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Tag Archives: Real Estate

Life in the “Income Depression”

Newsflash! Things are not good economically.

Most people make significantly less in inflation adjusted terms than they did prior to the 2008 Crash. And it should be noted that the economy prior to the Crash felt pretty hollow too. People forget this now. But nearly everyone was living off of the housing bubble in the Bush years. That’s why it hurt so bad when housing ate it.

Remember the sea of realtors? At one point – around 2006 – it was basically impossible to go to a barbecue without meeting a realtor or a mortgage person. Idiot sons across the country were making money hand over fist, buying Suburbans, and getting in on rental properties. Where did all those people go? Actually don’t tell me. That the depression has wiped out this crowd is one the few positive outcomes of the last few years in my estimation.

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Mortgage applications plunge to 14-year low

A minuscule move up in mortgage rates caused a significant downdraft in mortgage applications.

And with cash buyers increasingly out of the picture, mortgage dependent buyers are where it’s at for real estate. The problem is the latter group is still on very shaky economic ground.

All the meddling in the housing market by the government. All the below market rates of interest from the Fed. All the “stimulus.” And this is where we are, spinning our wheels.

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