Welcome back old friend

From Fortune:

Housing market affordability is worse now than at the height of the housing bubble in 2006

On Monday, the average 30-year fixed mortgage rate reached 7.48%, marking the highest level since the year 2000. Even prior to this recent surge in mortgage rates, housing affordability, as monitored by the Atlanta Fed, had already deteriorated beyond the levels seen at the housing bubble’s peak in 2006. Once this latest mortgage rate surge is factored in, August 2023 will become the worst month for housing affordability this century. 

The journey to this predicament can be traced back to last year’s sharp rise in mortgage rates, which escalated from 3% to over 7%. That rate surge, coupled with the Pandemic Housing Boom pushing U.S. home prices up over 40% in just over two years, deteriorated housing affordability across the nation.

“The housing market is at a pivotal point as we head into fall. Mortgage rates are now at more than a two-decade high, and for some home shoppers, those higher rates are enough to cause them to step back from the market,” wrote Lisa Sturtevant, chief economist at Bright MLS, in a statement to Fortune. “It is likely to be a very slow fall [in the] housing market this year. Home prices, which had rebounded this summer, will dip in some markets as new listing activity increases at the same time a segment of the homebuying population sits the market out.”

While Sturtevant doesn’t expect “major [house] price corrections since supply is still at historically low levels and overall economic conditions remain healthy,” she does see risk in overheated housing markets. House prices in places like Austinand Boise have already started to fall again.

“The markets at greatest risk of price declines are those where affordability challenges are the worst, including some West Coast markets, as well as places where prices have run up quickly, including in parts of the Sunbelt,” Sturtevant says.

This entry was posted in Crisis, Demographics, Economics, Housing Bubble, Mortgages, National Real Estate. Bookmark the permalink.

123 Responses to Welcome back old friend

  1. grim says:

    From CNBC:

    Home sales fall again in July, as supply drops to near quarter-century low

    Sales of previously owned homes dropped 2.2% in July from June to a seasonally adjusted, annualized rate of 4.07 million units, according to the National Association of Realtors.

    Sales were 16.6% lower compared with July of last year. Homes sold at the slowest July pace since 2010.

    This count is for closings, so contracts were likely signed in May and June, when mortgage rates went from around 6.5% to well over 7%.

    Sales fell month to month in all regions except the West, where they rose 2.7%. Sales dropped the most in the Northeast, down 5.9%.

    The National Association of Realtors is blaming higher rates and still tight supply for the decrease. There were 1.11 million homes for sale at the end of July, 14.6% fewer than July 2022 and the lowest level since 1999. There are now half as many homes for sale as there were pre-Covid.

    At the current sales pace, that represents a 3.3-month supply. A six-month supply is considered balanced between buyer and seller.

  2. grim says:

    The new AMD MI250 and MI300 AI chips are ramping up production, it might end up being a better alternative to what NVIDIA has in the long run, and will definitely put pressure on NVIDIA margins to close future deals, they have 70% of the market now but that can change, the money always flows to the cheaper hardware alternatives in the long run.

    Nobody in data science and ML is even considering this. Just about everything in AI right now is predicated on Nvidia hardware. Software, libraries, drivers, even the most fundamental calculations are optimized for Nvidia hardware. Nearly every workload that exists right now, and is in development, is predicated on cuda and tensor flow. This is not at all like the CPU battle between Intel and AMD.

    Sure, more open libraries like PyTorch are becoming more common (but still only support Nvidia). But as Google and Amazon and others try to break in with their own hardware, you are going to see splintering of the underlying software stacks. Some might break in, but you will be dealing with substandard tooling for a while, and for all that while Nvidia will still have the dominant hardware and software-supported platforms.

    The best strategy AMD could have would be to give away (many) tens of millions of dollars in free GPUs to the open source community in hopes they can create enough critical mass to build the software ecosystem necessary to make those cards even usable.

    Realistically, there is at least 2 years of fundamental software groundwork required, and that’s not the half of it. Historically, Google was the big driver behind Tensorflow. So you’ve got 8-9 years of software development work invested in that (which is nearly 100% tailored for Nvidia). Given Google is releasing their own hardware, they could care less about helping AMD gain compatibility.

    The winners will be Nvidia, Google, Amazon, in that order. Google and Amazon have enough cloud demand to support 100% of their own development and hardware deployment. What does AMD have? Maybe they can carve out a niche in the private market, prem-based, etc.

  3. dentss dunnigan says:


  4. Juice Box says:

    Grim AI. Is moving fast, we can agree on that. The race reminds me of Dot com. There are no data centers built like those days anymore, and thin’ of all the work done by the open hardware alliance to squeeze out the old hardware players, HP,Dell, IBM etc.

    ROCm libraries have been used to replace CUDA, they are able to run a LLM with zero code changes, they have a working AI hardware stack for MosaicML.

