The Gods of Finance Frown
Hmph. The realm of Midgard suffers as much as any other. These…mortgage rates…they rise like the Hydra's heads choking the life from the spring housing market. Sales of pre owned dwellings have plummeted a 5.9% drop since February. A 2.4% decrease from last year. It seems the echoes of economic uncertainty reverberate even in the halls of homeownership. Boy do you hear their screams?
Westward Woes: A Region in Agony!
The West once a land of opportunity now suffers most acutely. A 9% plunge in sales! Even I Kratos feel a pang of…something…resembling sympathy. But only a pang. They may have seen gains from last year but that does not mean they are safe from what is coming. Still the Rocky Mountain states show signs of life their job markets thriving like weeds in a desolate field. Perhaps there is hope yet though I would not wager my Blades of Chaos on it.
The Curse of the 7 Percent
The so called experts speak of interest rates hovering above 7% like a menacing flock of harpies. These sales they say reflect contracts sealed when such rates were still a fresh wound. Lawrence Yun some economist laments the 'affordability challenges.' As if I Kratos do not know the meaning of challenges! He speaks of reduced economic mobility. Bah! Tell that to the souls trapped in Helheim *boy*!
Inventory Swells: A Sea of Unwanted Dwellings
Listings surge an increase of nearly 20% since last year. Yet the pace of sales falters. A 4 month supply they claim it is which means imbalance in the market. A 6 month supply is the balance the harmony between buyer and seller. Balance. A concept I once sought and found only in brief fleeting moments. This market is far from balanced and therefore...weak.
The Price of Existence: Sky High!
The median price of a dwelling scrapes the sky at $403,700. An all time high for this month though only a slight increase from last year. But do not let this fool you. It is only delaying the inevitable... a great reckoning! Do not be tricked by the whispers of stability. This facade is built upon sand.
First Timers and Investors: A Dance of Desperation
First time buyers only 32% of the market. They have become smart and are saving their coins for times of need. All cash sales dwindle while investors remain vultures circling carrion. Each percentage point gained in home prices adds more than $500 billion to the balance sheet. These are fleeting triumphs. This is like Sisyphus and his boulder. One day this mountain will come crashing down.
housing market mortgage rates home sales real estate economy interest rates affordability inventory home prices first-time buyers
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hollyhuckabee
Maybe we should all move to Alfheim. Cheaper rent, probably.
marjorie
Yun sounds like another Baldur... whining about everything.
pimz
These rates are higher than my Axe can reach!
DeadLine
Kratos, you understand my pain! This housing market is a monster!
annieh
Can we just skip to Ragnarok already? This is boring.
wingsgirl10
Is it time to start hoarding supplies? Asking for a friend...
Carli
I miss when you could buy a house for a handful of drachmas.
vrosemurgey
This is worse than fighting a Valkyrie with a butter knife.