Biden’s Mortgage Market! Mortgage Demand (Applications) Increase By 2.5% From Previous Week As Mortgage Purchase Demand Down -20% From Last Year (Refi Demand Down -7% From Last Year While Mortgage Rate Is UP 169% Under Biden)

US inflation is lower than it was a year ago (cheers from The View CNN and MSNBC cheerleaders), but inflation remains stubborning above The Fed’s 2% target rate and will likely remain above 2% for the nexf few years. So mortgage demand is much like inflation … mortgage demand increased in the latest week but generally is very low compared to last year.

Mortgage applications increased 2.5 percent from one week earlier, according to data from the Mortgage Bankers Association’s (MBA) Weekly Mortgage Applications Survey for the week ending November 3, 2023.

The Market Composite Index, a measure of mortgage loan application volume, increased 2.5 percent on a seasonally adjusted basis from one week earlier. On an unadjusted basis, the Index increased 1 percent compared with the previous week. The Refinance Index increased 2 percent from the previous week and was 7 percent lower than the same week one year ago.

The seasonally adjusted Purchase Index increased 3 percent from one week earlier. The unadjusted Purchase Index increased 1 percent compared with the previous week and was 20 percent lower than the same week one year ago.

The 30-year fixed mortgage rate dropped by 25 basis points to 7.61 percent, the largest single week decline since July 2022. But, mortgage rates are up 169% under Biden and Bidenomics.

Bideomics is over, under, sideways, down. Mostly down.

Like Persistent Inflation, New Home Sales Rise 4.1% MoM In April Despite M2 Money Collapse (Taylor Rule Suggests Target Rate Of 11.78%, So The Fed Is STILL Overstimulating Markets)

Remember when former Fed Chair and current Treasury Secretary Janet Yellen said that inflation was transitory? As usual, Yellen was wrong. Look at April’s new home sales. Up 4.1% since March even through M2 Money growth has collapsed.

The Taylor Rule, based on Core CPI of 5.25% (persistent, not transitory inflation Janet) suggest a Fed target rate of 11.78%. The Fed is at 5.25% and likely to pause rate hikes and maybe even lower rates again.

Wasting Away Again In Bidenville! Core Inflation Rate UP 244% Under Biden, Food UP 46%, Gasoline Prices UP 60%, Rental Growth UP 268% As Biden/McCarthy Negotiate

The US middle class is wasting away in Bidenville. While Climate Envoy John Kerry threatens to seize farms in the name of … climate change? The moral hazard problems associated with farm seizures boggle the mind.

So, everyone keeps talking about the debt ceiling and the fact that America is about to run out of money. How did we just find $375 million dollars AGAIN to ship on over to Zelenskyy?

Biden and McCarthy met on the debt ceiling and nothing has been resolved. They both represent the BIG donor class and big Pharma, big defense, big tech, big media, big tech, anything that is big runs Congress and the Administration. So of course they will finally agree to raise the debt ceiling and continue their insane spending on the donor class.

As of right now, there is no deal to raise the debt limit. Biden wants to raise the already insane and irresponsible Federal budget. McCarthy wants no new taxes. Who will cave in this game of chicken? My guess is that McCarthy will cave. Biden may whip out the 14th Amendment to bypass McCarthy and Congress, but this makes Biden a dictator (which would suit him fine, but would be a horrible precedent).

Core Inflation Rate UP 244% under Biden, Food UP 46%, Gasoline Prices UP 60%, Rental Growth UP 268%. What a disaster under Biden’s Reign of Error.

But at least the Biden family are getting wealthy beyond comprehension. Isn’t that Ashley Biden in the blue?

Living In Biden’s Economy! US Existing Home Sales In April Crash -23.16% Since Last Year, EHS Down -3.4% Since March (Median Price Of EHS Down -2.09% YoY As Inventory Remains MIA)

Living in Biden’s economy. The ongoing train wreck is slow motion.

US existing home sales tanked -23.16% year-over-year (YoY) as the economy slows and The Fed tightens.

On a month-over-month (MoM), existing home sales declined -3.4% in April from March to 4.28 million SAAR.

The median price of existing home sales fell -2.09% from March to April (MoM) as inventory for sales remains depressed.

US Housing Starts In April Crash -22.3% Since Last Year, 12 Consecutive Months Of Negative Growth (But Up 2.19% From March) As Fed Crashes M2 Money Growth

More bad news about the economy and housing sector under Biden/Yellen/Powell’s Reign of Economic Error.

US housing starts are out for April 2023. The bad news? Housing starts tanked -22.3% year-over-year (YoY).

The good news? US housing starts were up 2.19% from March to April. 1-unit detached starts were up 1.56% MoM while 5+ unit starts up 5.24% MoM. Permits for multifamily were down -9.71% from March to April.

The media will no doubt try to ignore the horrifying Durham Report. The report showed that Hillary Clinton and the Obama administration knowingly smeared Presidential candidate Donald Trump with false Russian misinformation and knowingly tried to steal an election. I wonder if Attorney General Merrick Garland will open an investigation into Hillary Clinton’s involvement in election tampering? Oh wait, the IRS was told to stop investigating Hunter Biden’s nefarious dealings. Never mind.