    Again it’s happened before with data centers, it’s always about cost. You can bet in the upcoming year they are going to win contracts, you don’t need to be the best to win contracts. NVIDIA will lose market share.
    I will dig up some real research to support my view.

  5. grim says:

    I don’t disagree, the landscape is going to shift, the current winners will not be the long term winners. Where we are right now, a small shop of 30 devs can turn this industry literally overnight. That statement is probably telling of my position and long-term belief. The AI race will not be won by the mega shops, they are too slow, too encumbered by pride, politics, and sunk costs.

  6. BRT says:

    speaking of Nvidia, earnings today

  7. Juice Box says:

    And I only speak really of the premium you pay today for NVIDIA data center GPUs just so the devs can compress the time it takes to train your model.

    Shops will be pitching running your model 50% cheaper soon enough on AMD or Intel. The CFO will listen to that pitch for sure. AWS, Google and really everyone else will have to offer it.

    The universities will build it themselves with some leftover hardware that was donated from a data center retirement.

  8. Juice Box says:

    Lol – Twitter madness for everyone. India’s moon landing is an AI deep fake…

  9. Juice Box says:

    I forgot the link for the Lol!

    Here is the official India lunar landing streamed, about a 90-second clip from Twitter even Prime Minister Modi looks like an AI Deep Fake.


  10. The Great Pumpkin says:

    Entire market hanging on these earnings…wild.

    BRT says:
    August 23, 2023 at 8:40 am
    speaking of Nvidia, earnings today

  11. The Great Pumpkin says:


    That’s hilarious.

  12. The Great Pumpkin says:

    I believe AI is going to boom and drive the economy….but not right now. Not until cheap money can drive the growth. Higher rates = less money to risk for development and growth. Simple as that.

  13. The Great Pumpkin says:

    Why DNA will not blow up until it survives this high rate cycle. AI development is no different. Why do you think Gingko had to lower forecasts? Because the science doesn’t work or because it costs too much money to take risks right now?

  14. The Great Pumpkin says:

    I don’t want to buy a car at 10% rates, if I am a company, you think I want to take high risk bets with high interest loans? Yea, right!!!

  15. Bystander says:

    Blumpy is exactly the problem. Normal rates are now “high rates”..he does not get it. Unfortunately, many executive babies in 30s/early 40s have no concept of normal rates. They will wait out investment until Fed provides low rates. We want it..wahhh

  16. Juice Box says:

    Just remember Pumps they are slapping AI on everything.

    Here is an example of a story from today about replacing Cobol code with Java using a new AI-based tool from IBM. IBM claims their AI will replace all that old code in a jiffy too!

    People have been saying Cobol is going away forever, many of those people have already died while waiting. There are plenty of 65 yr olds making a mint at $250 an hour maintaining Cobol systems. A recent survey said there are now over 800 billion lines of cobol in use on production systems today, which is up from an estimated 220 billion only a few years ago in 2017.

    We shall see who wins the better mousetrap fallacy, man or machine or something in between….

  17. Libturd says:

    And I took AP Fortran in high school.

  18. Phoenix says:

    Bystander says:
    August 23, 2023 at 9:12 am
    Blumpy is exactly the problem. Normal rates are now “high rates”..he does not get it. Unfortunately, many executive babies in 30s/early 40s have no concept of normal rates. They will wait out investment until Fed provides low rates. We want it..wahhh

    No, Blumpy isn’t the problem, Boomer is.
    Why did Boomer give themselves “special” rates, then expect Blumpy to pay “normal” rates?

    Boomers gave themselves a gift before the grave, then mock everyone younger claiming they are whining.

  19. Phoenix says:

    Juice Box says:
    August 23, 2023 at 9:41 am
    Coffee with a squeeze of Mayo? BLECH!!!



    Tell that to his bank account. I’d drink that sh ite every morning for what he gets paid.

  20. The Great Pumpkin says:

    Seriously, you ran up this huge debt on low rates, and then you cry for high rates ? Are these people insane? Yea, let’s pad boomer’s retirement and social security with high rates. GTFOH.

  21. leftwing says:

    Re: posts on macro issues.

    Credit card debt, I’d like to see a drill down. I assume it captures monthly balances, how much is next month’s statement balance that will be paid off in full then? In expanding economic times one would expect balances to rise even when they are paid. Personally, I pay in full each month yet I’ve contributed substantially to outstanding balances recently as useage has gone up. Also, per the chart in the aggregate we’re really not that far off 4Q19 right now…

    Lib, we’re different sides of mirror as I’m still mostly uninvested (but still decently beating benchmarks although not as strongly as earlier). Careful you don’t get sloppy with your analysis…yes 8-12% long term returns are great but not revelatory, the market over the last, what, 150 years averages 9%. Easy call. On the chart very hard to conclude anything…the two lines (SPX and 10Y) are the largest macro *outputs* picking up every world event of note over the last 50 years…plus the SPX has to move to log scale to begin to even have a meaningful look at that chart. I don’t think any conclusion can be drawn even if the data were better presented.

