layoffs occur. If inflation ramps up even a bit, I think a recession is very possible.
Businesses want certainty and Trump is causing all sorts of chaos. So the outlook is very unpredictable imo.
You've got him so triggered he had to start a new thread with a poll the dims could circle jerk in. 😆
Yeah I’m in the same opinion as you are on this. Will be interesting when the next fed meeting comes out mid March.
Good luck with any kind of regulation to benefit the common man from this administration. This is a problem, and it will likely get worse.
Not national:
New Memphis mayor suggested that any out of state company owning more than 10 home in Memphis would be taxed at 40% instead of 25% (property tax). Thought that was an interesting approach to corporations gobbling up homes- which is a huge issue nationally. Saw somewhere almost half the homes in Memphis were owned by corporations
New Memphis mayor suggested that any out of state company owning more than 10 home in Memphis would be taxed at 40% instead of 25% (property tax). Thought that was an interesting approach to corporations gobbling up homes- which is a huge issue nationally. Saw somewhere almost half the homes in Memphis were owned by corporations
It's obvious - Trump is actively dismantling the economy this time rather than riding the coattails again.
You're not bright.
That's not really an answer, but hysteria, Girlfriend! 🤡 🤣 How does his "dismantling" [link(s)?] now, affect the economic realities listed in my question that he was handed on 20 January?
That you are too stupid to understand the answer and the effects is something you will have to deal with on your own. I have no interest in schooling you further on this topic.
Your questions are moot. Republicans hold the executive branch, congress, the judiciary and the press.
The stage is yours, please proceed.
The stage is yours, please proceed.
We were told he was in charge once he won the election. Still waiting on that Ukraine peace deal. He is such a solid negotiator.
Perhaps you could spend time "schooling" Moody's? There warned about where biden's economic debacle was headed one year before Trump was elected! 🤡 >
Moody's changes outlook on United States' ratings to negative, affirms Aaa ratings
New York, November 10, 2023 -- Moody's Investors Service (Moody's) has today changed the outlook on Government of United States of America's (US) ratings to negative from stable and affirmed the long-term issuer and senior unsecured ratings at Aaa.
Ratings.Moodys.com
I’m blaming him for everything he has done in the last couple weeks that has harmed the economy.
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