https://youtu.be/AIfKJAm2Fmo
Jerry Howard, National Association of Home Builders (NAHB) CEO, has plenty of experience in the housing industry. Prior to joining NAHB, Jerry served as the Chief Lobbyist for the National Council of State Housing Agencies. For over a quarter of a century, Jerry has been analyzing the housing market. In a interview with Bloomberg, Jerry shared with viewers a less-than-sunny perspective. He explained,.” “It looks like we’re heading into a housing recession, and if that is indeed the case, it doesn’t bode well for the economy as a whole. A damning quote for sure, but it didn’t stop there. Howard continued, “We’re getting more and more pessimistic.” The sentiments shared concerns that have echoed recently. Elon Musk said that a recession was inevitable not too long ago. Consumers have also been warned of an everything recession by George Noble. Howard continued, “At the same time we’re seeing inflation on mortgage rates and interest, we’re seeing increases in construction costs that are throwing the market off.” Howard provided a capstone to the topic by lamenting past economic patterns, “Historically, housing has led us into every recession since WWII, but, it’s also led us OUT of every recession since WWII. Right now with the supply shortage we have…costs of construction and costs of loans, I don’t know that we’d be able to lead us out of a recession. I think this is a potentially dangerous situation.” NN: If you thing the 2007/2008 housing wipeout was bad… You have not seen shit!! this coming global housing wipe out will be of biblical proportions. From Beijing, to Bombay to Boston houses will be abandoned in mass…. If fact Wells Fargo announced it is getting out of the home mortgage business. And it has been the biggest originator of home mortgages in the US till now
US Homebuilder Confidence Hits Worst Slump Since 2007 Collapse
The National Association of Home Builders/Wells Fargo Housing Market Index fell 6 points to 49 this month, the eighth consecutive monthly decline and the lowest reading outside of the pandemic era since 2014, a survey released on Monday showed. A reading under 50 indicates that more builders view conditions as poor than good. According to the NAHB, rising construction costs and high mortgage rates weighed on sentiment. The Fed’s increasingly aggressive fight to quash high inflation by lifting borrowing costs has already begun to be felt in the housing sector, which is highly sensitive to interest rates. The current sales of single-family homes component fell to 57 from 64 and the gauge of single-family sales expectations for the next six months fell to 47 from 49, while the prospective buyer traffic index declined to 32 from 37. NN: when the people in the business run for the fire exit you should take note…. Housing crash coming/