    If someone is in the market – well invested, not chasing pipe dreams or lotto tickets – and you have that couple decade view stay in. If you’re not in that camp or just queasy it’s very easy to put a no-cost collar around some or all of your holdings.

    For people here much smarter than I on personal finance I’m having a hard time figuring out why even I wouldn’t throw a slug into the belly of the curve, 2s for sure. Seems a fairly asymmetric outcome over most scenarios?

    If you have cash on the sidelines you’re looking at putting to work soon in equities…IDK. I have some creeping queasiness on the Fall….some macro stuff on the horizon not thrilled with (aside from all the regular concerns of earnings, multiples, technicals, etc). Wondering about T auctions coming up in Sept, government IIRC has unusually large needs that month plus our largest purchasers the Chinese/Japanese have pulled back their purchases to manage their currencies. Watch the yuan and yen to dollar fx rates there…There’s a covid strain running around out there (not Eris) that could cause more bad political response…mentioning politics don’t we have another debt deadline coming up and all the silliness around the legal status of the individual who represents the view of, what, 30% of the population?

    And speaking of politics careful on the historical analogies….the market does well leading into election years because volatility is gradually *withdrawn* from the market as platforms and candidates come into focus. Basically, the crazies are weeded out and certainty is injected and the market relaxes.

    Where is the certainty if the poll leader of each respective Party continues to look like the nominee? Anyone want to seriously make the argument that as a DJT-Biden rematch evolves especially with the charges against DJT that events become more comfortable/predictable and the market relaxes?

    Make me an even money bet on that one and I know I’m taking ‘more discomfort’ over ‘less volatility’.

    LOL, think I just talked myself into a low risk, high payout long volatility ladder for the near future….

  22. The Great Pumpkin says:

    “At what point does the economy effectively break under the weight of real rates? I don’t think we’re quite there yet…But I still think the market’s ignoring a lot of this interest-rate pass-through at their own peril.”


  23. The Great Pumpkin says:

    For far too many Floridians, the skyrocketing rate of property insurance is just too much.

    This homeowner fears losing everything as their insurance renewal is now $17,000.

    $17K now, from $4K only 2 years ago.

    She and her veteran husband have major decisions ahead of them.


  24. The Great Pumpkin says:

    Climate change isn’t real they said.. move to Florida they said…

  25. Phoenix says:

    This is exactly what is going to happen, you and your kin aren’t going to be able to do one single thing about it.

    The Great Pumpkin says:
    August 23, 2023 at 9:58 am
    Seriously, you ran up this huge debt on low rates, and then you cry for high rates ? Are these people insane? Yea, let’s pad boomer’s retirement and social security with high rates. GTFOH.

  26. Phoenix says:


    She should stop crying, pay off that house, she can still retire in it, and if she owns it, doesn’t need insurance.

    Same old battle axe that likes to gamble at the casino, let her gamble that a hurricane won’t huff, puff, and blow her house down.

    No way I want to subsidize her new kitchen when it becomes a pile of sticks.

  27. 3b says:

    Phoenix: Then it all blows up, and rates are lowered again, how low? And then we start all over again with asset bubbles and inflation, and then we tighten again, and the next generation gets screwed. All because of recklessness by the Fed, what a way to run an economy. Oh, and then we have AI, and that’s a whole other story, but also related.

  28. Chicago says:

    Left: I think the recent nuance in the CC data was the % carrying balances was surging.

  29. Chicago says:

    Ten rallies to resistance 422

  30. Chicago says:

    I just wonder what is the upshot of Jackson Hole?

    Do we get a nothingburger?

  31. leftwing says:

    “The AI race will not be won by the mega shops, they are too slow, too encumbered by pride, politics, and sunk costs.”

    Non-tech guy here. Megashop meaning GOOG, MSFT etc or megashop meaning NVDA, AMD etc. Please educate.

    “Why do you think Gingko had to lower forecasts? Because the science doesn’t work or because it costs too much money to take risks right now?”

    Because their prospective customers don’t want their product and are only buying at rate of 25% of what was forecast?

  32. Chicago says:

    Met Boomers yesterday. Complaining this and that. Ok.

    You bought your retirement house for what? Oh a distressed sale in 2012. We put about $125,000 into it. So you forked over about $700K. What would you estimate you could sell it today? $1.4M. Ok. STFU. Have a nice day. NEXT!

  33. leftwing says:

    “Why did Boomer give themselves “special” rates, then expect Blumpy to pay “normal” rates?”

    And the band plays on….not generational, it’s a question of competence.

