Big Blitz Posted July 21, 2022 Share Posted July 21, 2022 (edited) US housing market headed for ‘deep freeze’ as mortgage rates soar The US housing market is on the cusp of a “deep freeze” as rising mortgage rates and steep home prices conspire to limit buying and selling activity, a prominent economist warned this week. Mark Zandi, the chief economist of Moody’s Analytics, pointed to a slowdown in demand among prospective home buyers. Sales of previously owned homes slumped by 14.2% in June compared to the same month one year earlier, even as the median sale price jumped to 13.4% to $416,000 over the same period, according to the National Association of Realtors. “It makes sense, with the higher mortgages conflating with higher house prices, first-time homebuyers just can’t afford to buy in. They’re locked out,” Zandi told CNBC. “And trade-up buyers, they’re kind of locked in because if they sell and buy, they’ve got to get another mortgage at a higher rate and their monthly payments are going to rise.” “Demand is really weakening very rapidly and you’re right, I think housing is going into a deep freeze,” Zandi said. https://nypost.com/2022/07/21/us-housing-market-headed-for-deep-freeze-as-mortgage-rates-soar/ Nice work Covidiots. Can't afford rent. Can't buy a home. Can't buy groceries. Can't buy gas. Can't afford college. Dem solution to self inflicted nightmare: "Buy electric. And we will "forgive" student loans." Joke. Total joke. Edited July 21, 2022 by Big Blitz Link to comment Share on other sites More sharing options...
BillsFanNC Posted July 21, 2022 Share Posted July 21, 2022 Nobody saw this coming at all. Nobody. Link to comment Share on other sites More sharing options...
Big Blitz Posted July 21, 2022 Author Share Posted July 21, 2022 Woo boy.... The nation's largest homebuilder says more buyers are cancelling deals amid growing real-estate market pessimism The nation's largest homebuilder said 24% of its contracts fell through in its recent quarter. Homebuyers have been pulling back in the face of higher mortgage rates and market uncertainty. To counter the slowdown, homebuilders are offering more incentives and reducing their production. https://www.businessinsider.com/housing-market-pessimism-deals-cancelled-real-estate-outlook-drhorton-2022-7 This is going to lead to more ARMs Link to comment Share on other sites More sharing options...
JaCrispy Posted July 22, 2022 Share Posted July 22, 2022 Thank God I just refinanced two months ago- locking in at 3.25% 😉👍 2 Link to comment Share on other sites More sharing options...
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