Final Slap In Face From Biden? Annual US Existing Home Sales Lowest Since 1995 (As Mortgage Purchase Applications Collapse Under Biden To 1995 Levels)

#bubble, #inflation, Banking, CMBS, CRE, Credit, Economy, Existing Home Sales, fannie mae, Fed, Freddie Mac, GDP, Housing, Inflation, Mortgage, New Home Sales, Powell, REITs, Silver, Treasuries, Treasury, Uncategorized, Yellen, Yield Curve 1 Minute

1995 is notable for housing and music.

US Existing Home Sales rose for the third straight month in December (longest streak since late 2021), rising 2.2% MoM and up 9.3% YoY – the best annual shift since June 2021. However, despite the last rebound, for all of 2024, sales reached the lowest since 1995, when the US had about 70 million fewer people.

And with the lowest existing home sales since 1995, we have mortgage purchase applications at the lowest level since 1995.

Why? The median price of EHS has exploded under Biden.

Mortgage rates are hovering around 7%, same as around 1995.

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Published by confoundedinterest17

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