    Your ‘moderates’ underwrote the bailout of the banks in 2008, covid in 2023, and every other little blip deviation from norm in between with ‘free’ money.

    Guess what…..free money ain’t free and the 63 year old plant manager in Michigan would have done neither.

    Not a generational issue, an issue of incompetence masquerading as centrist politics.

  34. 3b says:

    Chgo: 2021 I believe there was a record amount of cc debt being paid off; a big change in 2 years.

  35. 3b says:

    Left: Fair enough I guess on the moderates, if so then it does not matter. What is the alternative? Certainly not the current Democrat or Republican parties.

  36. Libturd says:

    The smart ones used their stimulus checks to pay off their CC debts.

    The rich ones used PPP to rip off Uncle Sam.

    The dumb ones, like me, did neither.

  37. Juice Box says:

    Left he most likely means services and software. IBM, Oracle and others, they are too big and slow for AI.

    Grim seems to be his own 30 man startup these days. I wonder if he contemplated any Angel seed money. I’d sign up for one of those rides..

  38. Libturd says:

    You won’t ever find a reasonable candidate on the Dem side. Through their use of superdelegates and control of the press, they will ensure the most establishment person will win every single time. Which is why I wish someone who wasn’t a populist and had a level head on their shoulders, would run on that side. Someone, perhaps, who would actually be a uniter and a compromiser. And yes, you will never find that on the Left again. The gravy train on the Left has simply become too lucrative to risk compromise.

  39. Libturd says:

    I think Bystander would sign up for Angel food cake at this point.

  40. Fast Eddie says:

    What is the alternative? Certainly not the current Democrat or Republican parties.

    There’s three parties: 1) Democrats 2) Media 3) Hollywood

  41. Libturd says:

    I thought that was the Jewish Trinity.

  42. leftwing says:

    Said a long time ago I’d bet on Grim in most endeavors.

    “Left: I think the recent nuance in the CC data was the % carrying balances was surging.”

    That’s my question Chi, I think it’s definitional.

    I pay in full my cards each due date…meaning the amount outstanding on the current statement which does not reflect new purchases after that statement close date.

    Therefore while I am always ‘current’ and never pay a shred of interest I also always have a balance.

    That balance has gone up exponentially since 2020….first, I’m spending more so the ‘carry’ of the new purchases month over month is higher and then I’m intentionally floating more purchases, nearly all, to select cards to grab the benefits.

    Given the stats on the amount of spending by the top demographics I suspect the data is picking up a lot of that phenomenon which is not reflective of financial duress, just a function of how the data is captured?

    That huge ramp up in European vacations this summer by US consumers? There’s a good slug of high end demographic who banged it on their credit cards and a week or so after they return they’ll pay it off in full.

    Yet for purposes of the data each one of those families ‘increased’ their outstanding balances that month by $20k?

  43. 3b says:

    Left: That makes some sense, but one trillion is a huge number. We will see how those balances play out over the remainder of the year.

  44. Phoenix says:

    Trump not going to debate tonight, yet predicted to win.


    Can’t make it up.

    Indians put spacecraft on the moon.

    Americans on live chat making comments like ” first Quickie Mart on the Moon.”

    But their kids cannot make change at the register.


  45. Very Stable Genius says:

    Many also-ran complaining but right wingers are doing great in Biden’s economy. Easily given away $100k

    Donald Trump will headline a $100,000 per person fundraiser to aid in the legal defense of his one-time personal attorney Rudy Giuliani, according to The New York Times’ Shane Goldmacher. The Sept. 7 event will be held at the Trump National Golf Club in Bedminster, New Jersey, an invite posted by Goldmacher said. The ticket buys fans a “round table” and dinner with the former president and Giuliani, both of whom are expected to surrender to Fulton County authorities in Georgia this week on charges surrounding their attempts to overturn the results of the 2020 election.

  46. Phoenix says:

    Time for a Trans Ken and a Trans Barbie.

    We can’t manufacture them here, we are too dumb to run the machinery.

    Better get the drawings to the Chinese so they can manufacture and ship them by Christmas for a huge profit.

    Barbie and Ken and Nothing in Between
    For one trans viewer, Greta Gerwig’s hit offers both a too-pat idea of gender and a complex view of humanity.

  47. Fast Eddie says:

    Very Stable Genius,

    You hungry? You want a biscuit or something?

  48. Phoenix says:

    Third grade teacher Kimberly Coates is arrested for being ‘drunk on the job’ after staff pulled her out of Oklahoma classroom with a ‘cup full of wine’
    Coates, 53, was teaching her class at Perkins-Tryon Intermediate School on the first day of term
    When asked what was in her cup, she claimed it was ‘juice’
    After taking a breathalyzer test, she was arrested on one count of public intoxication

    She then blew into the machine and produced a measurement of 0.24 – three times the legal driving limit of 0.08.

