The United States housing market is collapsing. Home sales fell dramatically this past month.
US Existing Homes Sales Fall 5.2% in November,
The biggest YoY Decline Since the 2009, Longest Streak of Sales Declines Since 1999 🚨
Will the Fed ignore economic pain and keep raising rates ? pic.twitter.com/BfGYyTQFXS
— Wall Street Silver (@WallStreetSilv) December 22, 2022
The US housing market is so fooked. Fourth straight month of declining rents will utterly destroy housing markets that are the most heavily investor-owned. There’s too much inventory, not enough demand. More multi-family coming 2. Looking at you, Las Vegas. #shadowinventory
— Derek Imig (@ImigDerek) December 18, 2022
This is not surprising at all considering the Fed has been increasing interest rates. This means fewer buyers because fewer people are willing to take on the higher interest rates.
We are in the midst of a serious economic collapse and everybody is pretending that we aren’t in the middle of a slow motion train crash. The troubles we are seeing in the housing market is just another sign of this.
