Aside from the sheer magnitude of the spike, this was also the highest mortgage rate since collection of the daily data began in April 2009.
Pieces of evidence are lining up in increasing density. Potential future homebuyers who need a mortgage have been thinning out for months. Today, another milestone:
It is happening again. More than a decade ago, we witnessed an absolutely unprecedented “housing bubble” in the United States followed by a horrific crash
The housing boom is over, and broader effects are beginning. The steep decline of mortgage applications due to rising mortgage rates and housing inflation means
Harry Dent, a newsletter publisher who uses demographic trends to forecast market movements, believes that even before covid-19 blindsided the global economy, the US housing
Let’s start by sketching out a rough spectrum of the pandemic’s impact on major industries. At the hellish end of this spectrum is hospitality, where
As contentious as the US midterm elections were, there was never a scenario in which they mattered. Any possible configuration of Republicans and Democrats in
Cornflakes and milk may or may not be getting more expensive, but some higher-profile things are rocking like it’s 1979. Houses, for example: Home prices
Real estate tends to ride an emotional rollercoaster, as anyone who made it through the 2000s can attest. But in some ways the current market
US growth, such as it is, has lately been driven by a handful of hot sectors. Car sales have set records, high-end real estate is
It’s not easy being a mainstream economist. You spend your life building models that become your professional identity. And when those models fail to describe
They say that one sign of creeping old age is that memories from past decades are more vivid than those from past days or weeks.
Cut through the clutter and mainstream media noise. Get free, concise dispatches on vital news, videos and opinions. Delivered to Your email inbox daily. You’ll never miss a critical story, guaranteed.