    While Coates continued to maintain that the last time she drank was 3am, Ogle asked whether, in the officer’s expert opinion, she was ‘under the influence.’

    Still not admitting she had been drinking since being at school, Coates questioned whether she could still be recording a high alcohol breath content after drinking last night.

    ‘Unless you drank at s**t ton at like eight o’clock this morning, I don’t know how you could still be that high,’ Sgt. Gedon responded.

  49. Juice Box says:

    Phoenix – first day? Don’t they usually wait until the second or third day for the liquid breakfast.

    Anecdotal family member is a principal tells me all kinds of neat stories. One of his teachers has been known to chug hand sanitizer during the day to even herself out. Really no different than people that work in hospitals, office buildings or in a sewer line construction trench.

    We had one guy who was a director who by the afternoon was always fully lit, he passed out on the smokers bench outside and HR called him an ambulance, he woke and ran to his car so HR then called the police to bust him for DWI. Those were the days….

  50. Hold my beer says:


    That moon landing looked fake. Like a b movie from the 60s

  51. Juice Box says:

    Beer .- It landed it is just question of how hard?”.- I was shocked the Russians did not do the same with their lander last week. Apparently one of their chief scientists spilled the beans that it landed hard, so off to the gulag for him perhaps.

  52. Phoenix says:

    Well, I guess “technically” he was breaking the law. But had it been a 20 year old hot female he would have comforted her instead:

    A Mississippi cop is out of a job after police arrested and jailed a 10-year-old boy they found urinating in a car park.

    Senatobia police faced a torrent of criticism for their heavy-handed treatment of young Quantivious Eason when pictures circulated of the shame-faced child in the back of a police car heading for jail.

    Police chief Richard Chandler admitted an ‘error in judgement’ in hauling the boy off to jail to have a referral filed against for a ‘delinquent act’.

  53. Phoenix says:

    India: Stuff looks fake, is real.

    America: Stuff looks real, is fake.


    Can’t make it up.

  54. No One says:

    The Barbie movie actually had a trans Barbie character.
    I didn’t spot a trans Ken, but there were several male Ken characters who seemed gay.
    Especially when they kept repeating to each other “I’m going to beach you off!”

  55. Bystander says:

    Devil’s food cake, Lib. No presumptions the motives plus chocolate is better

  56. Bystander says:

    I feel like signed a Devil’s pact 5 years ago and all I got was Devil dogs. Prefer Funny bones. Also I don’t take anyone’s “seed” in this market. It will be brown and shriveled , like a Buffet turd.

  57. Juice Box says:

    Wait until the Robots get a load of this, they might go on strike.


  58. Juice Box says:

    Hey Very Stable – How much you wanna bet The Trump fundraiser and really any fundraiser for Giuliani etc is going to get money from both sides of the political spectrum?

    Whether they have a case or not is irrelevant. They have indicted a bunch of lawyers acting on behalf of their client. This legal territory was verboten in the past punishment was always sanctions, civil malpractice settlements, fines, censure, suspension or disbarment meted out by the state bar association etc and really never a criminal trial in a courtroom. The loudest so far from the Democrat side has been Dershowitz, there will be more down the road.

    I don’t believe there is anyway the lawyers are going to allow anyone to kill the golden goose.

  59. Juice Box says:

    Prigozhin liquidated?

    “Ten people have been killed in a private jet crash north of Moscow – with the Russian Civil Aviation Authority saying Yevgeny Prigozhin was on the passenger list.

    Seven passengers and three crew were on board the Embraer aircraft, which was en route from Moscow to St Petersburg, TASS news agency reported.

    The jet is said to have crashed in the Tver region, north of Moscow.

    Prigozhin, who is believed to have been on board the flight, shared his first video address since his aborted June mutiny just two days ago.”


  60. Boomer Remover says:

    Someone here posted a thing about Zoom using customer content to train AI models.
    IIUC, that TOU document has since been amended to specifically exclude feeding content to AI models.


    If that remained true, it would be a existential threat/event for Zoom. Def do not want my whiteboards and ideas hoovered up into the borg box.

  61. 3b says:

    Juice: No surprise, although I would have expected he fell out of a hospital window or down a flight of stairs.

  62. The Great Pumpkin says:

    Putin strikes again.

  63. Boomer Remover says:

    Come on guys… Prig absolutely had a dead man’s switch in place, subject to some sort of independent review.

    Unless this is orchestrated by Prig himself as a way to get lost, I bet Putin is shitting his pants right now hoping it was a legit issue, pending independent review.

  64. Juice Box says:

    3B – I won’t link to it but there is already a video of the jet falling from the sky and another of ground debris. It fell straight down, not like a plane would crash on a glide, more like a missile hit it and it broke up and dropped.

