Home prices surged due to FED actions so now they raise rates the fastest ever on a percentage basis.
Nobody is selling because who the hell wants to double or triple their interest payment. So the entire housing market is grinding to a halt from refinance, to construction, etc.
What was the big lesson in the great recession? Oh ya the entire us economy is held up by everything associated with the housing industry.
T - 1 year until the biggest fed policy error since great depression starts to become clear.
New home sales will still happen because builders are buying down interest rates while giving up some margin to do it. They have to move the materials regardless. Used home market is def going to freeze up for the next year or so.
While I think the data probably is a good signal, I’m curious as to how they define realtor, full-time? Licensed? I feel like there are a lot realtors that are quite happy to go back to being a homemaker, retired, etc. when the market cools off…
Realtors are licensed sales agents who are members of a trade association— the National Association of Realtors. Colloquially people often call all licensed sales agents Realtors but there’s no requirement for one to join the association.
(I took all the required real estate sales licensing classes in my state several years ago. I didn’t take the exam because, in my state, one must be sponsored by a licensed broker to test. Since I never planned to sell I figured a broker would never sponsor me I never tested. It was fun, though, taking the classes.)
Nobody is selling because who the hell wants to double or triple their interest payment. So the entire housing market is grinding to a halt from refinance, to construction, etc.
What was the big lesson in the great recession? Oh ya the entire us economy is held up by everything associated with the housing industry.
T - 1 year until the biggest fed policy error since great depression starts to become clear.