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17 thoughts on “Home sales plummet in October”

  2. radu

    There are 3 groups of buyers, speaking of individual families who are in the market for their own residence:
    1) first time homeowners
    2) existing homeowners who carry a mortgage
    3) cash buyers

    The first two groups are affected by the relatively high interest rates. The 2nd in particular holds on to their low interest mortgage for dear life.

    Cash buyers are enough to prop up the currently (inflated IMO) valuations, but not enough to have a very high volume. Most sellers aren't hard pressed to sell, would rather keep houses on the market (or even avoid listing them to begin with), so we won't see a collapse as in 2008.

    1. TheMelancholyDonkey

      The third group is also affected by interest rates. They may not be paying a mortgage, but the cash they use to buy homes is raised in the debt markets.

  7. gibba-mang

    My wife and I are nearing retirement (@60) and were considering purchasing our retirement home. Mortgage rates have increased some since late September when we began looking but since I work for a federal and state contractor, I'm feeling very venerable. Needless to say we're gonna wait until spring and reassess at that time

  8. bbleh

    Way too early to predict, but at least right now it's looking entirely possible that the Trump Crash may be as bad or even worse than the Bush Crash.

    Thanks again, Republicans!

  9. Jim B 55

    Germany is in recession at the moment, and the reason is that the FDP, rather than increase taxes on the rich or reform the debt limit, cut a subsidy for electric cars. So much of the German economy is dependent on cars. Old fashion neo-liberal economics is a catastrophe.

  10. D_Ohrk_E1

    Trump claims one of the first things he'll do on the first day of his presidency is sign an order to add an across the board 25% tariffs on all goods coming from Mexico and Canada, tearing up his own USMCA. Lots of industries have integrated supply chains between the three countries and his proposal will lead to immediate price hikes on everything from lumber to auto parts. In turn, prices are going to shoot up for new construction and vehicles and everything in-between including washing machines.

    Remember now, the goal isn't to waste political capital and energy fighting to stop him. We're mocking him and complaining about how terrible of a job he's doing, wrecking the strong economy that Biden left Trump with. We're showing the public how prices have soared under Trump, how Americans are losing their jobs because of Trump despite shutting down immigration. Bottom line: we're messaging how Trump lied to America when he said he'd make America great again.

    1. Anandakos

      Um, D-Ohrk, you're writing in the present tense, but talking about something that won't be true until January 20th. That's confusing. I agree with your take, but only in the future tense.

    2. Vog46

      D_Ohrk
      What startled me was Canada? Thats going to cause gasoline prices in the west and midwest to rise $0.55/gal since they refine Canadian oil to make the gasoline.
      That will cause immediate inflation and cause the FED to start raising interest rates which will crimp housing even more. So, whats coming across the Canadian border that Trump wants to stop?
      Most of the fentanyl is shipped in, (not carried in by immigrants)
      I don't get this whole situation
      UNLESS he's trying to build another wall (To keep Justin away from Melania)

  11. Talphon

    I know that my wife and I were planning on entering the market to buy, but recent political changes have caused us to reconsider and move more cautiously.

  12. gibba-mang

    the markets are already moving so I agree with D. this is Trump's economy now and ld let him do a faceplant all the while pointing out what was going to happen

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