Won’t Get Fooled Again? New Homes For Sale Hits 500k (Glut), Existing Homes Inventory At 1.24 Million

Apparently, we DID get fooled again. In February, there were 500,000 new homes for sale.

While new home inventory hit 500k, existing home inventory rose to 1.24 million homes.

Cause? Home prices are too damn high. Thanks to Powell and The Fed.

Mortgage originations have dwindled under Biden/Harris.

Jerome Powell and the Blackhearts.

Keep On Printing? Case-Shiller National Home Price Index Up 4.1% YoY As Mortgage Applications Decline 2% Since Last Week

The Fed keeps on printing money M2! The Case-Shiller National home price index is up 4.1% since last year YoY as The Fed continues to print money.

Mortgage applications decreased 2.0 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 21, 2025.

The Market Composite Index, a measure of mortgage loan application volume, decreased 2.0 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index decreased 2 percent compared with the previous week. The seasonally adjusted Purchase Index increased 1 percent from one week earlier. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 7 percent higher than the same week one year ago.

The Refinance Index decreased 5 percent from the previous week and was 63 percent higher than the same week one year ago.

The Empire Strikes Out! NY’s Empire State Activity Survey Drops To -19.30 (Biden Hangover)

The Imperial March from Star Wars should have been the theme for Bidenomics, the top-down government-directed economy (mainly to political donors). It will take a while for the economy to recover from its addiction to Federal government spending.

Speaking of The Empire, the New York Fed’s Empire State business activity survey declined to -19.30. Would Jerome Powell and The Fed have cut rates had they known about the Empire activity survey yesterday?

Emperor Palpatine. Aka, 10% Joe.

Mortgage Applications Increased 11.2 Percent From Last Week (Purchase Index Increased 8 Percent)

The US economy is gradually recovering from Bidenomics (government/donor dictated spending). Mortgage applications increased 11.2 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending March 7, 2025.

The Market Composite Index, a measure of mortgage loan application volume, increased 11.2 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 12 percent compared with the previous week. The seasonally adjusted Purchase Index increased 7 percent from one week earlier. The unadjusted Purchase Index increased 8 percent compared with the previous week and was 4 percent higher than the same week one year ago.

The Refinance Index increased 16 percent from the previous week and was 90 percent higher than the same week one year ago.

Mortgage rates declined for the sixth consecutive week, with the 30-year fixed rate dropping to 6.67 percent, the lowest level since October 2024. As a result, applications increased over the week and were up 31 percent from a year ago.

Turnover speeds are arisin’!

Subprime Crisis 2? Subprime Auto Delinquencies Soar Under Biden/Harris To 6.6%

Thank God President Auto Pen is out of office!

Inflation? Lower real wage growth? Excessive personal loan growth?? All resulting in historic subprime auto loan delinquency rate of 6.6%.

Auto Loan 60+ Day Delinquency Index

FHA Delinquencies Hit 14.98% (Biden’s Lingering Hangover)

The US housing market is still suffering a hangover from Biden’s Presidency (high housing prices, high food prices, high inflation, high oil/gas prices, etc.) Housing prices are the highest in history, now we have FHA delinquencies at almost 15%.

Way to go, Joe!

Cabbage Rolls And Coffee! Mortgage Applications Increased 20.4 Percent From One Week Earlier

The mortgage market is back! Time to polka!!

Mortgage applications increased 20.4 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending February 28, 2025.

The Market Composite Index, a measure of mortgage loan application volume, increased 20.4 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 22 percent compared with the previous week. The seasonally adjusted Purchase Index increased 9 percent from one week earlier. The unadjusted Purchase Index increased 12 percent compared with the previous week and was 2 percent higher than the same week one year ago.

The Refinance Index increased 37 percent from the previous week and was 83 percent higher than the same week one year ago.

Thank God the adults are in charge in DC instead of the children we saw at Trump’s speech last night.

The Fool? US Dollar Soars As Probability Of Default Reaches 42%

Trump inherited a brittle economy from “The Fool” Joe Biden. And it is shown up.

The Trump Administration is fighting the remnants of Biden’s policies by cutting spending (DOGE) and deregulation.

All this has resulted in a soaring US Dollar.

Tarot cards have officially renamed “The Fool” card as “The Biden.” Although in Washington DC, there is no shortage of fools (see Maxine Waters (D-CA) and Rashida Talib (D-MI).

Bidenomics (The Full Joe!) Q1 GDP Fell To -1.5%, Pending Home Sales Fall To 70.6

We are now seeing the aftermath of Biden’s failed, top-down, Soviet-style economic policies (or follicies). And it is grim. Bidenomics is now fully exposed like The Fully Month. Except this is The Full Joe!

The GDPNow model estimate for real GDP growth (seasonally adjusted annual rate) in the first quarter of 2025 is -1.5 percent on February 28, down from 2.3 percent on February 19. After recent releases from the US Bureau of Economic Analysis and the US Census Bureau, the nowcast of the contribution of net exports to first-quarter real GDP growth fell from -0.41 percentage points to -3.70 percentage points while the nowcast of first-quarter real personal consumption expenditures growth fell from 2.3 percent to 1.3 percent.

Another sign of Biden’s failed, top-down cronynomics is housing. Pending home sales fell to 70.6.

Little did we know that Biden’s falling on Air Force One’s stairs was symbolic of what was to come.

DOGE Donkeys? Initial Jobless Claims SOAR In Washington DC, Over 2 Million, As “The Borg King” (Elon Musk) Takes Control (DOGE Has Saved Taxpayers Over $143 BILLION So Far)

Elon Musk, who Democrats consider to be The Borg King, and DOGE have laid-off many Federal workers. Today’s jobless claims report revealed that over 2 million Federal workers filed for unemployment benefits.

DOGE has saved taxpayers over $143 BILLION thus far.

How Democrats view Elon Musk.