  65. The Great Pumpkin says:

    He was a dead man walking when he became more powerful than putin. Was forced to act on the threat and did what he did. Thought it worked, but he was f’ed. Never had a chance.

  66. Juice Box says:

    It could be a deception, although people did die in that jet crash. There was a story in the NY Post a month ago about Prigozhin wearing disguises etc, the best way to hide forever and to have people stop looking for you is to die and start over with a new identity.

    “Leaked photos show mutinous Wagner chief Yevgeny Prigozhin in a series of absurd disguises, complete with wigs and fake beards — with some likening him to an infamous Sacha Baron Cohen character.”


  67. Boomer Remover says:

    This is an imbecile’s analysis. He did what he did, he knew he was a dead man walking, but oh noes, there was nothing he could do about it. So he went on living hoping he was an outlier case. Come on….

  68. 1987 condo says:

    Video shows it falling straight down, seemingly a catastrophic event. Hmmmm..

  69. The Great Pumpkin says:


    I was talking about the coup, you mental midget. He knew putin was coming for him, which is why he did the whole coup move. You think he wanted to do that? He was scared for his life…

  70. Juice Box says:

    Plenty of videos on Twitter now if you care too look, it’s a safer link.

    BTW boomer it’s fun to speculate, might as well since we will never really know what crazy Ivan was up to, they never arrested the guy he was free in Russia for the last two months. He made allot of enemies with the Russian military, why anyone was stupid enough to get on a plane or be anywhere even near him if they believed the FSB would be sent by Putin to take him out. FSB does not fly fighter jets or run antiaircraft batteries so most likely military.

  71. Boomer Remover says:

    Yes, I know you were. I still think he has a dead man’s switch in place which allowed him to do what he did and then continue living, much less get on a plane.

  72. Fast Eddie says:

    A lot of homebuyers are calling it quits after mortgage rates topped 7%.

    The volume of mortgage applications for a home purchase was the smallest in 28 years last week, according to an index from the Mortgage Bankers Association released Wednesday. The seasonally adjusted index dropped by 5% for the week ending Aug. 18 from the previous week, and was 30% percent lower than a year ago on an unadjusted basis.

    The retreat in applications largely reflects the recent run-up in mortgage rates, with the rate on the popular 30-year fixed mortgage surpassing 7% and pricing out many buyers.

    “Applications for home purchase mortgages dropped to their lowest level since April 1995, as homebuyers withdrew from the market due to the elevated rate environment and the erosion of purchasing power,” MBA Deputy Chief Economist Joel Kan said in a statement.

    Nope, not here. List today, sell tomorrow. Gimme your best and final, I’m sure you’ll be considered when we get to your bid sheet halfway through the pile. Full sails and the wind at our backs have us cruising at 20 knots. Cash out, pop the cork and celebrate your score. Just for quicks, put a “House For Sale by Owner” sign on the front lawn and enjoy the antics to follow.

  73. Boomer Remover says:

    The plane fell through the sky for close to a minute. It looks as if there are traces of an initial explosion in the air.


  74. Fast Eddie says:

    Sold for 325K in 2020, was under contract last month for 585K, listed again now for 670K. It’ll be sold by the weekend:


  75. 3b says:

    Fast: Well it is Norwood you know.

  76. 3b says:

    Fast: Never mind, Haledon, but it is close to Bergen Co.

  77. Libturd says:

    Haledon is good for one thing. Wings.

  78. chicagofinance says:

    Ten 418.6 oooof!

  79. leftwing says:

    “Left: That makes some sense, but one trillion is a huge number. We will see how those balances play out over the remainder of the year.”

    Basically the same as 4Q19. Look at the chart.

  80. Libturd says:

    Looks like Nvidia beat

  81. chicagofinance says:

    its not the beat, but the guide

  82. 3b says:

    Left: It was high then too.

  83. leftwing says:

    And 3b, again, the whole point is that the data doesn’t show what it purports…that it’s actually capturing more card use on fully paid off balances especially in the pedal to the metal spending high end demographic.

  84. leftwing says:

    “Donald Trump will headline a $100,000 per person fundraiser to aid in the legal defense of his one-time personal attorney Rudy Giuliani…”

    Such poetic justice if that fucker goes to prison on a RICO count.

    JB, is Dershowitz still allowed in the Dem sandbox?

    Hey guys, where’d Joyce go?

  85. Libturd says:

    The bottom 20% all have maxed out their cards already. It could even be 40%. I should look it up.

    I agree with Left. I too have watched my monthly nut increase, though I pay it all off. Lots of cruises, plane tickets, college expenses and unfortunately car repairs. Replaced the struts, shocks, tie rods and ends on the CX9. $3100! They were all completely rusted out. Work is being done in Florida. Mechanic said that kind of rust is all road salt. I can’t wait for them to ban that shit. Will never happen. It provides too much OT for the serpents. Especially those who are constantly rebuilding the median on the GSP, which seems to be a full time construction job.

