Mortgage rates are likely to remain elevated amid renewed hostilities between the United States and Iran following the collapse of a fragile ceasefire last week.
“The highest mortgage rates in nearly a year and the record-high national median home price together are contributing to a tepid housing market that is especially difficult for first-time homebuyers,” said Lawrence Yun, the NAR’s chief economist.
Yeah, it’s the beginning of a housing market crash.
We’re in the stagnation phase. Soon people will s start dropping prices on homes. But they still won’t sell because wages are suppressed and interest rates are too high.
Within about a year, mass layoffs will kick in, and then foreclosures will rise, and things will finally come back down to where they should be.
I think you’re correct, but also kind of spinning this as a good thing. Many, many people are going to lose their jobs and homes like it was in 2008. This is not a good thing.
For the country as a whole, this will be very bad, but if you stay employed, own a home already, and have the cash to buy another outright, this is what you’ve been waiting for.
Also people with no jobs and no home are more likely to turn violent against an oppressive regime, which will be good for the country, but bad for individuals.
If you work in healthcare in particular, you’ll get to choose whether the feds you’re treating will live, or have ‘unexpected complications’