Zoomers are just praying for another 08 recession to just destroy the economy so that Boomers can’t sell their houses at “market value” anymore and they can finally afford a home in their lives.
The housing crisis is only getting worse as the sales are falling while the average price of a home keeps rising every year.
Sales of previously owned homes were 4.1% lower in October compared with September, running at a seasonally adjusted annualized rate of 3.79 million units, according to the National Association of Realtors.
It was the slowest sales pace since August 2010. Analysts were expecting a smaller drop, to 3.9 million units. Sales were down 14.6% year over year.
The October sales count is based on closings from contracts likely signed in August and September. The average rate on the 30-year fixed mortgage had dropped to near 7% at the end of August, but then began rising sharply, jumping over 8% by mid-October. Rates have since retreated somewhat.
“Prospective home buyers experienced another difficult month due to the persistent lack of housing inventory and the highest mortgage rates in a generation,” said Lawrence Yun, NAR’s chief economist. “Multiple offers, however, are still occurring, especially on starter and mid-priced homes, even as price concessions are happening in the upper end of the market.”
The Zoomers will never buy a house meme is a reality now. Young people can’t afford to build new houses since they already can’t afford the ones that are around. Meanwhile they live in cupboard living spaces as migrants get 2 story apartments for free.
Until we either create real mass housing and not this section 8 crap or a recession comes housing is only going to get worse.
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