  86. Libturd says:

    early 1 in 4 Americans in the 100 largest metros have at least one maxed-out card — here’s where the rate is highest. Maxed-out cards are a harsh reality for 22.7% of cardholders in major U.S. metros. New Orleans leads the way, however, with more than one-third (35.9%) of cardholders using their entire card limit. Nov 1, 2022.

    I was close. Probably closer to 30% today.

    Joyce Lurks and then pops out of the metaverse like a prairie dog whenever Leftwing says something false.

  87. Phoenix says:

    Traitors dying in a plane crash.

    It’s all good. If he is a traitor that is.

  88. leftwing says:

    Haha, joyce and I are good. She runs others harder. And she keeps me honest.

    Lib, me too, which is how I noticed the phenomenon…threw a few big items on one month and I was at $15k new charges on one card – current balance fully paid at zero – and got a notice from a new credit monitoring company that I was at 50% of credit there and it could impact my rating. I’m like wtf…pulled up the agency report and the banks submit balances that include new charges, not the actual current balance they show you.

    Few months after that I banged the kid’s tuition on there (very small fee, worth the miles) and again was ‘over’.

    Obviously, before the due date those balances were paid. but nonetheless for those two months for statistical purposes by credit balances outstanding went up like 4x.

    In that scenario, for the higher end demographic, expanding credit card balances are a positive signal as it means they are spending without any risk to credit quality.

  89. leftwing says:

    *my* credit balances outstanding…

  90. Libturd says:

    Good to see you taking advantage of the CC companies. They pay for most of my vacations.

    That recent Amtrak Autotrain for example. I spent $1,000 on the Amtrak card in a month and they gave me $2K worth of points. Got the 1st Class bedroom car and the SUV to Florida with 500 points to spare for that one. Unreal. Normally, $1,000 in spending would get me $20 cash back.

  91. Libturd says:

    NVDA gone wild in AH.

  92. Phoenix says:

    Libturd says:
    August 23, 2023 at 5:05 pm
    Good to see you taking advantage of those who keep a balance on their credit cards or those that pay late. Fools. They pay for most of my vacations.

    That recent Amtrak Autotrain for example. I spent $1,000 on the Amtrak card in a month and they gave me $2K worth of points. Got the 1st Class bedroom car and the SUV to Florida with 500 points to spare for that one. Unreal. Normally, $1,000 in spending would get me $20 cash back.

  93. Phoenix says:

    Throwing a vet out in the street over a tax lien.

    Guess he wants to go out with a bang, his brother is dead.

    I guess he outlived his usefulness to the government, now they can execute him.

    ‘He’s a good man, he’s just lost his brother and he was in the service,’ the woman shouted at reporters.

  94. BRT says:

    I know a couple of teachers who drive German automobiles who live paycheck to paycheck. In the summer it all gets charged.

  95. Phoenix says:

    I know some people in the “lab” business.

    Something going on with the owner of LabQ.

    Seems that situation is getting a bit “testy.”

  96. ExEx says:

    5:10 another Sovereign Citizen finds out the hard way.

  97. Hold my beer says:


    Look what you get for 720k. 5 minutes from
    Major highways. 20 minutes from where the Rangers and Cowboys play.


  98. The Great Pumpkin says:

    Buffet said look at the game and not the scoreboard. The “game” is telling us the world is sliding into recession with stocks overvalued. If you want to gamble on AI and NVDIA, be my guest.

  99. Juice Box says:

    Jensen Huang must be on ozempic, and perhaps Botox too.

    Here he is doing his best Elon impression, the two have been close for years.


  100. Fabius Maximus says:

    Nikki Hayley throwing Trump under the bus. This is going to be a great debate.

    Left pick your candidate, because the Dems aren’t bending a knee to you.

  101. Phoenix says:

    “It’s my kid I brought em in I’ll take em out mind your business”

    god will judge you

    ​Here we go religious rhetoric

    Love the chat.

  102. Libturd says:


    I said it when Roe V. Wade was overturned. The Dems won the 2024 election. And the DNC determined the outcome of their last two primaries, not the registered Democrats voting, which means Biden will get a second term.

    These primaries are a joke.

  103. The Great Pumpkin says:

    I am going Trump. This country deserves another shot.

  104. The Great Pumpkin says:

    And I am not embarrassed to say it.

    What is embarrassing is our current president and vp. That whole entire fake manipulated front.

  105. Fast Eddie says:

    I like Nikki so far.

  106. Libturd says:

    Nikki is just using platitudes to rile up the crowd. She’s good at it for sure. Unfortunately, shooting everyone who tries to cross the border is not a solution.

    I watched 5 minutes of it. It was hard to swallow. I feel bad for Pence.

