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DANGER ALERT! Housing Market CRASH Imminent! 🏚️🔥
Economic DOOM on the Horizon: Experts Sound the Alarm!
Hold on to your homes! The housing market is spiraling downwards, and it’s about to take the entire economy with it, according to the bigwig at Moody’s Analytics, Mark Zandi! Just weeks after waving a “yellow flare,” Zandi is now signaling a full-blown “red flare” as the outlook goes from bad to worse!
Home Sales PLUMMET! House Prices Going DOWN, DOWN, DOWN!
Listen up! Home sales, new constructions, and even house prices are about to go nose-diving unless mortgage rates drop from their current jaw-dropping near 7%. Spoiler alert: that’s NOT happening anytime soon!
In a shocking twist, existing home sales did see an unexpected lift in May, but guess what? It was still the SLOWEST for May since 2009! The spring selling season? Total BUST!
Get this—sales of new single-family homes CRASHED by a staggering 13.7% in May alone, while single-family housing starts took a nosedive of 4.6% in June. Builders are throwing in the towel! The hefty costs are driving them away, and many are even delaying land purchases! Buckle up, folks—new home sales and builds are about to nosedive!
Price Drops COMING! The Market is FIZZLING OUT! 💥
Home prices, once holding strong, are now flat-lining and ready to plummet as those near-7% mortgage rates squash buyer demand! The latest Case-Shiller report showed a monthly dip of 0.3% in April, and it’s only getting worse!
Guess what? A whopping 38% of builders slashed prices in July! That’s an increase from 37% in June, and a staggering jump from just 29% in April!
Home Listings RISING! Homeowners in a PANIC! 🚨
With inventory piling up, even homeowners with pre-pandemic low mortgage rates are pulling the trigger to sell! But here’s the kicker—they can’t find buyers willing to pay their asking prices! “Delistings” are soaring, up 35% year-to-date and a jaw-dropping 47% year-over-year in May!
The economy is already reeling from political pressures, and Zandi warns that housing is about to become a FULL-BLOWN HEADWIND to economic growth! It’s a cocktail of chaos that we should ALL be worried about!
RECESSION ALERT? YES! The Signs Are Here! ⚠️
Zandi isn’t the only one ringing the alarm bells. Analysts from Citi Research are echoing his sentiments, warning that this housing disaster could foreshadow a major economic crisis! Fewer permits for new homes and an oversupply of properties are sending up red flags everywhere!
Folks, the housing market’s woes are here, and they’re only going to pile on! The question is: are you ready for the fallout? 🏘️💔
photo credit: fortune.com
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