From PBS Newshour:
U.S. existing home sales drop to near 30-year low
Sales of previously occupied U.S. homes sank in 2023 to a nearly 30-year low as mortgage rates climbed to the highest level in more than two decades and prices hit record highs, pushing homeownership out of reach for many Americans.
The National Association of Realtors said Friday that existing U.S. home sales totaled 4.09 million last year, an 18.7% decline from 2022. That is the weakest year for home sales since 1995 and the biggest annual decline since 2007, the start of the housing slump of the late 2000s.
The median national home price for all of last year edged up just under 1% to record high of $389,800, the NAR said.
Mortgage rates surged in 2023, climbing to a two-decade high of 7.08% by late October as the Federal Reserve continued to boost its key lending rate in a quest to cool the economy and tame inflation.
The sharply higher home loan borrowing costs limited home hunters’ buying power on top of years of soaring prices. A stubbornly low level of homes for sale also kept many would-be homebuyers and sellers on the sidelines.
Mortgage rates have been mostly easing since November, echoing a pullback in the 10-year Treasury yield, which lenders use as a guide to pricing loans. The yield has largely come down on hopes that inflation has cooled enough for the Federal Reserve to shift to cutting interest rates this year.
…
Despite easing mortgage rates, existing home sales fell 1% in December from the previous month to a seasonally adjusted annual rate of 3.78 million, the slowest sales pace since August 2010, the NAR said.
December’s sales fell 6.2% from a year earlier. Last month’s sales pace is short of the roughly 3.83 million that economists were expecting, according to FactSet.
“The latest month’s sales look to be the bottom before inevitably turning higher in the new year,” said Lawrence Yun, the NAR’s chief economist. “Mortgage rates are meaningfully lower compared to just two months ago, and more inventory is expected to appear on the market in upcoming months.”
Home prices continued to rise last month. The national median home sales price rose 4.4% in December from a year earlier to $382,600, the NAR said.
Let it snow…..first
The moment the FED even hints at a rate drop is when you’ll see bouncers standing at the end of velvet ropes on the open house lines. You’ll be admitted based on looks using the “Studio 54” method of selection. For men, hire the hottest escort you can find to stand with you and maybe they’ll let you in as well. Unless your wife is “Mommy and Me” pole-dancing quality and just maybe you’ll pass the 1st obstacle. Otherwise, submit your bid 20% higher than ask and hope the online pictures are remotely as promised.
From Mushnick NY Post:
Product Placement of the Week: During the U.S.-Sweden Under-18 women’s game as seen on the NHL Network, a commercial appeared for treatment of erectile dysfunction.
That’s a winner Chi
They are also immigrants like Amy Chou, 67, a no-nonsense restaurant owner in San Francisco who returned to Taiwan this month to vote. Like many others, she said she thought the United States would help Taiwan in a war, but she was not sure and did not trust America to think about anything but its own economic interests.
“Americans just want us to buy more weapons,” she said at a political rally in Tainan. “They want our money, and want our chips. ”
Dad’s problem needs to be discussed at dinner time. One little blue pill can avoid the divorce that will disrupt the under 18 women’s life. Mommy needs pleasure too, just ask Nikki Haley. Hehe.
Chicago says:
January 20, 2024 at 9:40 am
From Mushnick NY Post:
Product Placement of the Week: During the U.S.-Sweden Under-18 women’s game as seen on the NHL Network, a commercial appeared for treatment of erectile dysfunction.
Caught banging the wife possibly?
Hunter Accidentally Shoots Companion In Northwest Jersey: State Police
A hunter shot his companion at a northwest New Jersey fish and wildlife preserve, authorities said.
Probably the Faux News HDS news lead? Hunter shoots person in NJ. How was Joe Biden conplicit?
Check your salaries. You are probably underpaid. Hehe.
https://www.instagram.com/p/C2AcE2Cu-P9/
U need to tell us everything:
https://www.accessdata.fda.gov/scripts/cdrh/cfdocs/cfmaude/detail.cfm?mdrfoi__id=16771275&pc=LNH