Somebody

 

said a while back:

"At 2.5% there goes the housing market."

Yup...

US saw record drop in home sales in September: Redfin

"Home sales declined the most on record in September as mortgage rates surged and pushed prospective buyers out of the once-hot housing market, according to a new report."

"A report from the real estate company Redfin shows the number of homes sold fell by 25 percent and new listings dropped by 22 percent last month, marking the biggest declines on record in both categories — excluding numbers at the onset of the coronavirus pandemic in April and May 2020."

"Although prices have declined recently, sky-high mortgage rates have pushed monthly payments up by more than 50 percent year over year, according to the report.

The median home price in the U.S. rose by 8 percent year over year in September to $403,797.'

(I'm nuts for living in a garage? How about you people are nuts for paying $403,797 on average for a home? I mean seriously, which option is more crazy these days?)

“With inflation still rampant, the Federal Reserve will likely continue hiking interest rates,” Zhao said. “That means we may not see high mortgage rates—the primary killer of housing demand—decline until early to mid-2023.”

Mortgage rates have more than doubled since last year, reaching a 20-year high last week, according to data released Wednesday by the Mortgage Bankers Association."

(I just love it when "experts" just say something and then offer no explanation as to why they believe that outcome would be that way:

"That means we may not see high mortgage rates...decline until early to mid-2023."

Based on what exactly?

What makes them think that?

What are they citing and where is the reference?

1 Thessalonians 5:3

For when they shall say, Peace and safety; then sudden destruction cometh upon them, as travail upon a woman with child; and they shall not escape.

false prophets 

in social commentary

in media

in politics

in economics

ought to be telling you where we are exactly.