  107. Fast Eddie says:

    Unfortunately, shooting everyone who tries to cross the border is not a solution.

    Okay, we’ll hang ’em then. ;)

  108. Fast Eddie says:

    I watched 5 minutes of it. It was hard to swallow.

    Can you imagine O’Biden up there? Holy fuck, he would stutter, stumble and sputter like two working cylinders on a V8!

  109. Juice Box says:

    Tucker interview of Trump on Twitter 80 million views so far, way more than the debate.


  110. Phoenix says:

    Fast Eddie says:
    August 23, 2023 at 10:44 pm
    Unfortunately, shooting everyone who tries to cross the border is not a solution.

    Okay, we’ll hang ’em then. ;)

    Guess you will be roofing your house by yourself, picking your own vegetables, and just about everything else since the youth of America isn’t going to do it for you, nor are they joining the Army anymore. Turns out they are having problems getting “volunteers.”

    The big Gen Z F U.

  111. Phoenix says:

    My fave was Porky getting booed.

    Like Ralph Kramden, only not funny and no talent.

    He needs to dip along with DeSantis.

  112. Phoenix says:

    Ronnie Reagan did this career in. It took some time, but won’t be long before a boo boo happens.

    The incidents — highlighted in preliminary F.A.A. safety reports but not publicly disclosed — were among a flurry of at least 46 close calls involving commercial airlines last month alone.

    But the most acute challenge, The Times found, is that the nation’s air traffic control facilities are chronically understaffed. While the lack of controllers is no secret — the Biden administration is seeking funding to hire and train more — the shortages are more severe and are leading to more dangerous situations than previously known.

  113. Juice Box says:

    Christie should have gone on Ozempic too he was sitting around for the last few years chowing down and stretching out his lap band. I mean he did drop all the way down to 320 lbs but that was 10 years ago.

    Speaking of size Vivek looked shorter than Nikki Hailey and she is only 5’6”. I don’t think any of them crack 6 ft tall.

  114. Phoenix says:

    Nikki Haley.

    A woman who hates women. Well, maybe just young attractive fertile ones that she is jealous of. May still have some appeal to the dry barren type.

    That one is a non starter.

  115. Bystander says:

    A peanut gallery of idiocy..mind-numbing old school religious and flag waving dog whistles, mixed with a slick little worm named Vivek. You would have to be a naïve fool to believe his crazy schtick. Nikki was better than expected. DeSantis did ok but guy has zero personality. The Fatman had a few good zings but clearly not loved by Trumpie crowd that does not want to hear truth. The bigger the deep state conspiracies, the grander the govt dismantling promises, the more restrictive abortion rights..the bigger the applause. Lost geriatric party not seeing that their messages are losers in 2024.

  116. Bystander says:

    To summarize:

    Fox: Biden has weakened our country with billions of support to Ukraine. What would you do as president?
    Vivek: I would pull all funding to Ukraine. Putin can have it
    Fatman: Putin is a murderer who steals children, rapes women and must be stopped
    Nikki: Putin is a thug murderer who must be stopped before he moves intod Poland, forcing WW3.
    Tanned clown: I will fly away to Russia, Russia, Russia and live with Putin in golden suite.
    Asa: Trump is morally disqualified from being president

    Crowd : BOOOO!

    JFC, this party is 100% f-ed up.

  117. leftwing says:

    “Left pick your candidate, because the Dems aren’t bending a knee to you.”

    Not my tribe.

    “…when Roe V. Wade was overturned. The Dems won the 2024 election.”


    “I feel bad for Pence.”

    Actually. he frightens me more than most of the others.

    Interesting, I was traveling so listened to the debate but did not see it. Nicky came across as shrill (yeah, sorry for stereotype and however many -ists there), Pence’s *words* were downright frightening, Vivek when he wasn’t in crazy land sounded alright too bad that’s a house he spends way too much time, and DeSantis wasn’t bad just treading water which was probably the game plan.

  118. leftwing says:

    “…the youth of America isn’t going to do it for you, nor are they joining the Army anymore. Turns out they are having problems getting “volunteers.””

    Yeah, all those patriotic NJ kids have stopped joining the enlisted ranks really hurts lol…you bifurcated by age who is not joining any longer, care to continue the analysis?

    Those flagged draped boxes that land at Dover don’t then move by Metroliner, they are flown out to areas whose families don’t align with their country any longer.

    So either get ready to pull some pussy ass suburban NJ and CA kids out of the $10k travel club we discussed the other day, or howl in protest and seek out the most available deferment.

    Because, you know, the dirty work is for someone else.

  119. ExEx says:

    I’d rather have oral surgery than spend ten minutes listening to the Republicans.
    This dying carcass of a never-great political party is an embarrassment.

  120. 3b says:

    Juice: Paying student loans for 20 to 25 years??

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