Assessment: In just 18 months in office President Joe Biden has managed to turn the world’s largest economy into a chaotic deflationary tsunami …
A little over a month ago, when mortgage rates were still “only” 5% we shared several devastating anecdotes from real estate agents and industry execs who validated our worst fears: US housing was imploding… fast, with subsequent observations only confirming this dire conclusion about the state of the most popular asset class among the US middle class.
Fast forward to this week when things have gone from worse to catastrophic, because with 30Y mortgage rates soaring at the fastest pace on record to above 6%, or levels last seen just before the housing bubble burst…
“Indeed seven years of great plenty will come throughout all the land of Egypt; 30 but after them seven years of famine will arise, and all the plenty will be forgotten in the land of Egypt; and the famine will deplete the land.” Gen 41:29-30
… sending new home sales plunging at the fastest pace since the peak of the covid crisis after the longest negative streak since 2010…
… and homebuyer sentiment imploding to the lowest level in generations…
Read More @ Zero Hedge HERE
