The housing market is a mess. Sales are plunging and prices are falling because qualified buyers are drying up.
Home prices see biggest annual drop since 2012 as sales plummet 23% https://t.co/zygRrPBVOt pic.twitter.com/hM6ZwL2oiK
— New York Post (@nypost) May 18, 2023
US Existing Home Sales Decline Re-Accelerates As Rates Rebound https://t.co/8Tm4U7aQbA
— zerohedge (@zerohedge) May 18, 2023
This was inevitable because of interest rate increases. Loans to buy a house are far more expensive now.
The economic policies in place right now by the Federal Reserve and US government are designed to make basic staples like food and energy more expensive while simultaneously devaluing assets like homes that the middle class has historically used as a store of wealth.
This economy just keeps getting worse and nobody in power has any desire to fix it. In fact, they want things to get worse.
