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RECESSION SHOCKER! Housing Market on the BRINK of COLLAPSE!
Hold onto your wallets, folks! Moody’s Analytics has unleashed a bombshell prediction: the odds of a recession in the next 12 months are now a staggering 48%! While that’s just below the dreaded 50%, let’s face it—this isn’t merely a warning; it’s a SCREAMING ALERT!
Housing Market in FREEFALL! 🚨
Top economist Mark Zandi warns that this unprecedented high probability of recession has NEVER occurred without the economy plunging into a downturn. And why? The housing market—a leading edge indicator—is crumbling under pressure!
Zandi, the harbinger of doom, spells it out: building permits, the golden key to economic health, are in FREEFALL, hitting lows unseen since the pandemic shutdowns. Builders are retreating as unsold homes pile up like a bad debt, drowning the market.
CRASHING Numbers: Homes and Hope!
Just last month, residential building permits plummeted by a shocking 2.8% from June and plummeted 5.7% since last year. It’s as if the housing market is a rollercoaster—but instead of thrilling heights, it’s making a gut-wrenching drop!
Experts are sounding the alarm! Zandi is waving a RED FLAG over the housing market as home sales and prices hit a MORTGAGE RATE MAELSTROM! Elevated mortgage rates are squeezing homebuyers, and it’s not a pretty sight.
The FED’s FEAR Factor!
Don’t think the Federal Reserve is oblivious to this looming disaster. Recent minutes from their July meeting revealed grave concerns over weak housing demand, swollen supply, and plummeting home prices. They’re eyeing the housing market as a real threat to JOBS!
Zandi predicts the upcoming August permit data could give the Fed even more reason to cut rates. Start your countdown, because the clock is ticking to potential economic chaos!
The Bottom Line?
If you thought the end of the recession was a distant nightmare, think again! The housing market is at a critical juncture, and this crisis could hit harder than any bad breakup. Strap in; we’re in for a wild ride!
photo credit: fortune.com
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